Sports betting is a great way for sports fans to add even more excitement to their favorite games. Sports books, odds makers, and friendly bets make it possible for you to bet on the outcome of football, baseball, basketball, boxing matches, hockey, car races, or just about any other sporting event. It's a good idea to pick your favorite sport and get to know it inside out, as this will help you beat the odds.
To bet on sports you can either set up a friendly bet with friends or visit a sports book, a business that accepts sports bets. There are many reputable online sports books including VIP Sports and Interwetten. A large percentage of online sports books are situated in Europe or the Caribbean. If the sports book is close to you, you could of course also visit it in person or phone in your bet (if they accept telephone bets).
The book maker creates a market for sports wagers. These wagers usually have a binary outcome, which means that a team will either win or lose. The book maker then accepts wagers that will win and wagers that will lose, and maintains a spread (also called the vigorish) that helps them earn a profit no matter what happens during the game.
Book makers always attempt to have an equal amount of bets on most teams. If everyone bets on the strongest team, the book maker will run a loss. What they then do is to tempt people to bet on the other side by adjusting their prices and odds. This is a type of arbitrage.
Exotic bets: These bets are placed on interesting events happening around the world. To spice things up, why don't you place a bet on who will become the next president or win that coveted Oscar?
Future bets: This is when, at the start of the season, players place odds on a sport team's possible chances of winning a championship.
If-win bets: This is when you place a bet on one team, and when that team wins, you place another bet on a different team.
Parlays: A parlay bet is when you combine a bet on 2, 3, 4 + games.
Payoffs and odds: The usual payoff for football, hockey, and basketball, is hundred dollars for every hundred and ten dollars wagers.
The moneyline: Odds makers set a money line, which sets the odds that 1 team will beat the other.
World Casino Directory has prepared a great article series on the basics of sports betting which you might want to check out if you're a beginner to the sports betting world.
16th of October 2017
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