So you want to get started on sports betting? Well, you’re in the right place. Don’t worry about the numerous numbers and decimal points you’ve seen on boards and various websites when betting online; they aren’t as difficult as you think. Similar to every other discipline, once you understand the basics of betting, you should have no problems whatsoever. This guide to sports betting will further help you understand how to turn luck into a fortune.

What is sports betting?

Sports betting is the practice of wagering on the outcome of a sporting event. For instance, if two football teams, A and B, square off against each other, you can make a bet that A would win. If A eventually wins, you recoup the money you placed in the bet and some extra for getting the right answer. On the flip side, you lose your money if team B wins.

What are the basics of sports betting?

Five basic components make up sports betting, and they are parties, odds, stakes, payout, and selection. Let’s take a look at each briefly

  • Parties

The parties to a bet or wager are the persons, individuals, or entities involved in the bet. For sports betting, there are usually two parties: you, and the bookmakers. Therefore, you place some money, and if you win, the bookmaker loses, and vice versa.

  • Odds

Odds are simply the probability of an event occurring. For instance, if you are looking at grey skies and a rumble of thunder, then the odds are high that rain is going to fall. Conversely, if the sun is blazing hot and someone says ‘It’s about to rain’ you’ll be forgiven for disbelieving the person. Take that a step further and place some money on it and you have a bet.

  • Stake

Simply put, a stake is the amount of money you are willing to lose in a bet. One of the beauties of sports betting is that you never lose more than you put in. Thus, you never have to worry about losing your house simply because you made a bad bet.

  • Payout

This is the amount the bookmaker must pay to you if the bet is won. Also, the stake and payout are usually clearly stated so that you have an idea of what’s coming to you if you win the bet.

  • Selection

This is simply the event being bet on. An example is betting on a Premier League game between Arsenal and Manchester United. If you believe that Arsenal will win the game, then that will be your selection. That said, there are different types of wagers, and Arsenal winning or losing isn’t the only thing you can make money off.

What are the common types of bets?

Bets come in all shapes and sizes and are available in every sport. Take horse racing, for instance; there are myriad forms your bet could take ranging from a single bet, which is by far the simplest form, to some like a Trixie which is way more complicated.

The most common bets are single, double, and treble.

  • Single: The easiest form which is a bet placed on a single event for a straight win
  • Double: A double bet involves a single bet on two events. To make anything from this, both your predictions must be correct.
  • Treble: Similar to the double, but involves three outcomes.

With these few pointers, you should at least be able to get started with sports betting with very few challenges.