There are many things you should know about a sports bet if you want to succeed but luckily you do not need to know everything when you put your money at risk, therefore this article is a guide for beginners. As soon as you read it, you will have all the basic information you need to get started. You can learn the rest as you go.
The basics of a sports bet
A bet involves mainly two parties with opposing opinions on the outcome of a sporting event, each party supporting their point of view with a sum of money. The party that is right gets the money from the other part.
Both parties involved may be two friends betting between them, but the term “sports betting” generally refers to a bookmaker. A bookmaker is an individual or organisation that takes bets from other parties involved in a professional capacity. A person placing a bet with a bookmaker is known as a bettor. The act of a bookmaker accepting a bet is known as the deposit.
The components of a bet
There are three components of any bet:
The selection is simply what the bettor thinks it is going to happen. The stake is how much money is enough to risk and should be paid to the bookmaker at the time of the bet. Odds reflect the probability of the selection victory and determine the stake that the bookmaker must pay to the bettor if they are correct.
Example of a sports bet
To make this explanation as clear as possible, let’s say there is a football match coming between Barcelona and Real Madrid. As an example, we will assume that a bookmaker has established +100 odds on Barcelona to win.
Please note, odds have three formats. The other two are decimal and fractional. +100 is equal sums, which means that the potential gains would be equal to the initial bet.
Now, let’s say that you believe that Barcelona will beat Real Madrid, and you want to bet 100 EUR on it.
The three components of the bet you must place look like this.
Selection: Barcelona vs Real Madrid
Stake: EUR 100
There are two possible results here: Barcelona will either win or lose the match. If Barcelona wins, then you will win your bet. Your bet of 100 EUR will be returned with your winnings. Your winnings will be equal to your stake. You will receive a total of 200 EUR (deposit of 100 EUR plus 100 EUR of winnings). If Barcelona loses, you will lose your bet and the bookmaker keeps your deposit of EUR 100.
We kept things very simple here, but that’s basically how sports betting works.
What else is involved in sports betting?
As you can see, the basics of a sports bet are really simple. There are many other aspects involved though. For example, we have already discussed the fact that there are different types of odds, and there are several different types of bets that you can place as well. There are also different factors to consider when placing your bet, including probability and the value concept.
Betting on a certain sport
An obviously important part of sports betting is the actual bet with a bookmaker. This is a fairly simple process that involves first making your selection and then choosing how much to bet on.
As part of the process, you must also choose how and where to place your bet because there are a number of different ways to bet with a bookmaker. For example, you can do it over the phone or using the Internet. In some parts of the world, there are offline bookmakers you can visit to bet in cash, and many casinos have bookmakers where you can do the same thing.
Telephone Betting Services
Although an obsolete method, phone betting services are available with many bookmakers. Their use is very simple: you call the bookmaker and tell the operator the details of all the bets you want to place. He will confirm the odds for your bets at the time.
As a general rule, you will have to pay your bets using a debit or credit card. There may be other payment methods available, and some bookmakers will even offer credit to customers.
Street bookies are very common in some areas, such as the United Kingdom. To place a bet with these bookies, you simply go to the counter with a filled in betting slip and give the cashier your money. Cashiers will confirm the odds unless they are already displayed.
To claim a payment for a successful bet, you must present your winning bet slip to the cashier. You will usually be paid in cash unless you have won a huge sum, in which case another method may be used.
Casino bookmakers are essentially the same as street bookies, just the location is different. They are very common in Las Vegas/United States.
You’ll find sports betting in virtually every major casino in Vegas/US, usually with a lot of big screens showing all kinds of sporting events. These screens are also used to display the odds and lines for upcoming events. You can even find them in some online casinos now!
The best way to place a bet these days is to use a betting site or an online bookmaker. Since the first websites started online at the end of the last century, online sports betting has become incredibly popular. There are now hundreds of bookmakers on the Internet used by millions of people around the world.
These online bookmakers are incredibly easy to use. Once you have opened an account and deposited money, you can place any bet you want with just a few clicks. Most betting sites feature a wide range of sports and events, and some are very competitive in terms of the odds and the lines they offer. They even offer rewards and bonuses just for depositing and betting with them.
Now that you know about the different ways to place bets, it’s time to learn more about other basic aspects of sports betting. Check out our articles!