Majority of people having even the slightest interest in the sports betting industry have a basic understanding of the fundamental aspect of its existence. It is all about predicting the possible outcomes of a particular sporting event and then wagering money based on your expectations. You win if your predictions turn out to be true and you lose if they don’t. It’s as simple as that!
However, if you’re thinking about getting involved in the sports betting anytime soon, you can’t be successful if you are unaware of its mechanics. Whether you wish to bet simply for fun or to generate a supplemental income by betting on an online casino (for instance Bet365) each month, you must learn how it works. And that’s what we’re here for! Let’s take you through all the basics of the sports betting, right here right now!
Bookmakers and their overall role
In the earlier days of the sports betting industry, the most commonly known way of wagering on an outcome of a particular event was to bet with someone who had the opposite view. Once the event would finish, the two parties would settle the accounts between themselves based on the final result. This used to work well in various ways and a large majority of population still makes sports wagers with their friends and family, or with complete strangers this way.
Sports betting became a more organized industry over a period of time and slowly the concept of bookmakers came into existence. The word bookmaker remained unknown up until the 19th century, even though the bookmakers’ role dates back to hundreds of years. This role is basically taken up by an online casino, organization (for example Bet365), group or an individual who would accept wagers from people interested in betting on a particular sports event.
Sports betting industry is massive to say the least, and there are innumerable bookmaking entities throughout the world. They range from regular people accepting wagers from a group of private clients, to large establishments that have thousands of clients on their rolls hailing from all parts of the world. These bookmakers are also commonly known as bookies everywhere.
Different kinds of bets and wagers
Different types of bets that can be placed on the sports events may seem confusing to newbies or people who haven’t been around in the betting circles for long. However, it’s not too difficult to learn about them and use them to your advantage. It’ll also be fair to say that some of the wagers are slightly more complex compared to others, but none are impossible to get your head around. Having said that, it’s best to stick to the simplest kinds of bets, especially if you’re new to sports betting, or at least until you gain some experience in placing bets.
On the other hand, if you’re serious about making regular income from sports betting, you should equip yourself with as much knowledge as you can about the advanced wagers too. In most cases, you can find plenty of solid value in these wagers, so it’ll be well worth your time to learn how they work.
You must also keep in mind that some of the wagers are called by different names in different parts of the world.
In addition, some of the bets may or may not work the same way in different sports. Although we’ll try to make things quite clear, you must do your best to get a comprehensive explanation on a specific wager if you’re unsure about it. Doing so can help you save plenty of money. You can also do this by getting in touch with the customer support on an online casino or a sports betting website like Bet365. They’ll readily help you out. On to the different kinds of bets and wagers now!
Gambling or betting doesn’t get more straightforward or simple than placing the win bets. By far the most popular type of wager you can place on sports events, this one is really easy to understand. You’ll find win bets placed in almost every sport on the planet. It’s simply a wager on the team or person you believe is going to win a sports event, game or match. This kind of wager is commonly referred to as win bet, and is different from the straight bets which we’ll explain below.
Your winning odds for this kind of wager mostly depend on the possible chances of your selection ending up on the winning side. The higher the winning chances, the shorter your odds would be. To give you a few examples:
– You’re pretty sure that Rory McIlroy is going to ace the upcoming PGA championship, so you place a win bet on him.
– England is about to face Germany in the world soccer championship and you’re certain that Germany is going to beat them fair and square. So, you go ahead and place a win bet on Germany.
– Andy Murray is up against Novak Djokovic in the French Open finals. Although Andy hasn’t done well against Djoker in the past, you believe he has enough firepower in him this time to beat Djoker easily. You’re certain of placing a win bet on Andy. If he does beat Novak, you make handsome returns based on the applicable odds. In case he loses, you lose your money too.
– Los Angeles Lakers are due to play Chicago Bulls in an NBA basketball game. You’re a hard-core LA Lakers fan, so you place a win bet on your favorite team.
You must also keep in mind that in sports where there are chances of a tie/draw happening, there’s a huge market for the win-draw-win bets too. You may either back the possibility of a draw or put your money on either of the teams winning the match/game.
The point spread and the straight bets
Most commonly known type of bets placed in American football, straight bets have gained immense popularity in other sports as well. This type of bet is quite similar to the win bet, in the manner that you choose a particular team or individual to win the match/game, but with a major difference – a point spread is created in order to make both the sides equal favorites. It implies that you either put your money on the favorites to win the game/match by at least the point spread’s size, or bet on the underdogs to lose or win the game/match by no more than the point spread’s size.
This type of betting is referred to as handicap betting in the UK and some other parts of the world. The basic principle remains the same, it’s just a different way of referring to the wagers placed. To give you an example,
Baltimore Ravens are scheduled to play the Denver Broncos in the upcoming NFL championship. Everyone thinks that Broncos will easily win and hence the point spread has been set at 7. Now, if you place a straight bet on the Denver Broncos, they’ll need to win by over 7 points for you to get some returns. In the event that Broncos when exactly by 7 points, it’d be considered a push and you’ll get only your stake back.
Normally, the straight bet odds are the same irrespective of the team that you decide to put your money on. They’re usually slightly shorter than evens, more on the lines of 10/11 (considered -110 in the win bet format and 1.91 in the decimal format).
Under/over betting or the totals betting
Having become quite popular over the years, these are actually straightforward wagers, available for all kinds of sports at a large majority of online casinos and sports betting websites like Bet365. The basic idea is that the website will set its estimate of total goals, points or runs that’ll be scored in a particular game/match, and you need to decide whether the actual figures will be lower or higher than their estimate. To give you an example,
Australia goes up against England in the Ashes cricket series. The latter bats first and the estimated total number of runs scored by the English in the first innings has been set by a particular bookmaker at 375 runs. You may either choose to back England scoring less than 375 runs (by betting on the under) or over 375 runs (by betting on the over).
The different sports betting markets that use this kind of wager involve betting on the number of points scored by a particular basketball team in a game, number of goals scored by a team/country in a soccer match and/or the number of points scored by a team in a game of American football.
Proposition or special bets
Wages falling into this category are usually considered great fun, however, there are plenty of its examples which are popular even among the most serious bettors. Generally speaking, these are wagers on events that don’t necessarily have an impact on the outcome of a particular sporting event, barring a few exceptions. Some of the popular examples of this type of betting are putting your money on a player or a team that scores first in the match, or the amount of time it may take for a team or player to score the first point or goal.
Visit any popular sports betting website like Bet365 and you’ll find an entire section dedicated solely to these types of bets. Quite interestingly, there are literally hundreds or thousands of distinct proposition or special bets, also commonly referred to as props. Each one of them is worth checking out at least once. Who knows, what fancies your liking!
Futures or outrights
Both these terms are generally employed for the wagers put on the winner of a particular sports event, competition, league or tournament. These bets are placed prior to the start of the event. For instance, you’re quite sure that a particular team will win the next world soccer championship, so you place of a futures bet much before the start of the tournament.
Parlays or accumulators
Although it’s very hard to get them right, these kinds of bets can make you very handsome returns if you’re correct indeed in your predictions. They basically involve selecting more than one event as a part of a single bet. To give you an example, if you’re keen on making a prediction about the winner of the next 10 football matches, you’ll make each one of your picks as a part of a parlay or an accumulator. In the event that you do get all of them right, the odds of each one of your selections would get multiplied and you’d win plenty of money! On the other hand, you may lose the bet even if one selection goes wrong.