When starting out in any form of betting, the best thing to do is learn the correct terms to use, as well as the odds that apply to your chosen sport. By knowing the correct terms to be used and understanding the odds in place, you can greatly increase your earnings from bets placed.
Here we will explain the terms to know before you begin placing your bets, and then the meaning of the often misunderstood odds for placing bets.
The Art of Odds:
Odds vs Probabilities – often confused for each other, these two terms mean very different things. Here is a simple breakdown of what these two principles mean.
- Probability is the number between 0 and 1 that will actually be applied to the bet i.e. 0% probability means an event will not happen and 100% probability means the event will definitely occur.
- Odds in a ratio show the probability of the vent occurring.
An example of these two principles would be rolling a dice. The probability of throwing a six is 16.66% while the odds of rolling a six would be 5/1.
Understanding Odds and being able to use them correctly may be too convoluted for the general thrill seeking bettor, so why not rather try out online pokies action instead – with super quick action to keep you happy.
Football terms for Betting:
Accumulator – this kind of bet links two or more bets, and therefore creates one bet that can only be won if each of the individual bets are won in order. If you win all those bets, you then win the accumulator – which can mean bigger wins
Arbitrage – This is spreading your bets across various bookmakers in order to hedge those bets. You could either be looking for better odds or be betting for opposing teams to win at different bookmakers.
Banker Bet – This is an easy win bet, but with probable low returns as you are placing a bet on a sure win, so the odds will be low.
Closing line – this is the betting line Bookmakers set as their odds for the match
Fixed Odds – place your bet on these predetermined odds and you will know exactly what your pay out would be when you win.
Off Board – Bookmakers can and do remove matches from the board, this could be for any reason but the best known would be for match fixing
Single bet – This one is straightforward, you place one bet on one event, meaning the result of your bet only relies on the result of the one event
Spread – spreading a bet lets you place your bets against the scoring range that the bookmakers have set. For example you can place a bet that team A will win by less than 6 points over team B, if team A wins by 5 points you win the bet.
Value – if you have enough experience to calculate odds and feel that you have found a Bookmaker that has miscalculated their odds on offer, using this bookmaker to wager would be placing a value bet as you could make a much larger profit due to their miscalculation.