Online sports betting is one of the easiest forms of online betting to get started with. When betting on a specific sport, your goal is to predict what the outcome of the game will be and wager money according to what you think will happen during the event. When you guess right, you win money, when you guess wrong, you will lose the money you wagered. In this article, you will be able to learn about the basics of online sports betting including what parts of online sports betting should you consider. Let’s start with learning what is fixed odds betting:
What Is Fixed Odds Betting?
Fixed-odds betting is the traditional type of betting where you predict what will happen and then place a wager on the selection you made. The expression “fixed odds” is used since the odds are agreed when you place the wager. If a wager wins, the payout will be based on the agreed odds.
Before we go further in the world of online betting, you will need to know what the terms “bet” and “wager” mean. The first thing you should know is that these two expressions are the same thing. You will notice them both in this article and they can be both used as a noun or a verb. Let’s take a look at the basics of online betting:
- Parties to the Wager
As you already know, there are always two parties in a sports wager. Each one is taking an opposing view to the other. For instance, the two parties might be family members or friends watching the game together. One of them might think that the Broncos will beat the Steelers, while the other might think the opposite. While betting between family members or friends is quite common, we will focus on a bookmaker. Hence, the two parties are the bettor and the bookmaker. The bettor is someone who placed the wager while the bookmaker takes it.
According to the experts from totomoon.com, the selection is basically what the bettor is betting on. Let’s take the Broncos vs Steelers game previously mentioned. If the bettor thinks that the Broncos will win, then the selection would be “Steelers to win”.
The stake is the amount of money being risked. The amount is paid to the bookmaker at the time you place the wager. Then the bookmaker will keep the stakes from losing wager or return them for the winning ones. Most bookmakers require people to stake at least a specific amount, known as the minimum stake. This is usually quite low, like $1. Most bookmakers have a maximum stake as well which limits the amount people can stake.
Bookmakers also offer odds for available selections. The odds will determine how much the bookmaker needs to pay relative to the bettor stake in if the selection is correct. They are related to chances of the selection being correct. If the chances are low, then the odds are high, and vice versa.
The payout is the total amount of money that the bookmaker needs to pay if the selection is correct. It is usually quoted, including the initial stake since this is usually returned to you with your winnings.
I hope that this article helped you understand the world of online betting a little bit better. Keep one thing in mind though, if you are planning to bet online, make sure that you have a set budget for doing so, hence, you will not spend more money than you should.