Whether you’re new to betting or just want to learn more about the industry, it’s important to understand the language being used. There are a few words and phrases you need to know in order to become conversant in betting conversations.
If you’re familiar with traditional bookmaking, you’ll know what odds are. These are the chances of winning or losing, based on the outcome of a given sporting event. For example, if you bet on a game and it ends in a draw, you’ll lose your bet. What you are betting on is called the ‘match outcome’ and is often expressed as a percentage.
However, in today’s world of online betting, these odds are determined by the house rather than the player. The house will always be the one determining the odds, which means you will never have the chance to actually win money back on a bet. The advantage of this is that the house takes the risk out of the equation and protects its investment in technology should there be any problems with the integrity of the betting site. You will be offered odds as high as 1 in 16 or 1 in 32, with the majority of sites offering odds in the region of 1 in 32. As a general rule of thumb, the higher the odds, the less likely you will win. This is due to the fact that the house takes a bigger cut of the profit should you win.
The higher the stakes, the more people are going to want to bet on it. This is sometimes known as the ‘stake paralysis’. Just like any other addiction, when the fun of gambling becomes the goal itself, the desire to bet bigger and bigger sums of money will grow. The industry responds to this by introducing new games and promotions, such as betting exchanges, which allow players to bet larger amounts. In addition, online gambling websites will often pay out more money as a result of larger bets, effectively creating a higher yield for high rollers.
A losing bet is simply where you put your money down and the bookmaker takes a cut. This is similar to betting odds, but instead of gaining money, you are losing it. Should the event finish in a draw, for example, you will lose your entire stake. This is usually the case with the majority of bets offered online. Just like any other addiction, the more you lose, the more you’re going to want to keep on betting. The industry response is the same as with winning bets: offering higher stakes and higher returns. However, for people who are used to losing, this can be a little bit frustrating because it doesn’t feel like there’s any point in betting if you’re never going to win any money back. The answer to this is simple: Just keep on losing, but watch what you’re betting on, especially if it’s a sport you know nothing about.
A match point is used in tennis to denote the point within the first, usually three, sets of a tennis match when either player has won at least three games in a row. Once the match point is reached, the player is able to stop the rally and claim the advantage. This gives the player that reaches a match point the chance to win the set.
The advantage of having match points in tennis is that, although it’s not always the case, there’s generally a clear winner when a match is stopped early. In the same way that a loss brings you back down to earth and forces you to reflect on your actions, a match point in tennis will do the same for the player. Just because you have match points in the set doesn’t mean that you’re going to win the round. You need to actually play the game to win it, so keep your head in the game at all times and make the most of your opportunities when they arise.
One of the most important aspects of any game is managing your money effectively. This is more important in online gambling than in any other form of betting, simply because of the magnitude of the bets you can place. If you bet £100 on a football match and lose, you’re probably not going to have £100 to bet on the next game, especially if it’s an unpopular team. If you want to be a successful bettor, you need to learn how to manage your money effectively while playing.
While you’re playing, it’s easy enough to keep an eye on your bankroll, meaning the total amount of money you have at risk. Even the most experienced betters will sometimes go against their better judgement and place a bet they shouldn’t have, simply because they’re excited about the game. You should never risk more money on one game than you can afford to lose. If you do this frequently, you’re going to find it difficult to win large amounts of money. One way of dealing with this is by using money management software, which helps keep an eye on your bankroll, set limits on how much you’re willing to lose and even suggests winning combinations, creating a level playing field, regardless of whether you’re a professional or a beginner.
It’s important to be familiar with the terms used in betting, especially if you want to be able to hold your own in conversations with experienced betters. If you’re just getting started, don’t worry about mastering all these terms overnight; instead, take it one step at a time. Get familiar with the basics, such as whether you’re betting on winners or losers, and learn how to navigate the site, if necessary. As you get more experienced, you’ll learn the language and begin to understand the meaning of what people are saying around you, creating a genuine feeling of competency rather than just familiarity.