Betting involves a risk of money so there’s no guarantee that you will win or lose. There’s a sea of information to know in becoming a successful (and rich) better but for starters, you only need to know few essential ones. As you read along, you will discover the basic information that a first-time better needs to know to climb the ladder of successful betting.
In general, first-time betters need to know about sports betting mechanics.
Sports Betting: Basic Information
Just like any betting game, when you bet on a sport, you pick an outcome of the game and place your money on it, and your opponent will do the same on the otherwise. The winner will get the money of the opponent.
There are no rules on who your opponent should be. Once you bet, you will be called a “bettor”. The one who takes your bet is the bookmaker. He is a mainstay with professional capacity in sports betting. When he accepts your wager, the process is called “laying”.
Elements of a Sports Bet
Generally, a wager consists of three components that your bookmaker will lay to a bettor, and these are:
Odds – chances of a selected team to win. This determines how much payout the bookmaker will give to the bettor;
Selection – the bettor chooses the outcome he wishes to bet on; and
Stake – the money risked and paid to the bookmaker when betting
Example
Here is a set of information to analyze a sports bet better:
- Two teams will play in a football match – Team A and Team B.
- The bookmaker will set +100 as moneyline odds on Team A.
- You want to bet $15 on Team A.
- The +100 moneyline odds mean the equivalent even money or winnings equivalent to the initial stake.
- In this situation, the selection is Team A vs. Team B. The stake is your $15, and the odds will be +100.
- You will win the prize and get back your $15 stake if Team A wins but you will lose your $15 if Team B wins.
- Basically, that’s how a simple sports betting works. You just need to identify the selection, stake and the odds before you place your bet.
Final Thoughts
There are a lot of aspects involved in sports betting like different types of bets that you can place in a game. There are few types of odds as well. One is used in the example given – the moneyline odds. Others types are the decimal odds and the fractional odds. Also, in making a selection, you need to consider a number of factors such as concept of value and probability. Sports betting is very straightforward.
Basically, these are the basic information that you need to know as a first-time better. You can’t just dive into a pool of bettors. Money is hard to earn so make sure that it in sports betting, you have chances of winning.
