People have been betting on sports for centuries. Today, these services are found on a plethora of sites. Sports betting is fun, and you can also make money from sharp predictions. Here are the basics of online betting in 2021.
To become successful, learn about the difference between types of bets, the rules of odds reading, the best bankroll management strategies, and more. Some terms may be confusing. Discover the key fundamentals in our guide.
Getting Started
This form of gambling is one of the simplest. Your goal is to foresee the outcome of an event and place bets accordingly. If you are lucky, and your prediction is correct, you win money. Otherwise, you lose the bet.
Any form of betting involves risk. You will be putting your hard-earned cash at stake, and your predictions will not be correct all the time. Still, anyone can get started with only basic knowledge of how the system works.
Fixed Odds Betting
This is the conventional, old-school form of sports betting. You need to make a prediction about an event and place a wager on the corresponding selection. The term reflects the nature of the odds. They are ‘fixed’ at the moment of wagering. If the result is positive, your payout is processed based on these predetermined odds.
Note that the words ‘bet’ and ‘wager’ are used interchangeably. Both can function as nouns and verbs. Every bet or wager includes five key components.
1. Parties to the Wager
Betting always requires two parties, which take opposite views on the same event. When you bet online, these are you and the bookmaker. In real life, if you were betting with your friend, they would be the opposite party to the wager.
2. Selection
This term defines what you bet on. For example, if team A is playing against team B, and you predict the first one to defeat the other, your bet is “Team A to win”. Often, a selection involves a specific team or individual. However, other scenarios also exist.
3. Stake
This is the amount of money you risk on a bet. You pay it to the bookmaker when placing the wager. If you win, the stake is paid back together with the winnings. Stakes from losers are paid to the winners — this is the basis of the bookmaking business. Most sites require at least a minimum wager, which could be as low as $1. They also set an upper limit for the wagers.
4. Odds
All selections come with specific odds set by the bookies. They determine how much you may win relative to your stake. The lower the likelihood of the selection — the higher the odds.
5. Payout
This is the total amount you get in case of winning. The quote usually includes the stake.
Final Words
These are the fundamentals of sports betting. As you can see, this form of gambling is quite straightforward. All you need is knowledge of the terms and sharp foresight to choose a winning selection. Check out other articles on our site for more details.
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