Betting on the sports is one of the most popular and oldest types of gambling in the world. People used to bet on the horse race and then all the sports games were included in this betting form. In all these years the gambling industry has been evolved with technology and now people can easily use online sports betting platforms to place their bets. So while being on any particular sport, our target is to predict the outcome of the game at the end and place bets according to what could possibly happen during the gameplay. The logic is simple when our guesses are right we win money and we lost it when our predictions are wrong. So here, we have mentioned some basics that we need to consider while betting online on any sport.
Know About Fixed Odds Betting
Before considering other factors, we need to understand what fixed odds betting are. It is the traditional form of betting where one has to predict what could happen then bet wager money according to it. Here term “fixed odds” used because the predictions or odds are agreed when we place the bet. If we win then our payout shall be based on the agreed odds.
Now before we go depth in the basics of the online sports betting, we want you to know that the words “bet” and “wager” carry a similar meaning.
Parties to the wager
Now, it’s no brainer to know that there two parties in sports betting. Here, one who places money in the wager is known as the bettor and one who takes the bet is known as a bookmaker. Both the parties have opposite views from each other. For example, if there is a boxing match between Mayweather and Canelo. One of your friends is predicting the winning chances of Mayweather and you think the chances of Canelo are high and you both make a bet on that. So the same goes for online sports betting. The website you use to place betting is a bookmaker and you are a bettor.
Selection is simply what the bettor is selecting for betting. Let’s take the same example of Mayweather VS Canelo. If you (a bettor) are placing a bet on the winning prediction of Canelo then the selection would be “Mayweather to win”.
The amount of money that a bettor place in betting is called stake. This is not the whole amount of betting amount. The stake is simply the amount to be paid to the bookmaker at the time bettor place the bet. So in case of bettor losing the wager, the bookmaker will keep the stakes or return it with the winning amount in vice versa. Generally, most of the bookmakers keep a specific amount at the time of the wager which is known as minimum stake. The stake can be as low as $1.
Sometimes bookmakers offer odds for selection. Basically, the odds will show how much amount will be paid to bettor from bookmaker if bettor’s selection is correct. If the chances are high then the odds are low and vice versa.
Payout is the total amount that a bettor has won. This is the amount that the bookmaker has to pay to the bettor in case of winning of later. The amount of stake also includes the total amount of payout.