Sports betting is basically the process of trying to foresee sport matches’ outcomes and placing bets on the results. Apart from simple bets on a purely informal and personal basis, sports betting is usually carried out via a bookmaker, or bookie as is commonly called, or by means of the many Internet outlets online. Some of them make the whole betting experience even better by adding gamification elements, like Betser.
Nature of Sports Betting
To win extra money is the prime purpose of sports betting. Usually a bet can end in one of the two possible results. The gambler wins a wager and makes a profit that is based on the odds set by the bookmaker, or he or she loses the wager, and the money. While sports betting involves wagers on sports alone such as football and tennis, it can include betting on other factors like entertainment, and even finance, like changes in interest rates.
Sport betting is usually on tournaments or fixture results. For instance, in a game of football between, say Chelsea and Arsenal, potential wagers include Chelsea to beat Arsenal, Chelsea to win 2 to 1, Chelsea to win by the margin of a goal, Chelsea leading at half-time, or a specific player to shoot a goal.
Any firm that offers services in sports betting is termed by various descriptions such as bookie, bookmaker, betting agency or sportsbook. A service offering a market venue where betting odds are determined is named betting exchanges. Customers placing wagers are termed punters in the UK and bettors in the U.S.
Whenever you place a wager on a result, you are in effect backing that result. For instance, if you are betting on Chelsea beating Arsenal, you are then backing Chelsea. In the case of bookies you can back a result, while with betting exchanges you can wager on for/against outcomes. Any bet against a result is termed lay bet. For instance if you are placing a wager against Cilic to win at Wimbledon, your lay bet becomes a winner if any tennis player other than Cilic wins, and you lose in case Cilic wins the match.
Sports Betting and Casino Gambling
There is a basic difference between casino gambling and sports betting: the probability of winning cannot be predicted in sports betting, as they can only be estimated. In casino gambling, the house edge can be reckoned with certainty, and as to betting on sports, it rewards research and patience, as the bookies can only guess about the real probability of every possible result. While bookies offer precise odds on an average, an experienced bettor can find good value in sports betting.