Betting Terms Every Gambler Must Know
It might seem quite confusing when you first decide to start your journey in the online betting world given the abundance of sports betting terms. In this article we will provide you with a brief explanation of some of the most important concepts in order to help you feel more comfortable when gambling with the desired bookmakers.
What is a bet
Dictionaries provide different explanation of this term, but generally speaking this is the actual process of putting money on the correct prediction of a particular outcome. The outcome of this event could be the result of a race or other sports event.
What is odds
This term may seem a little confusing to most of the new sports bettors, but if you want to be considered a serious player you need to understand odds completely or otherwise you will just be another gambler throwing away his money. Simply put odds illustrate how likely it is a certain event to happen and also they show you how much money you probably will earn.
There are three main types of odds and namely fractional, decimal and American. Decimal odds are the easiest to use and therefore are the most popular among land based and online bookmakers around the world. Fractional odds are the second most common type of odds and are mostly used by UK bookmakers. The last category is the American odds which are also called money lines.
What are stake and wager?
Both expressions Stake and a Wager (mainly in the USA) basically mean the same thing. This is the amount of money you put on your chosen bet. Given that you correctly predict the outcome of the certain event/competition, then your winnings are calculated according to the odds that your bet was made on.
What is a value bet?
Value bet is one of the most popular concepts in the betting world and according to some it is among the best methods for generating profits. Value bet is the one in which you consider that the chances of event/situation occurring are higher compared to the odds offered by the bookmaker for that same probability.
In fact sportsbooks do not intend to offer any value situations to their customers, but sometimes mistakes happen and if you are well prepared, you can take great advantage of this.
What is an average payout?
In order for bookmakers to stay in business they must payout less money than the accumulated winnings. Essentially the average payout represents the proportion of earnings that the company pays out to its gamblers.
What is a margin betting?
Margin betting could be made on most of the sports. This type of betting involves selection of a team/player to win within a specific margin across a spread of points. For instance, if you think that Team 1 will win, you need to select by how many points it will be achieved. Let’s say Team 1 will win by 1-15 points. Simply put, in this sort of bet the player needs to predict the exact winning margin of the selected team/player.
To sum up, we recommend that you start placing bets only when you are completely familiar with the different types of bets, odds and markets, if not you may suffer serious disappointment.
It is vital to remember that bookmakers tend to offer odds that do not really correspond to the actual statistical probability for the occurrence of the event. Therefore you need to learn how to distinguish between the implied probabilities and the true ones, deriving from statistics in order to enjoy success.