There is a wide range of terms used in the gambling world. Some of these words seem like common words, but the meaning is usually different. As a beginner in sports betting or gambling in general, you must acquaint yourself with the terminologies and jargon used in the industry to become a better gambler. Once you have learned the sports betting terminologies we are going to discuss in this article, you are ready to choose a bookmaker to start betting with.
A bookmaker or bookie is a company that calculates/sets odds and accepts your bets. The bookmaker also pays out your winnings if your prediction on a chosen fixture is correct. As a Nigerian bettor, there are several licensed and registered bookmakers to choose from, like – Surebet247 review. Whether, you feel at home with indigenous betting brands, or you prefer the novelty brought by international betting companies, your options are as vast as they come.
Arbitrage betting or hedging refers to a betting technique where bettors spread their bets across various fixtures to cover possible losses. The goal of an arbitrage betting is to ensure profit gain no matter the outcome of the match. Some bettors bet through several bookies to take advantage of their different odds and profit margins. With this strategy, the bettor makes a profit regardless of a win or loss.
Some sports betting websites or casinos offer a live streaming service of matches, races, or games where bettors can place their bets in real-time. This type of betting is fast-paced as the odds change in real-time.
Most new bettors are not aware they don’t have to bet with a bookmaker always. Betting exchanges exclude bookies from the betting equation. When you participate in a betting exchange, you trade or exchange bets with other bettors through a forum or group. Betting exchanges are not limited to sports betting but online casinos.
Fixed-odds betting is the opposite of pari-mutuel betting. In fixed-odds betting, the odds are pre-set by the bookie, and the prize is fixed. This concept is more common in sports betting.
This is betting on sports event fixtures. The bookmaker sets the odds on events and bettors chose the teams they want to bet on. Recently, sports betting now covers genres such as esports and virtual sports.
This betting term refers to a circumstance where the money wagered by a group of players is gathered in a prize or jackpot pool. Players’ odds are calculated based on the total number of the bets and the overall amount of the prize pool. The prize of a pari-mutuel bet is the amount left after the house edge is deducted.