What Are The Basic Terms Of Sports Betting?
Are you new to the world of betting? If so, you'll soon come to find that there's a lot more to it than you would have initially assumed. It goes beyond just betting on the outcome of a game; it's a lot more nuanced than that. It may take you a while to figure things out.
Having said that, it is substantially easier to navigate your way around if you understand the jargon. There are plenty of terms that you would have seen being thrown around quite often, and we won't blame you if you have no idea what they mean. Keeping in mind how difficult it can be for a novice punter, we have devised a short list of betting terms that you should know.
The amount of money you bet is commonly referred to as your stake.
Favorite and Underdog
The favorite is the team that will most likely win, and the underdog is the team that will most likely lose.
Odds indicate the likelihood of a particular event occurring. They are usually expressed in decimals (1.25, 3.80) or fractions (2/7, 3/1). With the former, the smaller the number, the higher the possibility of that event occurring. To put it in perspective, here's an example.
A - 3.58
B - 1.20
In this case, outcome B has a higher probability of occurring when compared to outcome A. To determine your potential profit, you need to multiply your stake by the given odds. Say you bet $10 on B, your payout, if you win, will be 10 X 1.20, which is $12.
You can look at a fractional odd this way - how much you win/how much you bet. An improper fraction, where the numerator is greater than the denominator, indicates that that option is the underdog. Conversely, if you see a proper fraction, then that option is the favorite to win.
X - 2/4
Y - 8/5
In this example, X has a higher probability of occurring. To calculate your winnings, all you have to do is multiply the odds by your stake. If you were to bet $100 on X, your profit would be $50 (2/4 X 100 = 50). Your total payout would be $150.
Similar to odds, probabilities reflect the possibility of an event occurring. It is mostly reflected in percentages, and they’re much easier to understand.
The bookmaker, colloquially known as a bookie, takes your bets. They are also in charge of setting odds and paying you when you win. Bookmakers can take bets online and offline as well.
A business that deals with talking bets related to sporting events.
Someone who places a bet.
Similar to odds, money lines reflect possible outcomes. They represent how much money a punter has to stake to win a $100. For example, a line of -300 means that you would have to bet $300 to win $100.
To guarantee a profit, you must always look for a value betting situation. When you find that the odds that a bookmaker is offering reflects a probability that in reality is less likely to occur, then you have found value. The bet is priced at less than what it's worth. To find value, you would need to be quite experienced, but with a little bit of practice, you should be an expert in no time.
An individual who gives tips, odds, and predictions for upcoming matches. Their main objective is to help you beat the bookie, and good bookies have a excellent track record.
With accumulator bets, one places multiple bets, but they are all considered to be one single wager. To make a profit, you have to win every single bet. The risk is high, but so is the payout.
Outright bets are placed on the result of an entire tournament or competition, rather than the results of a single game or a match. For example, placing a bet on who would be the final winner of the Champions League would be an outright bet.
Most matches involve a clear favorite to win and an underdog, so to even out the playing field, the bookmaker often handicaps the favorite, and gives the underdog an advantage. For the favorite to win the bet, they would have to win by a certain margin of points or goals that have been predetermined by the bookie.
Also known as in-play odds, the live odds are only available once the sporting event has commenced. They change according to the events of the match or game.
With fixed odds, what you see is what you get. A punter can hone in on a particular price at the time of placing a bet. Once they do, the odds aren't subject to any movements, regardless of the events.