What is Sports Betting and How Does This Works?

What Is Sports Betting

Sports betting involve placing a bet (also called a wager) on the outcome of a sports event in order to win some money. Most of the time a bet has binary outcomes i.e. win or lose. One place a bet according to what he thinks will be the outcome of the match. If the prediction turns out to be correct, one wins money. And if not, one loses money. 

How does sports betting work?

A legal company usually provides betting services and is known as sports book or a bookmaker. Bettors also place bets illegally through private companies known as bookies.  As sports’ betting involves humans, one can only guess the chance of each possible outcome. It might be easy to win bets in the beginning but winning consistently requires patience, research and certain skills which can be developed over time.

Bets can be placed on matches or tournaments. For example in a football match between United and Arsenal, one can bet that United will win a particular match or series. Bets are not always necessarily placed on win or lose situation. They can also be placed on an event taking place during the match. For example, one can bet that United will win 2-1, or that there will be a draw at half-time.

‘Odds’ are calculated by the bookmakers and are the likelihood of a particular team winning, drawing, or losing a match. A bettor does not need to concern himself in figuring out the odds. He only has to make an informed decision to place a bet by reading the odds. A lot of people also take the help of popular sports betting system like Zcode system, sports cash system & The Whale Picks system to name a few.

Is Sports betting legal?

Most states in the US do not have clear laws regarding sports betting. Some states have a legal age for betting but again this age is regulated by states and not the federal government. There are only four states in the United States of America where sports betting in considered completely legal, Delaware, Montana, Oregon and Nevada. In Europe, betting is regulated but not criminalized.

In areas where sports’ betting is not legal, bettors place their bets through bookies. Some bodies are of the opinion that sports’ betting should be legalized to eradicate illegal bookies as proceeds from such bets often go towards other illicit activities.

E-Sports betting:

E-Sports also are known as electronic sports are games played on electronic systems such as video games for audiences. There are various genres of e-sports such as first-person shooter, real-time and strategy and multiplayer battle arenas. Some popular e-sports are DOTA and Counter Strike.

E-sports betting just like e-sports has flourished in the past few years. E-sports betting is just like sports betting.  Bettors usually place their bet on an e-sports event (League of Legends World Championship, DOTA 2) to predict a winner.

Decimal odds are most commonly used in e-sports betting. The lower the Decimal the number the greater are the chances of winning for that team and vice versa. For example, Team A has odds of 1.6 and Team B has odds of 2.5 then Team A has greater chances of winning. These odds are calculated by the bookmaker. Winning amount can be calculated as

Odds X Stake= Return

PK in sports betting

In sports betting, PK is an abbreviation for ‘pick’ and refers to even money bets in a point spread betting. Spread betting is the betting on the outcome of an event where the profit is based on the accuracy of the bet rather than a simple win or lose situation.

For example, one of the key players has been injured just before the game and point spread has been narrowed to a point where it becomes a PK game. In such a case one would see something like Team A – PK (-110), Team B – PK (-110).  This would mean that you will have to bet 110$ to win 100$ if your team wind.

Leave a Reply

error: Content is protected !!