Playing casino games or gambling, in general, is not as simple as placing your money on reds or whites. If you wish to play seriously, there are various things you need to learn and study, such as the many concepts of betting that you will encounter. As with all things, it is also a good idea not to go enter the world of gambling and betting without any knowledge of how it works.
Before you go and wager your bets on your Betway mobile app, here are the five most common betting concepts you should know.
Fixed-odds betting
Fixed-odds is the simplest and most straightforward form of betting.
One simply finds a bookmaker on an individual and bet against certain odds. Depending on the odds, they can win various percentage of their base bets. It is common practice for fixed-odds to be transparent on the odds before wagers are placed, giving bettors proper expectations early on.
Parimutuel betting
Paramutuel betting is the opposite of fixed-odds betting. The name itself explains how it works, as it is actually French for “mutual betting.”
In paramutuel betting, all bets are placed in a single pool. Taxes, house-takes, and all other applicable deductions are then deducted. Odds are then calculated by sharing the poll among all the winning bets.
Paramutuel betting is also known in some countries as “tote” betting.
Sports betting
Sports betting may very well be the form of betting that has the widest range of reach. While the most popular sport to bet on in the world would be football, people also wage their bets on other sports. These include basketball, horse racing, tennis and badminton, mixed martial arts, and more.
Depending on the regions or country that you are living in, odds may differ in format, too. Odds, in sports betting, refers to the chance or percentage that a certain team or player may lose or win. Odds are calculated by bookmakers and sports experts using a wide range of data from previous games, personal vitals, and many more.
Arbitrage betting
Arbitrage betting is also called as a “surebet” or a “miracle bet.” This names came to be due to the nature of betting that this concept has.
While most betting concept involves risk-taking and the possibility of losing is always there, that is not the same with arbitrage betting. Using this concept of betting, a player bets on every outcome possible for a game. This leaves them no room for loss, and always a room for earnings. The only thing that will differ in this method is if the winnings will be bigger or smaller in value.
Arbitrage betting is mostly done by betting on many different bookmakers. A bettor may bet on outcome A on bookmaker 1, and go bet on outcome B on bookmaker 2, and so on and so forth. People who gamble in this way are called “arbers.”
Final thoughts
knowing the most important things about different kinds of betting concepts and how they work is just as important as making sure you have the money to gamble with. While you can also play without studying these betting concepts, it is certainly not recommendable. Doing so is as similar to starting a business that you have no idea how to work. You will only end up wasting not only your time and effort but also your resources as well.
As usual, always remember that in gambling, no matter how you play or what games you play, there is one thing that you should always keep in mind: go play as hard as you can, but always play responsibly!
