If you’re new to gambling, then betting and betting terminology can feel like a bit of a minefield. Even those who enjoy a regular flutter can sometimes be confused by the names and terms of different bets.
So, with that in mind, let’s take a comprehensive look at betting, from the most basic wagers you can place to the more complex bets. We’ll also discuss factors you need to look out for, and how to get the most out of your bets too.
What Is Betting?
First things first, betting refers to wagering something of value on the outcome of a random event in order to receive something better in value. To the average punter like you and me, the ‘something of value’ is money and the ‘random event’ is usually sport, although it can be a casino game.
When it comes to sports betting, we place money on a predicted outcome of a match or race and if that outcome is successful we win more money in return. If it’s not successful, we lose our money. That’s betting in its simplest form.
However, what that outcome is, how much money we win and what needs to happen in order for us to win varies hugely depending on the type of bet and the specific odds. So, let’s look at this further.
What Bets Can I Place?
Betting newbies often stick to the simplest of bets, which is a single bet on the winner of a match or race. Examples would be a bet on Arsenal to beat Aston Villa in the Premier League or a bet on horse Invictus Gold to win the 1.40 race at Newmarket.
But if you only ever stick to the ‘winner’ betting market, you are limiting yourself hugely in terms of odds, results and variation.
To get the most out of sports betting it pays to look at, not only the different types of bets you can place, but also on the huge variety of outcomes you can bet on.
Take any sport, like football for example, and think of a range of different events or outcomes that can happen in one single match. There can be goals, corners, penalties, yellow and red cards, scorers, fouls, tackles, shots, passes and saves to name a few.
When you place football bets you will find betting markets on all of these things and more, there is so much more than just who wins the match. The same goes for every sport out there except maybe horse racing.
Although horse racing only really has one clear outcome in terms of a winner, there are still a huge abundance of different horse racing bets you can place, which we’ll go into later.
Betting Odds
Before we go into the range of different bets, let’s just briefly touch on odds.
Betting odds represent the likelihood of a particular outcome occurring. They also show you what you will earn if your bet wins. Bookmakers calculate the odds based on a mathematical sum on the probability of the event occurring.
Odds can be shown as fractions such as 5/1 or decimals such as 6.0. The lower the odds, the more likely the outcome will occur.
If we take the favourite horse to win a race that has odds of 2/1. This means that for every £1 you bet (the number on the right), you will win £2 back (the number on the left) plus your initial £1 stake. So this would return £3.
Another horse in the same race that isn’t expected to win might have odds of 17/1. This means that if you bet £1, you will win £17 plus your initial stake so you’d get an £18 return.
Because the favourite horse was more likely to win, he had lower odds and therefore a lower payout. Whereas the horse less likely to win, had higher odds and a higher pay out.
That’s basically how odds work and it's crucial to know that when looking at what bets to place. Of course, it can get a lot more complicated when we look at the different types of bets, but the fundamentals remain:
Low odds – low risk – lower returns
High odds – high risk – higher returns
Different Types Of Bets
Now we’ve looked at the different types of outcomes we can bet on and how to understand odds, let’s delve deeper into the huge range of bets you can place:
Single Bet
A single bet is a bet that is placed on one single outcome in an event and is the simplest bet you can place. For example, a team to win a football match.
In football you can place a single bet on the correct score, who will score the first goal, how many corners there will be in a game, whether both teams will score, or if a player will commit a foul etc.
If we look at another sport such as tennis, we can place single bets on who will win the first set, who will serve the most aces for example. And in darts, we might place single bets on who will get the highest checkout or score the most 180’s.
Single bets can also be placed on tournaments or leagues rather than individual matches. Examples include the Premier League winner, PGA World Championship winner, who the Wimbledon finalists will be, who will be the top goal scorer in the World Cup.
The important thing to remember about single bets is that you only have to get one outcome correct to win. For example, say you place a bet on a footballer to score a goal anytime.
In this scenario, it doesn’t matter which team wins, what the final score is, who got the first or last goal, how many corners, cards, fouls, tackles, or saves were in the game. If the player you picked to score, scores a goal anytime during the match, you win.
The main benefit of single bets is their simplicity, they are easy to do and because there is only one outcome, theoretically, they are easier to predict.
Double Bet
Treble Bet
Each Way Bets
Bet Builders
Accumulator Bets
Handicap Bets
Forecast Bet
Tricast Bet
Trixie Bet
Patent Bet
Yankee Bet
Lucky 15
Canadian Bet
Heinz Bet
Win Both Halves Bet
Draw No Bet
Prop Bets
If Bet
Round Robin Bet
Head To Head Bet
Under/Over Bet
Spread Betting
In-Play Bets
How Do I Decide What Bet To Place?
Deciding which bet to place can be difficult, especially if you’re a beginner. The best advice is to start with single bets, get familiar with the odds, how to place bets and the payouts.
Once you’re more comfortable, then you can move on to each way betting, handicap betting, bet builders or multiple bets such as doubles, triples or accumulators.
The main things to consider when placing bets are:
Stake
Choose what stake you are comfortable with losing. If you want to try betting each way but don’t want to double your money, then reduce your stake accordingly. For example, if you’re used to betting £10, then place a £5 each way bet to give a total of £10 rather than a £10 each way bet which will be £20.
If you are going for more complex bets such as Lucky 15 or Yankee bets, then remember multiple bets are being placed at once, meaning even a 25p stake can end up as a £7.50 bet overall. The bookie should always show you what the full stake will be before you confirm the bet, so make sure you check this.
Odds
Get as familiar with odds as possible so you understand the difference between favourites, underdogs and mid-level bets. Work out your potential pay out and decide whether it's worth placing a single bet or whether you want to go for something a little more advanced in order to increase your odds.
It’s also a good idea to search an odds comparison site such as Oddschecker. This will search through a range of online bookmakers and provide a table of the different odds provided at each site. The best odds are highlighted in bold so you can easily identify them.
Statistics/Form
Although there is absolutely no way of guaranteeing any sport result, having as much information as you can before placing bets can give you an advantage. For example, how prolific a striker has been lately, how well a horse has been running, how well a tennis player plays on a particular surface. Any knowledge you can give yourself when placing bets can help you make your predictions.
Bookmaker Offers And Promotions
A good way to get the most out of placing sports bets is to look out for bookmaker promotions. These can help either to boost your odds, reduce your risks or improve your chances of winning.
Some of the most common are:
Bet Boosts – bookies will boost the odds of a particular team or horse to win
Horse Racing Refunds – bookies will give you a refund or free bet if your selection comes second
Extra Places – bookies offer extra places on horse races, e.g. 5 places instead of 4, which means you have more chance of hitting one of the paid places
Free Bets – bookies offer free bets when you place another bet, commonly known as bet and gets
Matched Betting
If you haven’t heard of Matched Betting, then look it up. Matched Betting can give you an edge over the bookmakers when it comes to placing a range of different sports bets.
By using a combination of bookmaker promotions, betting exchanges and strategy, it's possible to lock in profits and ensure you get the most value from placing your sports bets. To find out more check out our comprehensive Matched Betting guide.
Lynsey has been writing in the iGaming and sports betting industry for almost a decade. She has three years of experience in Matched Betting and enjoys sharing her expertise and knowledge to help others.
