What are sports bets? Betting Definition & Basics
A sports betting explanation must first and foremost be understandable and concise. The following is a definition of betting and its various applications in the world of sports:
A bet is nothing more than two people wagering something on the outcome of a certain event. In the case of a sports bet, the whole thing relates – as the name suggests – to the outcome of a sporting event.
The range of “bettable” sports is immense. Football, tennis. Boxing or American sports such as football, basketball and baseball are among the most popular disciplines.
What is a bookmaker?
After we have given you an explanation of sports betting, we come to the bookmaker. In our example above, the bookmaker is the second person needed to place sports bets. In the age of the internet, the bookmaker has moved to the internet. There he offers you his entire betting range around the clock.
How do I know what winnings I will get?
A sports betting explanation without discussing the term odds would be incomplete. This is because the player receives a specific betting odds depending on the outcome of the bet. It is worth reading our separate article on this topic.
In the following, we will give you a brief explanation of how your winnings are related to the betting odds. The odds are calculated beforehand by the bookmaker and correspond to the expectation with which the event will occur. Here are some examples:
- Energie Cottbus wins against Braunschweig: bwin 2.25 – Pinnacle 2.35.
- FC Bayern loses against Greuther Fürth: Unibet 8.25 – bet365 7.85.
As can be seen, the odds additionally vary from provider to provider, which shows that it is very important with which bookmaker you place your bets. The odds are to be understood as a multiplier of the stake.
How can the bookmaker earn money then?
The bookmaker’s profit depends entirely on the design of the betting odds, which in the ideal case are staggered exactly in such a way that the provider cannot care which of the teams wins. The net profit is calculated from the bookmaker’s margin, which can best be illustrated by the example of a boxing match:
- Two boxers with the same expectation of winning compete against each other. Accordingly, the odds are 1.90. In the best case, the same amounts are bet on both boxer A and boxer B – let’s say 1,000 dollars. No matter which boxer wins, the bookmaker makes a profit of 100 dollars. With most bookmakers, this margin is between 5 and 12 percent. This means that for every dollar bet, 95 to 88 cents are paid out. Numerous technical terms on the subject of sports betting are also listed in our betting lexicon.
Questions and answers about betting odds:
- What do you have to pay attention to when betting on sports?
There are a few things to keep in mind when betting on sports or games. Firstly, you should choose a suitable bookmaker that offers high odds and is also reputable. Furthermore, each bookmaker focuses on different types of bets and sports. Find out on our page which bookmaker is particularly suitable for you.
- Who is the best betting provider?
The answer to this question cannot be answered easily. After all, there are several bookmakers that meet the highest standards. Which one will then be the focus of particular attention depends on individual preferences. You can also recognise good bookmakers by the fact that they attract attention with a generous bonus offer for new customers. You will also find a lot of information about the best betting bonus on our page.
- How are the betting odds calculated?
We have dedicated an entire article to this question. Expressed in a few sentences, it is a probability with which the event will occur. At the same time, by multiplying it by your bet, it gives you information about how much you can win.
- What is sports betting?
After this article, you should be able to answer the question “What is sports betting? After our definition of betting, we have familiarised you with the function of a bookmaker. We have also touched on what betting odds are. However, if you need more information on this topic, you are welcome to consult our relevant article.