Betting, also known as gambling is the act of wagering something of value at a random or arranged event with the intent of winning something else of value. Betting or gambling requires three key elements and they are a consideration, risk, and a prize.
What then is online betting and how does it work?
Online betting is commonly defined as the act of betting, playing games of chance or skill for money with the use of a remote device such as a tablet, a smartphone, or any other digital device with an internet connection. A lot of things exist that can be classified as gambling. Some games even have gambling elements. This includes games like virtual poker, casinos, and sports betting. Here is a little bit of history on online betting:
Online gambling gained popularity in the late 1990s. There were only about fifteen gambling sites in 1996, but it increased to 200 websites by the following year.
How does online betting work?
Study shows that this is one of the major questions on the minds of newbies in the world of online betting. The way online bettting works is a very straightforward process. All you have to do is download a reliable betting app, or visit a legitimate site, sign up properly with your information and you can begin betting. In fact, it can be as simple as just putting your money where your mouth is at any given match. There are various types of online betting and they are:
- Sports Betting
The arena of sports betting is vast. Numerous sports allow you to place bets on either of the playing teams. You can place a bet on a particular team and predict if they win or lose. Additionally, online sports betting allows you to enjoy many other features with technology having been advanced. You can wager bets on games like basketball and football. You can even place bets on individual players. Some sites and mobile applications give you the option of betting live on the matches that take place at that moment. You can also place bets on national and international tournaments.
- Online Casinos
There are numerous online casino games you can play. From a simple game of blackjack to a simple game of slots and roulette, you can easily invest in a game you have the right skill set for. A good online casino will provide you with various options while offering you some of the e best deals to get you started.
- Racing Bets
While horse betting may be a tradition in states where they are common, multiple betting platforms allow you to place bets on various racing competitions. From dog racing to pony racing or car racing. You can use your instinct for the race you have the most knowledge about. You should however ensure that you complete your research before placing your bet on an animal or car. You should know who the owners are and their records, the path on which the race will occur, and other factors that can influence the outcome of the race.
- Poker
Poker is a game that requires extreme vigilance while playing. A lot of people who have a knack for poker offline and get anxious would actually benefit from online poker.
No matter the type of online betting you decide to go with, all you need to do is to be very mindful of what you are investing by keeping a check on your spending and your bills. As long as you, the player, gamble responsibly, online betting will bring you satisfaction, intrigue, and happiness.
Tips for playing to online betting
- Choose a reputable casino: One way to identify a reputable casino is from the licensing. That way, you can be sure you are playing at a safe, especially if you will be betting with real cash. Furthermore, ensure that the casino you choose has secure and fast banking options to ensure smooth transactions.
- Research the variety of betting games the online casino has to offer:. A vast majority of casinos will offer casino games only if they are entirely dedicated to sports but such casinos are rare nowadays. To search if a casino has your game, head up to their search bar on the site and simply type the name of the sport you are looking to bet on. Finally, another thing you have to consider is if you wish to play with bonuses, check the online casino’s bonus and promotions page to see what they offer.
- Keep an eye Player’s review: Read reviews from people and reputable sources. While reviews from reputable sources can be helpful, you should not be completely bought by them.
- Ensure you play by the rules of the online betting site’s: Rules differ with online betting sites. However subtle these differences might be, they can be significant and have an effect on your personal experience. In other words, before you place any bet, know the rules. And if you have any questions about a rule or restriction, you can contact customer service, visit a retail shop linked to them and ask to speak with a manager or supervisor.
- Understand the site’s offering in the betting markets: this basically has to do with finding out which sports are included in the betting menu and the types of bets customers are allowed to make. All online betting sites accept wagers on major sports like; football, hockey, golf, tennis, combat sports, etc. however, some have limited options for secondary sports/events. It is advisable that you find a site that is tailored to your preferences.
How Odds Work
In general, when it comes to sports betting and gambling as a whole- everything circles around the odds. The odds are defined as the probability of an outcome occurring.
For example, if a team has +700 odds to win a game, a $100 bet would net $700 if they won the game. On the other hand, taking the opposing team’s at -150 odds to beat the other team means you need to bet $150 to win $100.
Something to note is that positive and negative odds scale with your bet amount. The $100 wager is simply used for ease of understanding how odds work. So if you wager $20 on a team to win, you could win $140 if the odds are +700; meaning that your wager is multiplied by 7. And if you wanted to win $20, you would have to wager $30 since the odds are -150, your wager is multiplied by 1.5
Types of Bets
Sports betting has become very accessible like never before. But, there is a learning point for beginners who do not yet quite understand how all different bet types work. Here we will provide a look at the types of bets ranging from the most popular.
Straight Bets
A straight bet is the most common type of sports wager. Often referred to as a “single bet”, a straight bet is simply wagering on a single game or event.
Spread Bets
The best way to think of spread bets is that they’re kind of related to margins of victory. It involves either “giving away” or “taking” a certain number of points/goals/runs. The number is determined by the sportsbook and reflects the expected victory margin. Bettors are to choose whether they are going to “take” the spread (which simply means betting the underdog) or “give” the spread (which means betting on the favorite). All spreads have odds attached to them, and more often than not, those odds are -110 for both teams.
Parlay Bets
A parlay is a combination of two or more straight wagers in one bet. This bet is more popular because they open up the door to winning bigger payouts while risking less money. The bigger the parlay- the bigger the bet- the bigger the payout. There are two main types of parlays: same game and multigame. A third parlay type is called a teaser which is most popular in football (particularly the NFL).
Total Bets
Total bets are quite similar to point spreads. They focus on the final score of a given game rather than who wins the game. If you are interested in diving into over/under betting, remember that as long as the game is ongoing, it is always possible to win your over bet or lose you under bet.
Futures Bets
Another fun way to get involved in sports betting is future bets. It is a type of betting where instead of wagering on a game taking place today or this week, it is just what the name implies, that: bets will be decided in the future. Futures bets tend to offer greater odds and thus, larger payouts than straight bets. An important thing to know about futures bets is that odds are ever-changing. It is important you do your research before putting your money down.
Prop Bets
While other markets focus on the final outcome of a game or event, prop bets relate to an individual athlete’s performance or even something that does not show up on the box score. It could be the bettors wagering the color a player or team wears for a game.
Here are some popular prop betting:
- Player prop: refers to a single player’s performance.
- Game prop: relates to a single game, such as choosing which player will hit the first home run in an MLB game or which team will finish with more passing yards in a football game.
- Novelty prop: usually reserved for big events. Like the Super Bowl. Novelty props can range from the length of the national anthem to the first song that the halftime artist will perform.
How Payouts Work in Online Sports Betting:
Sports betting payouts are determined by the odds attached to your bet and the amount of your wager. Your potential payout is always listed on your betting slip when you wager online. Sometimes the payout shown includes money you wagered. For example, if you wager $10 to win $30, the payout would show $40. If it doesn’t just add the amount you bet to the original to determine the total payout. Some online betting sites offer payout bonuses and the best part is, bettors can withdraw funds from their betting accounts at any time.
Conclusion
You can always improve your chances of making money by being disciplined, doing your research, and seeking the advice from respected and successful bettors to learn their strategies. There are no guarantees in sports betting. There’s no certainty and maybe that’s the fun of it.