Learn how to place sports bets

Bookmaker’s betting is one of the most popular and one of the oldest types of entertainment in the history of human kind...

Table of contents:
  • How to place sports bets?
  • Let’s start from types of sports bets
  • How to calculate bets? Math behind betting
  • How to calculate them?
Posted by Tom

How to place sports bets?

Bookmaker’s betting is one of the most popular and one of the oldest types of entertainment in the history of human kind. Many times we’ve heard stories about men betting in many different ways. It is the part of our instinct – the willingness to take the risk. The more important fact of betting is obviously connected with the rewards. The minimum work can be rewarded with huge prizes. No wonder many people wish to try out cards games or gambling – just to see how well they can do.

Read also: How to bet different sports?

Gambling can be defined as a hazardous activity that is connected with risking money or any other value for the purpose of multiplying it. Some people treat gambling and betting as taboo. There are even communities or religions that prohibit it. It is obvious that there are people with clear problems – people that can get easily addicted. However, it doesn’t change the fact that as long as you do not push, bookmakers’ betting can be very attractive source of world-wide entertainment.

Not everyone knows what the basics instructions of betting are. Because of that, they tend to start their journey from major losses and with the goal of getting their money back, they tend to lose even more. But how to make sure that you place sports bets in the right way? What to do in order to win?

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Let’s start from types of sports bets

There are dozens of different types of sports bets. Their popularity is strictly connected with the place where you live in. However, there are three main types of sports bets you ought to know.

1. Traditional

Traditional betting is the most popular and the oldest method of betting. It was popular long before the era of Internet, when people had to go to their local bookmaker and place a bent on an event that didn’t even start. Once the event ended, bookmakers used a very simple algorithm based on stake ratio in order to calculate the sums. Then, you could come and collect your win if there was any.

Some time ago the most popular betting sport was horse racing, especially in Great Britain. However, nowadays other disciplines become more and more popular, making horse racing of lesser interest. Although the popularity was steadily dropping, bookmakers were still doing everything they could to make people interested in betting to the point it was possible to place a bet minutes before the race started, on the stadium, and collected a reward just after the race ended.

The way bookmakers worked before the era of Internet was very similar to the one that we see now. Obviously, together with online bookmaking, new tools had to be designed in order to establish appropriate stake ratios and avoid situations known as surebets. No matter where you live and what system is used in your country, the rules of betting and the way ratios are calculated is the same. The amount of odds reflect the possibility of an event to occur. Ratios are relatively stable and you know them when you place a bet. However, they can fluctuate depending on the amount of bets you receive.

Read also: How to improve your betting?

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2. Betting exchange

The idea of betting exchange fluctuates around two types of players – the ones who wish to place a bet on an event to occur and the ones who wish to place a bet on the same event to not occur. Because of that, these bets are quite often referred to as peer-to-peer bets, because the transaction takes place between two persons, instead of a person and a bookmaker.

The biggest company that at this moment controls the market of betting exchange is Betfair. Guys responsible for this service became the leader of betting exchange services in 2000. Since then, they have been introducing new and new solutions, among other which there is a concept of depositing a bet to the main node of bookmakers. Betfair and other companies that deal with betting exchange make use of a mechanism that connects people who are betting for the event (“back”) or who are betting against (“lay”). The bet is considered to be accepted if two parties agree on terms.

Some of you probably wonder what made Betfair so genuine and so effective betting exchange. It all comes down to one thing, which is liquidity. When it comes to the betting exchange itself, it is important to distinguish three types of bets. We can see matches bets (where two parties agree on the price), partly matched, or unmatched. Of course ratios in betting exchange can differ and it is all dependent on demand and supply.

3. “Spread” type of bets

Spread type of bets base on the fact that the more a player is right, the more he or she wins. However in case of losing, the more we are wrong, the more we lose. Although such method of betting is not popular in all betting markets (the biggest popularity is noticed in Great Britain), it is a very interesting variety for all other methods of betting. What’s more, it is worth to add that for the past 30 years this method was one of the most developing ones. What makes this method so unique? Surprisingly, the fact that you can lose more than even the sum of the bet!

The whole idea of spread bets is to focus on placing bets on the range of results. The player needs to bet whether the results will be above the given range or below. Obviously, the ratios were prepared in the way that in any case, the bookmakers are going to earn. Spread bets are very interesting idea when it comes to betting on a team, player, or simply the result that is most likely to win or to occur.

How to calculate bets? Math behind betting

Before we delve into mathematics and bet calculations, it is crucial for you to understand that there are different ways of describing betting odds. For example, you can use decimal odds or fractional odds. The former is much more often met in European exchange and it is presented like for example 3.0, 4.0, or 0.7. The latter makes use of two numbers that are separated by a trailing slash, like for example 3/1, 4/1, or 1/7.

How to calculate them?

In order to show you how these two methods work, we decided to use a flat stake of $10. If you find a bet presented in decimal odds with values like 4.0 or 0.7, then we understand this as follows:

In case of 4.0, for every $10 you bet, you will win $40, what transfers into $30 of clear income. When it comes to 0.7, then it means that after placing $10 bet, you will receive $17 (providing you with a $7 clean income). The same thing regards fractional odds. If you see a 4/1 bet, then it mean that you will win $4 for every dollar you bet.

There is no significant difference in each of betting odds system – fractional odds are most often used in Great Britain, whereas decimal odds are much more popular in European market.