Sports Betting Basics – A Guide For Newcomers
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The Odds – Hows Odds Work In Betting
Probably one of the most important areas of betting is how the odds work. Lots of places around the world use different systems to show their odds, and luckily in Australia we use the decimal odds system which is the best and easiest to learn (yay!).
I have just had a quick look on sportsbet.com.au as there is a state of origin game tomorrow and they are currently promoting the odds on their front page. Let’s use these for an example.
As you can see above, there are seperate odds for each team. They are very close and not much between them at all! Lets back New South Wales (Go Blues!).
Now if we put $10 on New South Wales for this game and they win, the odds are $1.91. What does this mean? Well, it means for every dollar we bet, we get back $1.91. So for our $10 we put on, we would end up getting $19.10 back.
Sometimes, you will see odds like 3.50. This means that for every dollar, you get back 3.50. $10 would equal $35 all up if you won.
As you can see, following the odds and how much you can win for how much you place on your bet is very simple with this system. Some other countries like America and Hong Kong use different systems are a littel bit harder to follow.
Sports Betting Lingo
Understanding the lingo isn’t as hard as it sounds, especially with the points below to have close by at all times! This list is used in different sports and may not be applicable to some sports you will be betting on. Ill use horses for examples to make things easier.
- Sports Bet – A type of gambling that consists of placing an amount of money on the outcome of a sport event to win more money than originally invested.
- Bookmaker – (Also known as bookie / betting agency) A company where you can place bets based on their odds and are legally able to accept them.
- Back – Bet on a certain outcome of a match. As stated in the above example we were “backing” NSW to win.
- Odds – This is a ratio of probabity between the chances something will or will not happen. When it comes to sports betting, the odds are the amounts an actual bookmaker will pay out if the certain team or horse etc, wins.
- Lay Bet – Where you bet against an event actually happening. Your example you could do a lay bet against Federer winning the Australian Open.
- Fixed Odds – Fixed odds are paid out to the winner, based on when the bet was placed. This is very common in horse racing.
- Single Bet – Placing a bet on a tournament or an event.
- Scratching or Scratched – This is the term used for a horse that has been taken out of a race.
- Win Bet – A bet placed upon the chances of a team/horse winning only. If come anywhere other than first, you lose.
- Place Bet – A place bet is when you are betting on the chances of lets say a horse, coming first, second or third. If this horse comes either of these, you win!
- Win and Place – You can do a dual bet where you place a bet on the horse winning and also for a place. You have to pay twice though.
- Quinella – A bet in which 2 horses need to come in either first or second place.
- Trifecta – A Trifecta is a bet where you choose what horses will come first, second and third in the correct order.
- Box trifecta – This is the same as a Trifecta but they can come in any position, but all three have to get a place.
- Each Way – This is where you bet the same amount of money for a place and a win. Eg. “$2 each way” would cost $4 and you would win if it got a place or if it won.
When placing bets like Quinella and Trifecta, these do actually cost more than your normal “to win” bets. This is because the odds are different, are you are betting on more than one horse to actually get a place. Keep this in mind if you are going into the Horse Racing and start with a few easier bets like place betting. The chances will be higher for you to win and give you the confidence to try out some of the otrher types of bets.
There is plenty more lingo, but we are starting with the basics here so lets keep the betting lingo short and sweet for now.