Frequently asked questions on Sports Betting?

Frequently asked questions on Sports Betting?

Frequently asked questions on Sports Betting?
Autor betsonly 06 Feb 2019

A list of popular Frequently Asked Questions about Sports Betting, with simple explanations dealing with each of them in turn.

Those new to sports betting often want answers to the same questions. Here is a guide to the some of the FAQs (Frequently Asked Questions) and brief explanations.

On which sports can I bet?

There is almost no sport played anywhere on earth that you cannot bet on, either online or through your local bookmaker. Typically, bookmakers will offer odds on more than 23 sports, in addition to politics, e-sports, and what song will be number one at Christmas!

Where can I place a bet?

In the past, the places where you could place a bet were limited to on-course in the case of horse racing, or at a bricks and mortar bookmakers. That has all changed with the growth of the internet and online betting, and now bets can be made from your laptop without having to leave the comfort of your own home. In addition, all major bookmakers now offer mobile apps allowing players to place bets whist on the move through their smartphones, wherever they may be at the time.

How are odds expressed?

Odds can be expressed in two ways – as a fraction or as a decimal.

Fractional odds are typically displayed in formats such as 13/1, 5/2, or 11/4, and show a player how much they are likely to win when compared to their original stake.

By comparison, decimal odds show a player how much they are in line to win if a bet success. Odds of 11, for example, mean that they will win €11 for a €1 stake, consisting of the original stake, plus €10 of winnings.

Both methodologies have their merits, but decimal odds are becoming increasing popular because they are the more easily understood of the two.

Is it 100% safe to deposit my money with a bookmaker?

Sadly the betting industry is notorious for scams, with on-course and online bookmakers who appear suddenly, offer attractive odds, and then disappear with punters’ money, never to be seen again. That is why, if you are to bet, it is essential that you choose a bookmaker that holds a licence through the requisite gambling authority in the country in which you live. For example, the Gambling Commission in the UK, the various State Gambling Control Commissions in the USA, or the various regulatory bodies in Australia.

If you are new to sports betting, or to a particular bookmaker, make sure that they have a licence before depositing any money with them. And, if need be, cross-check with the appropriate regulatory body. If they cannot provide licensing details, choose another bookmaker.

How do I choose the best bookmaker?

There are literally tens of bookmakers from which to choose, particularly online, and selecting one can seem a difficult task. As ever with sports betting, be prepared to do a little research and do not allow yourself just to click on the first link that you see. Many will offer attractive promotions and incentives to entice new customers to sign-up with them, but read the T&Cs (Terms and Conditions) carefully, because you may have to spend a certain sum of money with them before you can take advantage of the promotion, or there may be restrictions on when you can withdraw your money. Make sure that the bookmaker is legitimate (see the previous article), and check the online reviews from other players.

What is Cash Out?

Cash Out is the opportunity to settle, or opt out, of a bet before the event on which you have gambled has finished. It is offered by bookmakers as a way of limiting the amount that they have to pay-out if it looks likely that a bet is going to succeed. For example, you might bet €100 on Real Madrid to win La Liga at 6.00 (5/1) before the start of the season. With a stake of €100, that would mean total earnings of €600 if the bet succeeds. If their odds then shortened to 3.00 (2/1), a bookmaker might offer €300 as a cash out offer.

Whether this is a good option is a matter of choice – some prefer to wait until the end and take the full return, risking that the bet might still fail, whilst others will consider it wise to take the reduced but guaranteed pay-out, and use the money to invest in other bets.

How old do I have to be to bet online?

This depends on which country that you live in, and the service provider that you are using. In most countries the legal age is 18, but, in some jurisdictions, like the USA, the minimum age is 21.

Can I bet whilst events are live?

So-called In-Play Betting is very popular in the betting industry and offers many attractive opportunities for winning. The odds will be updated in real-time as the match or race unfolds, so you need to be fast on your feet, and ready to make quick decisions if you want to benefit from this strategy.