How Does Sports Betting Work
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Sports betting is an activity that is common throughout Europe but illegal in most of the United States. To understand this unique form of gambling, let’s first take a look at where it comes from.
Origins of Sports Betting
This activity has been around for as long as sports have existed, what’s there not to love about combining two favourite pastimes: sporting events and gambling.
As history goes, the Greeks (who are well-known for their love of sports) used to bet on numerous athletic competitions, including the famous Olympic Games. Romans adopted the habit and would bet on the gladiator games. The Early Romans even saw gambling as a metaphor for life.
By the end of the 19th century, bettors had begun focusing on newly organised professional team sports. An expansion in the number of sports events people can bet on has helped to improve the popularity of sports betting over time.
How to get started
So if you’re interested in dipping into this widespread pastime, there are several ways to get started. The first thing you need to do is understand the different types of sports wagers and how they work. Once you’ve looked into them, you need to understand the odds (which are a vital component of any sports wager). A thorough understanding is essential to being able to calculate potential pay-outs.
If you haven’t already decided, you need to choose which sports to bet on. A good rule of thumb is to focus on sports you know a lot about.
The following step involves learning how to make selections and place wagers with a bookmaker or sportsbook.
And last but not least, you must decide on where to bet. Depending on where you live, there may be several options for where to go. One option is attending the sporting event itself and placing your bet there in person. However, many towns and cities have bookmaking shops, or there are telephone betting services that are also available.
One of the best options for virtually anyone, located anywhere in the world, is placing your wagers online through online sport betting sites on your mobile, computer or other internet ready device. The internet has made it extremely convenient to bet on sports, and there are many advantages to betting online versus the traditional way of placing wagers.
Betting is much safer than most people think. There are plenty of trustworthy sites, so all you have to focus on is choosing the right one. So if you’re interested in sports betting and are new to the game, we recommend reading up on this activity and figuring out how everything works before placing your first bet.
Betting online means you’ll never miss out on the excitement of a match day!
The two most common way of expressing odds, which are effectively the probability of an outcome, are as a fraction or decimal.
Decimal odds: these are the easiest to work out. If you see an odd like 1.5 on Manchester United to win against Liverpool in a Champions League match, just times the decimal by your stake.
1.5 X £10= £15. The result includes your original stake, which is returned if you win, so the profit here is £5. Generally, the higher a decimal odd, the more unlikely a win is and therefore the higher the payout.
Fractional odds: for the same match as above the odds as a fraction are 1/ 2 for Manchester to win. The first number 1 is the amount you stand to win for every £2 you bet. Fractional odds show the profit only. They do not include the stake.
You’ll find that many bet types are specific to the sport being played. Although, the obvious ones- like an outright winner, total points scored in the match- are consistently offered across sports. The newest betting option is Live Betting, which means to place a bet after the match has begun. This tends to offer more excitement, but less stable odds as they are worked out under pressure and reactively to the game.