Betting menu:
Betting menu:
A Beginners Guide to Betting
If you are taking your first steps into sports betting, whether it is for fun or with the aim of earning a serious profit, then this guide can help ease you into the process.
This section will introduce the basic terminology you need to become familiar with. Using the menu above, you can read a more in depth explanation of the key subjects.
Bookmaker
Bookmaker is a term used to describe an individual or business that is licensed to take bets on any event that generates enough interest, the most popular being sporting events. Each bookmaker competes for custom with other bookmakers at a sporting event, on the high street or via the internet.
In the UK a large proportion of gambling takes place in high street betting shops, which are normally the permanent establishments of major bookmaking chains such as William Hill and Ladbrokes. Sometimes these betting shops are known as turf accountants.
For a more detailed look at bookmakers check out the Bookmakers Guide.
Stake
When you have decided to place a bet, your stake is an amount of money you are willing to gamble on getting the outcome of your chosen bet correct. If you win, winnings (also know as "returns") are calculated according to the odds at which your bet was agreed.
For a more detailed look at how a sensible Staking strategy can help minimise your losses and maximise profit, check out the Staking Plan Guide.
Also, check out the Betting Bank Guide to learn about one of the most important tools used by a Gambling professional.
Odds
In betting, the odds (also known as prices) are simply a reflection of the chance or probability of an outcome occuring during an event. In any sporting event, every possible outcome has a chance or likelihood of taking place. Betting Odds are simply a way of interpreting the chance and bookmakers set the odds or prices to reflect this.
Traditionally, odds in the UK are represented in fractional format, for example 4/1. Most Online bookmakers will offer these UK style odds along with Decimal Odds (e.g. 5.00) popular in Europe and US Odds (e.g. +400). These type of odds are discussed in more detail in our guide to Betting Odds
When referring to the odds you will often hear the following terminology:
- Odds against - refers to odds that offers a return which is more than double the amount staked for a win bet. If your stake is £10, a winning bet at 2/1 will return you £20 plus your original stake of £10, making a total of £30.
- Even money (or Evens) - refers to odds where the return matches the amount staked on a win bet. If your stake is £10 the bookmaker will return £10 plus your stake, making a total of £20.
- Odds on - refers to odds where the return is less than the amount staked for a win bet. A successful £10 bet at 1/2, will return just £5 plus your original stake, making a total of £15. The word 'on' indicates that the odds are reversed.