Betting is a new trend that is gaining immense popularity faster than anyone could imagine, especially sports betting. Sports betting is a method that fans use to spice up the experience of watching their favorite teams or watching any team play any sport and maybe even win a good amount of money in the process.
This topic isn’t something that is openly taught to people, so for those interested in knowing the ins and outs of sports betting, this article is for you.
What is sports betting?
The simple explanation would be predicting a sport-related result while putting your money on the line with the hopes of giving the right prediction and winning more money than you put in.
Basically, people bet on anything related to sports. It could be the simplest of things, like a final result of a soccer game, or maybe even something bizarre, like the number of throw-ins a certain team would get in said game.
Where can one bet on sports?
There are two mainstream ways to bet on sports. One is the traditional way of going to a local sportsbook, while the other advanced method is to bet online. Another option is to place your bets with a bookie, but this method has often proven to be risky and hence should be avoided. Bookies are risky as most of them operate illegally and are often unlicensed.
How Does it Work?
It entails two or more people that place a bet on a specific outcome related to a game/ match. A certain amount of money is wagered, and the whole situation usually involves “odds.” Odds depend on which team/ which outcome is more likely to win/happen. The higher the chances, the lower the odds.
These odds suggest who earns how much money once they have won the bet. Whosoever predicted the outcome rightly wins the bet.
An aspect of sports betting is the usage of (+) and (-) signs. The (+) sign suggests how much you would win if you put in a certain amount, and the (-) sign shows how much you need to put on the line to win a certain amount.
Types of Sports Bets
- Straight Bet: Refers to betting on the final result of a single game.
- Spread Bet: Betting on margins of victory which is determined by the sportsbook or online platform
- Parlay Bet: Combining two or more straight bets into one bet. This is a popular mode of betting as it increases the chances of higher pay-out while risking lesser money.
- Total Bet: Betting on the final score of a game rather than the result.
- Future Bet: As the name suggests, this refers to betting on future sporting events.
Is sports betting legal?
The legality of any sort of betting depends on your place of residence. In some places, sportsbooks may not be permitted to operate, so that only leaves you with the option of betting online, whereas in some places, betting may be illegal to all extents.
Here’s a short list of countries where betting is legal:
- United Kingdom
Also read: Are Sports Extracurricular Activities?