Sports Betting Explained: Glossary From Experts
There are hundreds of sports betting markets out there today, the explosive growth of legal sports betting can not be denied. In 2019, over $10 billion exchanged hands were there within the industry. This is more than the GDP of 47 countries.
What is Sports Betting?
The basis of all sports betting is the ability to predict an actual occurrence during a sporting event or game.
Bookmakers are establishments that take bets in sporting events like football, horse racing, boxing, etc. and payout winnings when the event finishes or doesn’t. Odds are usually placed for every prediction. They place the odds on the probability that your predictions might come true. They allow you to wager on your prediction while taking the opposite of your prediction.
If there is a high probability of an event happening, such an event will have smaller odds and will not pay out like an event with a lower probability of happening and has bigger odds. This means that your reward is determined by how great the risk is.
Many sports betting markets are of two sides; the “Yes vs. No” side and the “Team vs. Team” side. But some bets entail multiple wager options, such as choosing the team that will win the competition before the start of the season.
Many sports fans also engage in online casino gambling. So, instead of opening multiple betting accounts, you can sign up for a casino with sportsbook option. This adds more fun and convenience to your betting experience.
Glossary of Sports Betting Terms
To fully understand how sports betting works, bettors must know all the terms. They vary between bookmakers, but some of the common and general terms are explained below:
- Vigorish: Also referred to as juice. It is the commission of the bookmaker.
- Underdog: A team referred to as an underdog has a high probability of losing the game.
- Under: When a player bet that the final score will be lower than a particular figure, it is called as “under”.
- Total: The total number of goals, points and runs scored by the teams during a match, including overtime.
- Tie: When there is a tie, it means that no money is won or lost because the score of both teams was equal.
- Cash-out: This is when a player cashes out his parlay bet or straight bet before the match ends.Favourite: This is the team with a greater probability of winning the event.
- First-half bet: This is a wager placed on the first-half score of a match.Future: These are odds posted in advance on the eventual winner of an event, including the pro baseball championship, pro basketball championship and pro football championship.
- Limit: The minimum or maximum amount of money accepted by the bookmaker before point spread and odds are changed.
- Money line: These are odds displayed in terms of money. It uses the minus (-) and the plus (+) sign. Whenever the minus sign precedes the odds, the player must wager that amount to earn $100. But, where a plus sign precedes the odds, the player will earn the amount for every $100 he wagers.
- Over: Over means that a bettor has wagered that the combined score of both teams will be above a specified digit.Conclusion
There are numerous terms that sportsbooks use to describe several outcomes in sports betting. Bettors must conduct adequate research and use a strategy that suits their gaming needs best. In this way, it is possible to win and enjoy more in sports betting.
