Sports betting

Publication date: 14 Apr 2023

Sports betting (Betting on Sports) is a form of gambling which involves placing a bet, also known as a wager, on the outcome of a sporting event. The main purpose of sports betting is to win extra money. With the exception of spread betting and a few other examples, a bet will have two possible outcomes. Either the player wins a profit based on the betting odds of the bookmaker, or he loses his bet.

While sports betting includes bets on sports such as football and basketball and others, it also includes bets on entertainment such as the winner of TV shows, and politics.

Types of Sports Betting

There are different types of bets available:

• Ordinaries are bets made on a single outcome. Ordinaries are placed on one of the participants to win the match, the total of goals more or less, a handicap, etc.
• Express is a combined bet of two or more selections (ordinaries) where the loss of at least one of them means the total loss of the bet.
• System is a combined version of a sports bet which mainly consists of express bets.
• Total is the number of goals, goals scored, points and so on. The wager is made on “total more than X” or “total less than X”.
• Live means betting on matches in various sports, which are taking place right now, online.

Sports bets can be made on the results of matches or tournaments as well as on the events taking place during the match. As an example, in a football match between FC Barcelona and Real Madrid, possible bets include: Barcelona will beat Real Madrid, Barcelona will win with a score of 2-1, Barcelona will win with a goal difference, Barcelona will lead at half-time and a particular player will score a goal.

A company that provides a sports betting service is called a betting shop or bookmaker. The customer who places the bets can be called the player or bettor.  As a result, both sides have to fulfil their financial obligations, to pay the amount of winnings or bets depending on the result.