HomeRacing irishYour Ultimate Guide to the Basics of Sports Betting

Your Ultimate Guide to the Basics of Sports Betting

Betting on sports is a famous activity worldwide with the market earning billions of dollars annually. Millions of people enjoy it because it’s regarded as the simplest form of gambling. Simply, all you need to do is to predict the outcome of a sporting event and stake money based on your prediction. You’ll then have the opportunity to win some profits if your prediction is correct. 

Additionally, there are hundreds of different popular sports globally. While not everyone is into these sports, we’ll also agree that the majority of the global population are enthusiastic about them. Most of these sports enthusiasts consider it a natural progression to bet on sports while enjoying watching. 

However, just like any other gambling activity, betting on sports is equally risky. But, worry not. In the modern digital world, you can take advantage of online sports betting platforms that’ll make your betting predictions more informed towards earning more profits. As such, you can use sites like Bettingmetrics.com to access reliable odds comparisons, rewarding tips across all sports, up-to-date free bets and bonuses, among other benefits.

Must-Read Information for Every Newbie!

Now, we’ve already given you a heads up that it’s easy to begin sports betting. While we also truthfully, believe that, it goes without doubt that indeed there are risks involved in this art. Regardless of how skilled/knowledgeable you are about the sport, you’ll always be putting your cash at risk with every wager. Therefore, if you’re thinking of diving straight into betting on sports and earning mega wins straight away, then you need to consider pausing for a second.

Sadly, as a beginner, there are high chances of you losing than winning. As much as you could win, it’s not guaranteed. 

This info isn’t to discourage you but instead to caution you. In fact, we hope that you really enjoy sports betting from your first shot. With that being said, let’s get into some of the crucial details of sports betting. 

Fixed Odds Betting – What is It?

This is the “classic” form of betting you predict an outcome and simply placing a stake on the relevant possibility. The phrase “fixed odds” implies that the odds are settled upon when the stake is placed. In case a bet wins, the payouts depend on the agreed odds regardless of whether they’ve subsequently moved or not. 

You probably have come across the terms “wager” and “bet” which mean the same thing and have five main components to any sports bet:

  • Parties to the wager – There are always two parties to a bet that oppose each other. For instance, the bettor and the sportsbook. 
  • Selection – Basically, this is what the bettor/punter is wagering on. There are various selections or outcomes of bets that are attached to a sporting event. 
  • Stake – This is the amount of money that a punter risks on a bet.
  • Odds – Sportsbooks provide odds for every available selection that determine how much they’ll payout to the punter if the predicted outcome is correct.
  • Payout – This is the amount that the sportsbook company will pay to you if your selection is right. 

The Different Forms of Sports Wagers

Among the reasons why betting on sports is such an intriguing type of gambling is the diversity of choices to pick from. Technically, punters can bet from different sports, games, leagues, events, and/or competitions of their preference. As such, sports betting offers a very diverse field of outcomes where you can stake a winning bet. 

Further, bettors have a vast selection of different wagers to stake on. Even if some are complex while others are straightforward, they all offer bettors a closer shot at earning extra profits. The most common and simplest form is the “win bet”. Others include:

  • Over/Under or Totals
  • Handicap or Point Spread
  • Specials or Prop
  • Accumulator or Parlays
  • Outright or Futures

Different Categories of Sports Betting

There are other options apart from the standard fixed odds betting even though they also involve risking money. They include the following:

  • Live Play/In-Play – Even if this also involves wagering using fixed odds, it should be placed during the actual event as opposed to the traditional sports betting that happens before the event begins. 
  • Exchange Wagering – This type always involves two bettors and doesn’t include the bookmaker. As one punter backs a selection, the other one opposes it while taking the role of a sportsbook. 
  • Betting on Spread – This requires a bettor to stake on if a certain number will be lower or higher than the sportsbook’s spread. Then, your payout will depend on how low or higher the number is. For instance, a bookmaker may use a spread of 2-3 and the bettor must predict if there will be less than two goals or more than three.
  • Wagering on E-Sports – This type of sports betting doesn’t involve placing stakes on traditional sports but instead, it involves wagering on competitive video games.
  • Pari-Mutuel Betting – This kind is mostly used during horse-racing competitions. However, it can be used on other sporting events also. It removes the need for a bookmaker and odds by replacing them with stakes paid into a pool. The punters who backed the winning outcome will receive a share of the pool at the end of the event. 

How to Wager with a Bookmaker

The process of placing bets with a sportsbook is pretty straightforward. You first determine a reliable bookmaker, then you pick your desired outcome. Afterwards, you determine the amount you want to bet and then hand both your stake and your selection to the bookmaker. The rest including paying you for any winning wagers will be handled by the chosen sports vendor. 

This process will vary according to which type of vendor you choose as there are various types of bookmakers. They include:

  • Online bookmakers
  • Betting bureaus
  • Mobile-based bookmakers
  • Casino sportsbooks
  • Racetrack bookmakers

Even is they differ in various ways, these bookmakers make money from losing bets as compared to their payouts on successful bets.

Bottom Line

Whether you’re just beginning or have existed in the sports betting industry for a while it’s always wise to define the objective behind your sports betting activity. So, are you a recreational or a “career-wise” bettor? Thinking about your ultimate goal will have an overall effect on your approach to betting.

Therefore, in case you want to have the opportunity of earning through wagering on sports then you’ll have to take a different road than someone who’s wagering for fun.

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