Sports Bets: What They Are and How They Work
Sports Bets: What They Are and How They Work
Have you ever wondered what a sports bet is? Well, whenever two or more parties wager money by predicting the outcome of a sporting event, we are talking about a sports bet.
The amount may be small or large, and the prediction may be for a game taking place today, tomorrow, or a month from now.
This does not change the nature of what we are talking about.
Differences between sports bettors and sports fans
There are different ways to make these predictions: you can gamble on which team wins, or, in the case of soccer, how many goals or total points the two teams will score in that event.
In addition, you can also try to guess the performance of an individual athlete.
What can be won depends on several factors such as:
the amount of money wagered
the odds of the event set by the bookmakers.
In the end, both a sports bettor and a simple sports fan are similar: both are emotionally invested in the results of sporting events, the only difference being that the bettor risks his or her money.
Online sports betting
Many people like to wager through online bookmakers.
Of course, we are talking about risking on gambling portals that are legal and offer players all the guarantees of protection thanks to current regulations.
To choose a good bookie, it is important to make a selection based on seriousness and reliability.
Usually, every online sports gambling site accepts stakes on the main sports such as soccer, baseball, basketball, field hockey, golf, tennis, combat sports, and more, although some have limited options for secondary sports and events.
Even on a reputable gaming portal, it is important to always read the casino's terms and conditions, as they are not all the same, but change depending on the operator.
Simply, before registering and opening an account, if you have any questions contact the dedicated customer service department.
How the odds work
In Sports Betting, odds are crucial. The best North American bookmakers prefer American odds:
positive (+) to manifest how much you can win with each successful $100 bet
negative (-) to specify how much one must wager to win $100.
Consider that the positive and negative odds scale with the amount of your bet, and the hundred-dollar value is used to explain how the American odds work.
In addition, odds with a negative symbol indicate who is favored, that is, who is more likely to win according to the bookies.
For example, if we think about this year's World Cup (Qatar 2022), while France (+500), England (+550), Argentina and Germany (both at +600), are the underdogs, Brazil has a lower value, and therefore considered as a possible winner.
In case more teams (or players) have a "-" in front of the odds, the larger number will be the likely winner.
A straight bet is the simplest, also known as a single bet.
We talk about a prediction of the single outcome of a single game/event.
The spread type involves either "giving away" or "taking" a certain number of points/goals/runs.
The value is determined by the bookie and reflects the expected margin of victory.
In this mode, bettors choose whether to bet on the underdog, (take the spread) or gamble on the favorite, i.e., give the spread.
Parlays are a combination of two or more consecutive bets together.
They are valued because they allow large winnings with less money wagered.
The larger the parlay and bet, the larger the potential payoff.
However, parlays are very difficult to win, precisely because there are so many events included in the list that have to be gotten right.
Bets on totals, are of the "Over/Under bets" type and focus on the final score of an event, rather than who will be the winner.
In this mode, you are simply predicting whether the two teams involved will combine for more (Over) or less (Under) runs/goals/points, than what is predicted by the bookie.
Futures betting involves gambling on sporting events that will happen in the future for example: who will win the World Cup or the World Series.
Compared to the straight system, futures offer higher odds, and consequently, higher potential payouts.
This is because it is more difficult to predict a winner at the beginning of a championship than to guess which team will win a close game.
While some markets focus on the final outcome of a game or event, prop bets refer exclusively to the performance of an individual athlete or other elements that are not usually taken into account.
Here are some examples:
Player prop: that is, referring to the performance of an individual player.
Example, total points scored in a basketball game or goals in a field hockey game.
Game prop: this takes into consideration a single game and the things that happen in the match.
Who will hit the first home run? Which team will end up with the most passing yards in a football game?
Novelty Prop: we usually talk about big events like the Super Bowl.
By novelty props we mean items like the length of the national anthem or the color of a coach's jacket.
Sports betting payouts
Of course, payouts are determined by the odds associated with the wager and the amount wagered, and this potential prize is always shown on the game slip, whether traditional or online.
You can also try to do your own calculations yourself, even before you place your bet, by considering the odds and payout formulas, or by making use of an online gambling/quote calculator.
Many gaming portals offer Sports Betting Bonuses, which can enhance your potential winnings.
If they are available, you are usually notified by message when you log into your account or by e-mail.
The timing of bookmakers to pay out a winnings, depends on company policies, but it also usually depends on the payment and deposit method you choose.
Please remember, however, that even gambling on sporting events, falls under wagering practices and that the chance of winning is really rare.
So, play responsibly and never consider wagering a way to get rich because that would be wrong.