We will give you a full beginner’s introduction to online sports as well as race betting particularly in Australia in this post. A majority of what is explained in this post also applies to any sports betting almost all over the world, although the focus here will be based on Australian sports environment.
Decimal odds are generally used here for example. The terms that are new to you will be highlighted in bold letters. BlueBet is one of the reputed Australian sports betting online sites where one can participate in many different matches played depending upon your interest.
Sports betting is considered to be a type of gambling in which a wager, sometimes called a bet, is placed on the result of any sporting event. The basic goal of sports betting will be to increase one’s bankroll.
A bet has two possible outcomes, with the exception of any spread betting, e.g., ‘draw no bet’, and some other exceptions. Either you make a profit or you lose the wager based on your bookmaker odds.
While sports betting apparently includes wagering on sports such as tennis and rugby, it also includes wagers on entertainment and finance, e.g. the winner of a certain dancing with any stars. Sporting bets can be placed on the result of a match or tournament, as well as on events that occur during the match.
For example, in any football match between two teams like team A and team B, where bets on A to win against B, A must win 2-1, so that A will win by 1 goal, A to be leading during halftime, and a specific player for scoring a goal are all viable options.
A bookmaker, sportsbook, bookie, or betting agency is a company who offers sports betting services. A betting exchange is a service that offers a marketplace where odds are set. A punter (a term used in the United Kingdom) or bettor is a customer who will place bets (popular in the US).
You are supposed to be backing an outcome when you place any bet on it. If you wager on team A to beat team B, for example, you are backing A. You can only back a certain result with bookies, whereas betting exchanges permit you to gamble both for as well as against actual outcomes.
A bet is a gamble that is placed against a particular outcome. As an example, you could wager against Tiger Woods to win a golf championship. You win in case Tiger Woods wins the tournament, but you lose if he loses.
One distinction between betting on sports and any kind of casino gambling is that with sports betting, the winning probability is merely estimated rather than known.
Unlike any casino game, where your house edge can be calculated with precision, sports betting encourages patience and investigation because bookmakers can only approximate the true likelihood of each conceivable outcome. While bookmakers offer realistic odds that are on an average, the expert punter might find significant value.
Hope this basic info about sports betting is adequate to get the flavour of sports betting.