Everybody who gets introduced to sports eventually comes into contact with sports betting or sports wagering. The two have been going hand in hand for centuries and this is not likely to stop. It is good to become informed on the topic before you delve into it, because this way, you will be less likely to make mistakes.
Sports wagering is an act of gambling, whereupon people bet on an outcome of a sports event, individual or team. The best places to wager on sports are obviously sportsbooks, online or land-based. Yet, not to jump over important parts of the topic, let us take a closer look at sports betting or sports wagering, to explain it in detail.
Sports Wagering Explained
Sports wagering, or sports betting as it is called, more often the latter, is an act of gambling. An individual bets on the outcome of a sports event.
Given that we can’t predict who will win, sports are always fluctuating, and being dependent on multiple factors such as the players’ skill on that day, a bit of luck, determination, universal powers, sports betting is considered gambling.
With that out of the way, we can look at how sports betting works and what are some of the bets can be made.
How Sports Betting Works – Basics
The most simple type of sports betting is betting on an outcome of an event, be it a match or race or whatever the name of the event is. People often bet on a potential winner. That much is obvious, but what about the payout?
The payout depends on the odds. The odds are determined by bookmakers, who pay close attention to the statistics of the teams and individuals, their place on the ladder, and their previous success.
The odds are hardest to get right at the start of any season unless it is individual sports we are talking about.
This is every punter’s guide and sometimes, a nightmare. The odds tell you the favorite and underdog. They are decimal, 1.1, fractional, 1/10, and moneyline or American, -1000.
The odds tell you who the favorite is and how much money you would get if you were to win the bet.
With decimal and fractional odds, you just multiply your bet with the odds.
With moneyline odds, you would have to bet 1000 dollars, in this case, to win 100 dollars, because the team represented with a – sign and then a number is a favorite. If it were the other way around and you bet 100 dollars, you would get 1000 dollars as the prize, but then you would be betting on a heavy underdog.
Common Bet Types
The most common bet is the outright winner bet. There are accumulator or parlay bets, where you have to bet on a couple of matches and if any of them are incorrect bets, the entire ticket is void. You can bet on a championship winner prior to the tournament starting. You can have special bets, for example, which teams will come first, second or third.
There are head-to-head bets, to see which team or athlete will do better in a season or leg of a competition, typically reserved for sports such as golf or road cycling.
Sports wagering is an act of gambling, betting on an outcome of a sports event and hopefully, now you know more about the topic.