Arguably one of the most exciting times in sports is the upcoming Olympics, which are being hosted in Rio de Janeiro this year. With the summer Olympics coming up, it’s the perfect opportunity to brush up on your betting knowledge, so here’s a quick guide to betting terminology and meaning, as well as some tips on how to bet successfully on the games.
Bets And Branches
As the name would suggest, a ‘bet’ is something that you ‘bet’ on an event, and the most popular sports for betting are Association Football (soccer), Cricket, Golf, and Tennis. If you’re unfamiliar, you might want to check out these sports pages to get an idea of the odds and what the payouts are like.
You make a ‘bet’ when you place a stake (usually taken to mean ‘wager’ or ‘guess’) on an event, with the intention of winning money if the event turns out favorable to your side, and hoping to lose the stake if things go against you. For example, if you think that Germany will beat Argentina in the next World Cup match, then you could place a bet on Germany winning.
The most popular odds for events are 2 or 3-to-1, with odds of around 1.5 or 2 being the most common. If you think an event is going to happen a certain way, you might want to consider using this type of odds to your advantage. So, if you think that Argentina is a strong contender to win the next World Cup, but Germany is a moderate favorite, then you could place a bet on Argentina winning, but settle for a draw if your guess is right.
Odds
Odds are essentially the ‘slope’ of the betting market for that particular event, and can be used to measure the willingness of bookmakers to take a ‘side’. For example, if Germany is 2-to-1 against Argentina, then the odds would be 2 to 1 in favor of Germany. This is because the majority of bookmakers believe that Germany will win the match.
You may also come across ‘moneylines’, which simply mean that the backer (or advertiser) of an event is willing to pay either side of the odds for that event to happen. For example, USA Today sportsbooks would list a cricket match between England and Australia as “England vs Australia: Moneyline”, with the Australian team being the choice in that instance.
Payouts
Payouts are basically the inverse of odds, with payouts expressing the desire of bookmakers to lay off (or back) bets of a certain amount. So if you bet on Germany to beat Argentina and Germany wins, your payout would be 1-to-2 (or 2-to-1, if you got it wrong). If you bet on England to beat Australia and Australia wins, your payout would be 0-to-1 (or 1-to-0, if you got it wrong).
There are three basic ways to make a payout: taking a ‘win’ (get it right), taking a ‘loss’ (get it wrong), or offering a ‘draw’. For example, if you put down a $100 bet on Germany to beat Argentina and Germany wins, your payout would be $200, as this is the amount you initially bet (plus the $100 you already earned from placing the bet).
If you bet on England to beat Australia and Australia wins, your payout would be $0, since you lose your entire stake, plus any additional money you put down on the game. This is why it is important to look at both the odds and the payout when deciding which sportsbook to place your bets at.
Winning
A ‘win’ is defined as the correct outcome of a bet, with the most significant win in sports being the New York Yankees’ 2004 World Series victory, which stands for seven championships in all. The Boston Red Sox had six championship rings, while the Chicago Cubs are the most recent team to win the World Series (2016).
If you are curious, then you could keep track of your wins and losses using a tool like Betting Analytics. When calculating your win/loss record, only calculate your wins, and exclude your losses from the equation. This will help you determine how well you are doing at predicting the outcome of events, and whether or not you are a good enough sports bettor to justify further investment of time and energy into your betting activities.
Rivalry
When two or more teams or athletes are competing for the same prize or honor, then we usually say that they are ‘rivals’. In the case of the Olympics, the most prominent rivalry will be between the United States and North Korea, as they have been since 1952 when the first games were held in Helsinki, Finland. Since then, the United States has proudly claimed the gold as their own, with North Korea having won the event a record 12 times, most recently in 2016. In fact, since the start of the games in the US, a total of 22 countries have won Gold, with the most recent being Team USA in 2004.
Odds are essentially the ‘slope’ of the betting market for that particular event, and can be used to measure the willingness of bookmakers to take a ‘side’ on an event. If you are curious, then you could keep track of your wins and losses using a tool like Betting Analytics. When calculating your win/loss record, only calculate your wins, and exclude your losses from the equation. This will help you determine how well you are doing at predicting the outcome of events, and whether or not you are a good enough sports bettor to justify further investment of time and energy into your betting activities.
Future
When used in relation to sports, the word ‘future’ usually means ‘hope for the best’, but it can also have a more specific meaning. So, if you place a bet on Germany to beat Argentina, then the word ‘future’ could mean that you hope for a draw, but see it more likely that Germany will win, as most bookmakers believe that Germany is going to win the upcoming match. When placing a bet on the FUTURE events, it is usually a good idea to back the favorites, as this will maximize the chances of you winning, while minimizing the risks associated with gambling. For more information on betting the future, then click here.
Straight Up
If an event’s payout is 1:1 (the opposite of odds where you would receive 1:2 for Germany beating Argentina, or 2:1 in the case of an England win over Australia), then we say that the bookmaker is offering a ‘straight up’ payout. This is most common when you win big, as the house will make less money in this situation, since they have to pay you back your entire stake, plus the winnings from the event. So, if you bet on Germany to win the World Cup, and they do, then you would receive $400, as this is the winnings from the entire World Cup combined, less the amount you had bet at the completion of the tournament.
Of course, you could always lose your entire stake, plus any additional money you put down on the game, so it is always a good idea to consult the odds and the payout before placing a bet. If you place a straight up bet, then you are essentially playing with only a few cards in your hand (you do not have to reveal your hand until the end of the game), as the house has the same amount of cards, and they are all face up on the table in front of you. This makes it easier for the house to cheat, as they know what cards you have, and they can adjust their own strategies to beat you. So, although straight up betting might seem like a good idea, in reality, it is best avoided if your goal is to stay in sports betting legally.
Lay
If you want to lay down a bet, but you are not confident in your abilities to win, then you could place a ‘lay’. This is when you bet without intending to win or lose, but you certainly could end up losing your entire stake. For example, if you think that England is going to beat Australia, but you do not want to risk losing $100, then you could lay that bet. After all, you have nothing to lose but your $100, right? This is how bookmakers make money: by taking bets from people like you and me, even if we do not play on their books.