To bet effectively in betting, it is imperative to completely understand the terms related to this sport. Waging money without proper understanding of the terms associated with it may cost you a lot of money. Inappropriate use of any word has the potential of changing your bet completely. Learning these terms not only helps you in placing good bets, but they might also give you an opportunity to explore new betting opportunities. Here are a few terms which you should learn before entering the betting arena.
Sports betting is a form of gambling where punters wage on the outcome of any sporting event. These bets are usually taken by bookmakers who are licensed companies or individuals who offer betting odds. The marketplace where these odds are set is known as the betting exchange. Once you understand these basic terms, you need to remember a few terms which are used by most gambling operators.
Back: In this type of bet, the wager claims that a certain outcome will occur.
Lay: This term is the exact opposite of ‘back’. Here the wager claims that a certain event will not occur.
Single Bet: In this category, the punter bets on a single outcome within a particular event. For example, Messi will score a goal in a Barcelona vs. Madrid match.
Multi Bet: This category allows the punter to bet on multiple outcomes within a particular sporting event.
Basic Odds Frameworks
Usually, betting exchange set odds for any particular sporting event. However, there are instances where the bookies have the liberty to set odds by themselves. Irrespective of who sets the odds, the two basic frameworks adopted are:
Fixed Odd Betting: In this strategy, odds are set before the betting starts. This type of betting allows bookies to change the odds whenever they deem necessary.
Tote: According to Tote odd betting, the bookie announces the odds when the betting is closed. This way, punters do not know the odds when they are betting.
Popular Bet Types
Here are a few betting types which are popular among punters.
Draw no bet: In this type of betting, you can only bet on the winning or losing of a particular team in a sporting event. If the match results in a draw, your money will be refunded.
Exotic Bet: This yype of bet has nothing to do with the actual outcome of the match. You can only bet on a particular incident within a match. For instance, Shane Watson will hit two sixes in the first test match of the Ashes Series.
Future Bets: In this category, you can bet on the outcome of the series.
Over/under: In this kind of betting, the wager claims that a particular team will make over or under the stated score. For instance, you can bet that Australia will score over 300 runs in a particular cricket match.