Have you ever predicted a goal minutes before it happens, and all your peers look at you in amazement? The feeling of calling a play and getting it right brings lots of joy, especially if it benefits your favourite team.
Now imagine your prediction comes true and your team wins, added to that you win some money. That is what sports gambling is all about.
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What is Sports Gambling?
Sports gambling, in a nutshell, is placing a bet on the outcome of a sports event, and there are many ways in which one can place a bet. You could bet on a team winning a match, bet on a particular player scoring or even place a bet on a drawn game.
The betting opportunities are endless, and we will give you a guide on sports gambling that will help you along the way.
Sports betting is a global phenomenon, and you can bet on a wide range of sports from anywhere in the world. Placing a wager is not a difficult task, and you can do this online.
Why Sports Gambling?
Sports gambling is one of the oldest forms of gambling in the world and is growing in popularity. The practice dates back to ancient Greece and the Olympics. The Romans shared the idea and popularised it with chariots racing and gladiator fights.
Sports gambling is a better way of betting because you rely less on chance and more on knowledge and analysis. Whereas with slot machines, you pull a lever to spin and hope it is your lucky day.
The same goes with roulette and craps. With roulette, you spin a wheel and hope the ball lands on the number you have bet on. You can increase your odds by betting on more than one number. In craps, you have a one in six chance of rolling the number you bet on. Although some might practise and try to develop a skill to roll the dice, it is a game of chance.
When you bet on sports, there are so many factors that can affect the outcome of a match or event, and in most cases, the result is predictable. For example, South Africa has never lost a cricket test series to India on home soil. Some statistics support this, and bookmakers will favour a South African win on home soil.
Although there may be a few upsets, like in the 2021/22 test series where South Africa lost the first test, you would not have been wrong to bet on them winning as they came back to win the 2-1.
So How Do You Get Started?
Starting something new is always hard, and sometimes the risk of failure makes us timid to do so.
If you are already familiar with the different formats of betting, then you are halfway there. You need to learn and understand some terms and concepts, like odds. These concepts are a bit complicated to understand, but we will simplify them to understand them easier.
Playing The Odds
Sports bookmakers or bookies use odds to calculate the likelihood of a sporting outcome happening, and they also use this to calculate player winnings. The higher the chances of an outcome occurring, the lower the odds, which means the payout is low if you win your bet.
The inverse of this is if the chances of a particular outcome are lower, then the odds are higher, and you will get more profits from the bet if it is successful.
There are three different types of odds:
Fractional odds
These are more common in the UK, and they show you how likely an event will take place. These are shown as a fraction, for example, 4/8 odds.
If you have a 4/1 odd, this means there is a 20% chance of this happening, and if you have a 1/4, then there is a higher chance of an event taking place and is an 80% odd.
You can also use this to calculate your winnings. If the odds are 4/1, then every $1 you bet will win you $4.
Decimal odds
Decimal odds are the most common display on many betting sites. The decimal numbers show the return on a successful bet in relation to your wager.
The formula to calculate these is (1/ decimal odds) multiplied by 100, which gives you the percentage likelihood.
In figures, it would look like this: for 2.5, odds will give you a 40% likelihood. Using the same formula, it is (1/ 2.5) x 100.
When calculating your winnings, you should also take note that you subtract your wager from the total winnings. So if you bet $10, then at 2.5 odds, it will be (2.5 x $10) – $10, and that will give you $15.
Moneyline odds
Moneyline odds are mostly found in the US sports gambling industry. These are also known as American odds. They indicate a plus sign (+) for the underdogs and minus (-) for the favourite to win.
The favourable odds show how much you can win for every $100 you bet, whilst the negative odds show how much you need to bet to win $100.
Let us say England are the underdogs to win the Ashes against Australia and are given odds of +430, and Australia the more likely to win are set odds of -870.
If England wins, having bet $100, you will $430 plus your initial $100, so your total winnings will be $530. If Australia wins, seeing as they are the favourites, you will have to bet $870 to win $100, and your total winnings will be $970.
What To Bet ON
If you are trying out sports gambling for the first time, you should start with sports that you are already a fan of. The advantage of this is that you already understand the sport and all the rules involved.
You also know many of the players involved, making it easier for you to make informed predictions on the match.
You can try new sports that you are not familiar with, but you should check the playing schedules of the sports. Not all sports run throughout the year, so you need to familiarise yourself with the different seasons and tournaments.
The list of sports you can bet on is endless as there is something you can bet on in each sport.
Below are a few of the sports you can bet are:
- Cricket
- Formula One
- Football
- Basketball
- Snooker/Pocket billiards
- Horse Racing
- American football
- Tennis
Setting A Budget
It is important to set a budget before you start betting to spend more than you have. One thing you should try to do is put your bet to 2% of your bank balance. If you have $100, you are only betting $2, and as you get more confident, you can increase your wager.
To The Bookies
Sports gambling is a great way to follow all of your favourite sports and a good way to get you interested in new sports. There are many sports to choose from, and you must check the playing schedules of these sports before you start gambling.
