Special Betting Guide for Everyone
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Have you made the right forecast for a previous match of your favorite sports team? Think you have a talent to predict game’s results? Do you want to earn money using this gift and considering betting? Well, if you have never thought about this type of business and even if you do not understand exactly how it works, we have prepared a guide for you and everyone who wants to start sports betting either online or offline, without any previous experience. Right, we’ve done a good guide step by step guide on how to start sports betting. First, we’ll explain what betting is. How people behave in different ways and what the difference is between professionals and amateur sports betting. Then we’ll describe what odds are and how you can use them to understand how much you can earn each particular time you bet. And after that, we are going to discuss the difference between two typical systems of bet calculations; they are fixed odds systems and pari mutuel.
Betting. Make it Clear
Well, first of all, we should understand what betting is. Sports betting is a type of gambling where a bettor places a wager, stake or bet on a particular result of a sporting event, match or game. The main goal of this, is to win extra money. It is obvious that you want to make some profit due to the risk you take. People from different countries go to sports games, hockey, football, tennis, baseball and many others. They support their teams and sometimes they think that one of the best ways to help the team and participate in a match is betting. On the other hand, some people are not very interested in games themselves. These type of sports bettors can be called professionals who work with the industry and try to earn money professionally. They analyse different games, sports events, news, teams and proper players. They calculate odds, chances, take into account all the news, look through online websites and online platforms, at revious results, accidents with players and other information which can influence the forthcoming game. After all this, they make their decision without emotion or passion, even if they have to bet against their favorite football team. This job is extremely hard and nerve wracking.
People can make a good sum of money over a short period of time but they also can lose a lot in a few seconds.
Sometimes if they fail once, twice and again, they start to behave irrationally, hoping to recover their losses and eventually they lose even more. So, in other words, professional sports betting is a particular business for people with cold blood and nerves of steel.
Your Win Depends on the Odds
Odds play an important role in your potential outcome which depends on the odds which are estimated by bookies. Odds may vary from country to country and according to the local customs of betting. For example, in the United States, sports bookmakers make odds in a format such as -300/+300. The first number shows how many Dollars you need to bet to win $100. The second number is how much you gain for a stake of $100. Simple to understand, right? However there are other different odds standards like European or Fractional. If it is Fractional, you may see odds like ½ / 2/1. These numbers indicate how much you will gain from a bet of $1. The European standard is also called the Decimal and expressed in numbers like 2/4 which indicates the total amount of Dollars you win from a $1 winning bet. Although these standards are the most popular in the betting world, there are other standards like the Hong Kong Odds, Malay Odds and Indonesia Odds. So, make sure that you understand which standard is used by your favorite bookmaker and get to know more about this type of odds calculation. It is very useful to understand how much you can win from a bet and whether it is worth taking the risk at all.
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Fixed Odds or Pari Mutuel
After all, a sports bookmaker uses a system of odds calculation. There are two common systems. The first one is parimutuel. This system is normally used in horse racing. Here, a bookie collects all the money fron bets and places them in a pool. Then, all winning bets gain their share according to the size of the bet, while the bookmaker takes a fee as a commission. This system is not very popular among bookmakers, as was said, usually only horse racing uses this system though for a sports bettor and for a sports bookie, it is more predictable when you understand how much you will win eventually.
The second system is fixed odds. It is a more complex system, moreover, it is riskier for sports bookmakers because their profit is not a predicted and determined amount, therefore, their margin is not guaranteed. Here they use a formula to count the final winning sum of money for each person according to the odds, total amount of bets and the size of a particular bet. In short, they use a formula like this – Total amount of bets * (1 – 10%) / Amount of bets for a proper outcome, where 10% is the sports bookmaker’s commission.
For example, if there are two football teams and two possible outcomes, the total amount of bets is $7,200, while for the first outcome there is the amount of $2,350 and for the second outcome there is $4,850. So, now we can calculate the odds for each outcome using the formula. 1) $7,200 * (1 – 10%) / $2,350 = 2.75; 2) $7,200 * (1 – 10%) / $4,850 = 1.33.
It’s quite easy to calculate so you can also do the same computation by yourself.
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