Many people consider sports betting to be the simplest form of online gaming. All sports betting is comprised of the same basic principle, predicting the outcome of a sporting event and then placing a bet on the event. If a sports bettor predicts the correct outcome they will win, but the wrong outcome will result in a loss.
The great thing about sports betting is that even those who have no interest in it will be able to understand the basics and for interested sports bettors it's really easy to get started because all they need to know are the basics. For those serious about betting on sports it is advisable to know more than just the basics as they will be betting real money.
Fixed Odds Betting
The most common form of sports betting at Australian sports betting sites and those across the globe is fixed odds betting, where bettors predict a winner and then put money on it. Fixed odds means that when the bet is placed the odds are fixed and the payout is then paid out according to those odds. Even if the odds have changed since the bet was placed the payout is determined by the odds at the time the bet was placed.
How to Place a Bet
There are five parts to placing a sports bet. There are always two parties involved when a bet is placed and most commonly the two parties oppose each other. In this case the two parties would be the bettor and the bookie or bookmaker. The bettor is the party who places the bet and the bookie takes the bet. This is most commonly known as laying a wager or bet. The next part is what or who the bettor is placing the bet on. It does not always have to be a team, individual or event, a sports bet can be anything related to sports.
The stake is the amount of money that is being bet and this is then paid to the bookie. Most bookies will require a minimum bet and can be anything from $1. Some bookies may also specify a maximum bet. The odds play a very important part in sports betting and this will determine how much the bettor gets back from the bookie dependent on the bet if the bettor makes a successful prediction. There various formats that odds are given such as decimal, moneyline and fractional. The payout refers to what the bookie pays to the bettor if they win and will generally include the bet as well.
Types of Bets
Sports betting is very popular largely because of all the different types of bets and the many types of sports to bet on. Bettors can also place bets on various games, events, leagues and competitions. The win bet is the simplest type of bet but there are others which are a bit more complex. Understanding the various bets will enable players to make an informed decision. Other possible bets include the point spread or handicap, totals or under/over bets, prop bets or special bets and futures or outright bets.
Besides fixed odds betting there is also in play or live betting, exchange betting, spread betting, pari-mutuel betting and futures betting. These bets all have the same basic principle but are a little different and the odds will also vary.
Sports betting can be very rewarding, but bettors, especially those new to this form of betting should ensure that they understand the different ways of betting and the risks that go with it.