In the first section of our guide, we will explain how sports betting works for all those of you who are now starting out with gambling and have no clue as to what to do, when or why for that matter. We realise that things may seem quite complicated to a novice, this is why we strive to be thorough and clear enough. The truth is that if you want to learn the ropes and become successful in this field, you need to devote lots of time to learning and practicing. Eventually, it will all become clear to you, but you need to work hard and be persistent. Now, we also realise you want to find a guide that does all the hard work for you so you do not have to scroll down thousands of useless pages before you get to the essentials. After all, you will be risking your money, and this is reason enough to do some research and try your hardest to understand the ins and outs of sports betting. Luckily, you can count on us to give you the basic information that will get things going for you, and in the first section, we want to tell you about the basics of a sports bet. Before you open an account at an online bookmaker, be sure to read this from top to bottom.
What is a Sports Bet?
Let us begin our post about how sports betting works by explaining one essential thing: what is a sports bet? Generally speaking, this is a view expressed by someone that a sporting event will have a certain outcome, and is usually backed by a particular amount of money. Now, there are two parties involved in this and their views are opposing. Therefore, whoever party ends up guessing the correct outcome wins the money which the other party wagered. When it comes to sports betting at a licensed sportsbook, it usually involves a bookmaker. Their purpose is to take those wagers, which in professional terms is described as laying bets, and they must have a professional capacity in order to do this. It may be an organisation, for example, a company, or an individual, and they are both referred to as a bookmaker. The people who make bets are called bettors. If the bets are placed against the bank, they are also called punters.
Sports Bet Components
Now, before we can tell you how sports betting works, we should also mention that a sports bet or wager consists of three main components. They are as follows: selection, stake, and odds. The first one, the selection, refers to the outcome you think is going to be when it comes to a given sports event; that is, you make a prediction about what you think will happen in the end. Then, after you make a choice, you need to put some money into it, which is referred to as a stake. At this point, you should realise that once you bet that money, you will never get it back if you lose. So, you should be aware that you are risking your cash and you should never risk more than what you are comfortable losing. Note that the amount of money you lose, no matter how big or small, is paid to the sportsbook.
Moreover, the purpose of the odds is to display the possibility of your selection winning. It also serves to show how much you are going to get paid if your prediction is correct, for example. if you manage to guess the outcome of a sports game.
Furthermore, you should know that there are three odds formats available in the world of sports betting: fractional, decimal and moneyline odds. Fractional odds, (e.g. 11/4) are traditional UK odds; decimal odds (e.g. 3.75) are popular across Europe; and finally moneyline odds (e.g. +275) are used in the United States. We cover these in the other sections of this guide, so feel free to check them out.
See How Sports Betting Works
Be it as it may, it probably sounds a little complex in theory, but we can assure you that once you start betting, it will all add up to 100% eventually. We would like to give you an example to make sure you get things right. Imagine you are into football and you are looking forward to an upcoming event involving your favourite team. We will name your team A, and the other team will be simply B. Now, let’s say that the odds of your team winning are of 2.00. This means that if you win, your winnings will be of the same amount as your original stake. Continuing our hypothetical bet, let’s suppose you think that your team, which we named A, is going to win against B. You have £10 and you feel so confident about it that you want to stake that money. Here is how it looks:
- Selection: A vs. B
- Stake: £10
- Odds: 2.00
Now, if your team wins, it means that you win as well. Since your stake is £10 and you hypothetically wagered on odds of 2.00, which is even money, you will win £10 for guessing the right outcome plus the £10 you staked initially. That means you will get back £20 in total. However, if your team loses, you will not get that £10 and you will also lose the money you staked. It will go to the bookmaker.
Moreover, this is all there is to the basics of a sports bet. They are simple and straightforward. Of course, it has to be said that there is much more to sports betting than just these things we talked about in this section of our guide. However, we promised that this read would look into the very basics of sports betting, and how sports betting works; hence, this is all we have to say for now. You will see more in the next sections. Before you know it, you will be an expert, well, at least in theory. Continue reading to find out more.