This post will teach you the basics of betting with bookmakers, including some important terms that you need to know. These are the people who create odds for every sporting event imaginable, and their algorithms ensure that they’re always profitable. Bookies can be intimidating to inexperienced betters, but if you know what’s going on it’s much easier to find your way around.
Betting Guide for Beginner
For a beginner in betting, choosing the right betting platform is the most important thing. In case you are not ready for the research and want a straightforward answer, considering Bettilt for your next bet might be a good choice. With all the advanced features, you will get to experience the best betting experience on this site.
The odds represent how much money a person has to risk in order to win $100 as a prize. It also represents how much money is being offered as a prize for those who stop betting before the final result is determined and someone wins all bets placed so far (the total funds wagered).
This refers to the net winnings a betting company makes after deducting the expected commission it charges. If a bookmaker offers 10/1 on a betting site, he’ll earn $100 if he wins $100 on both bets, in which case his margin will be $9. But if only one bet wins for him, then his net profit is just $9 – the other bettor’s stake ($100) at 10/1 cost the bookmaker less than that. He would have made money regardless of what happened in the game to which he was offering odds, but it’s usually better to lose money and ensure that your profit remains intact.
3. Expected win
This is simply referred to as ‘pot’. The bookmaker is expected to put a certain percentage of the money wagered into this pot. For example, if you wager on a bet offered at 2/1 odds, then you are putting $100 at risk and are betting that the outcome of the bet will be in your favor. Your expected win could be more than $100, but it could also be less than that depending on how many people are betting (this is known as ‘overlay’).
This refers to how much of your original stake is at risk when you place a bet with a bookmaker (or when someone places bets on your behalf). When you place a bet with a bookmaker, this is what you’re risking:
5. Best odds guarantee
Most bookmakers offer the best odds available for an outcome by ensuring that their price for a certain outcome is always better than any of their competitors. For example, if you see Liverpool are pricing up as a 5/6 favorite to win in 90 minutes time, then most other bookmakers will also have them as the favorite with the same probability. However, if one bookmaker has Liverpool as a 6/5 favorite, then they’re giving you more value – they’ll pay out more than $100 to your bet if Liverpool wins under those terms.