People love football (soccer). Globally, countries like Germany, Brazil and Spain dominate the game, with the English Premier League offering great football throughout the year.
However, perhaps the greatest aspect of the game is the betting. Sports betting has seen an incredible rise in popularity, with many people finding it more convenient to place money on a game they’re passionate about rather than spending a lot of time searching for entertainment.
If you’re new to betting, this article will tell you everything you need to know about placing bets on games and the different types of games available. Additionally, we will discuss the theoretical aspects of points spread betting so you can fully understand how the mathematics work behind the scenes.
Types Of Sports Betting Available
The most popular forms of sports betting are traditional bookmaking (also known as off-course betting) and the newer generation of betting websites. Traditional bookmaking works by taking bets on the outcome of an event, with the sports book operating as a kind of human bookie, deciding which team will win and entering the bets into a sports magazine or newspaper. The legality of traditional bookmaking varies by location, but it is generally accepted as legal in most countries.
With the rise of the internet and the convenience of online betting, people now have the choice of placing bets from the comforts of their home. Online betting has developed a range of different sports betting markets, with many bookmakers offering some type of evens, over/under (O/U) or prop bets (e.g., weather in sport, etc.).
The versatility of online betting means that there’s always an option available for people who want to bet on their favourite athletes or teams.
The Rise in Popularity Of Online vs. Traditional Betting
The convenience of placing a bet from the comfort of your home and the availability of a wide range of different markets has meant that sports betting has experienced something of a revival. In fact, the UK Gaming Commission (Gambling Review Bureau) has predicted that 2021 will see a 45% increase in sports betting compared to 2020.
While the traditional method of placing a bet involves going to a bookmaker’s store or website, accessing information about an event and choosing your winners, online betting allows for more convenience and increases the likelihood of winning. Not only that, but with many bookmakers operating online, waiting for your turn at a counter is no longer necessary.
The greater simplicity of online betting has made it appealing. According to the Global Market Insights report, 4.9 million active online sportsbetting accounts were registered in 2021, up from 2.9 million in 2020 and 2.1 million in 2019. The consultancy firm also projects that by 2027, the figure will reach 7.8 million.
With the advent of things like fancy dress, face painting and clowns posing as football (soccer) referees, some people may see the attraction to sporting events as entertainment rather than as an opportunity to bet. However, the convenience of online sports betting has meant that it’s been used for many different purposes, with money managers and hedge funds playing the market in a big way.
How To Bet On Sports
To place a bet on a sporting event, you’ll need to get ready to send some money to a bookmaker. The most popular way of doing this is by using a credit card, with the Global Market Insights report indicating that the debit card industry shifted to credit cards due to the convenience of plastic.
When you use your credit card to make a bet, you’re not actually placing a bet with the credit card company; you’re betting with the sportsbook. For this reason, whenever possible, bettors should use a credit card when placing a bet, as it saves them money in a number of ways. It’s preferable to use a credit card for withdrawing money from your account, as this is usually the most expensive option via a debit card (unless you’re using a Maestro card, which offers some protection from foreign-exchange transaction errors).
You may wonder how you can tell the difference between placing a bet with a credit card vs. a debit card. One way is by looking at the terms and conditions of your credit card statement. For example, if you’re using an American Express card, you should look for the words “AMEX” or “American Express” next to the terms “interest” and “fees” (interest and fees are discussed further down).
Fees And Taxes
Besides the convenience of using a credit card to make a bet, people also benefit from not having to pay any money in fees. This is because credit cards are generally accepted at most bookmakers, and most credit cards offer some type of loyalty program that rewards you for making repeated purchases. The convenience of not having to deal with fees is certainly appealing, and with many people facing financial hardships, the opportunity to place a free bet or two may be too good to pass up.
However, in most cases, the bettors will need to pay some money to place a bet. In the UK, there are three types of betting tax: VAT (value added tax), IGI (import duty) and SIS (sporting activities tax). For international sports bettors, check with the appropriate tax authorities in your country to see what amounts apply.
In general, VAT applies to all goods and services, including books, bets and wagers. It is charged at the same rate as retail sales – typically at 20% for items costing more than £100 and at five percent on items costing less than £100.
IGI is applicable to goods that are imported into or consumed in the UK. It is usually charged at 5% on items imported from outside the EU and 15% on items imported from within the EU. The import duty allows for the collection of money in the form of duty and duty refund. For example, if you buy a $100 gaming console (which you’ll need a UK games console license to play) from the US and pay £40 in VAT, you’ll have to pay £12 in duty and £8 in duty refund.
Use This Checklist To Ensure You Place A Winning Bet
To ensure you place a winning bet, you should follow a checklist to ensure you do the following:
- Choose the right competition
- Follow the right procedures
- Use the correct bookie
- Place your wagers on evenly divided stakes
- Check your betting lines
- Bet on the right events
- Avoid fixed-odds betting
- Use credit cards for betting
- Consider your budget
- Follow the instructions
- Enjoy your newfound wealth!
If you want to improve your odds of winning, follow the above guidelines. Doing so may not guarantee you’ll win every time but it will increase your chances.
Using Credit Cards To Bet On Sports Is A Good Idea
Bettors who use credit cards to make bets generally do so for two reasons: convenience and protection. The convenience of using a credit card to make a legal betting transaction is undeniable. Debit cards are also accepted most places where you can place a bet, but this varies by location and it is usually the case that credit cards offer some advantage, particularly if you’re making multiple bets or there’s a large amount of money at stake.
As a rule of thumb, whenever possible, you should use credit cards to place bets. This way, you get the benefit of convenience and you don’t need to worry about your money.
Conversely, if you’re using a debit card to make a bet, you’re essentially gambling with your own money and you should be aware of the risks involved. In the case of a debit card, you’re also charged interest on the bets you make – unless you’re using a credit card to cover the entire amount. If you’re not sure which type of card to use for a particular situation, it’s usually best to select the one that offers the most benefits.
How To Place A Winning Bett
To place a winning bet, you’ll need to do the following: