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So you really want to place bets, and behave like a 20th Century Englishman whenever you open the newspaper reading about bookies? Well, who does not like such a fantasy? However, if you are reading this article, you are probably facing a practical problem, and that is – how exactly does one place bets, or even be good at that stuff? Now, this is where we got you. In this article, we will provide you a crash course in Betting 101, and if you think we are overpromising, we absolutely are not. Treat this article as a betting guide that covers all the crucial things that you will need to know before starting out to try your luck in betting.
Furthermore, we will tackle a little bit of mathematics here (sorry math haters, but Dad was right when he said probability will come handy!) and talk about the probability of winning a bet for certain values. We would then conclude with some tips and tricks that we usually keep under our sleeves. Readers can choose to go through individual headlines, or just skip through the whole thing and move straight to the FAQs. It really is their prerogative.
Understanding the Mechanics
Before you actually step into cold waters and put all your money out to bet on something, there are things that you should know by heart. These are the techniques and jargons that are used in day to day betting scenarios. The better you have a grasp of these, the better bettor you will be (try this as a tongue twister next!).
How to Make Your First Bet?
So, without further ado, these are the three basic mechanics of placing a bet:
- Selection: This point is fairly simple; Selection merely means the bet or the book that you want to place your money in, or the possible outcome(s) of a certain bet. It will be a ridiculous thing if you just think that you want to bet on something out of the blue. You need to select a certain team (let’s say) and a possible outcome for the team. Thus, you would be betting for so-and-so team, for so-and-so outcome.
- Stakes: Stakes is nothing but a fancy jargon for the amount of money you are willing to bet on a certain game. This is the point where you will hear a lot of the phrase “high stake”. A high stake means nothing but the people who choose to put in a huge amount of money toward a bet. Here, ‘high’ refers to the level, and ‘stake’ refers to the amount of money. Few bookies might even require you to have a minimum amount at stake, like certain casinos.
- Odds: This is where the confusing stuff begins. Odds refer to the amount of times that something is likely to happen. Hence, when we say the odds are 1 in 10, it means that every ten times you place a bet, you would win something once. This is also a determinant in the amount you get back once you win something. However, this is not really the case for most sportsbooks. However, Bookies and Casinos like the fezbet üdvözlő bónusz would usually pay you more if the chances of the occurrence of the event is less likely, and less if the chances of occurrence are higher. This is the difference between odds and money lines.
Frequently Asked Questions
There are a lot of questions that might still remain in your mind, despite all the clarifications, and it is perfectly understandable to have questions. Thus, in this section we tried to answer all the common questions that people might still have.
- What is the best sport to be betting on?
There are no tried and tested rules for the best sport to be wagering on. You should place your bets and wager only on those sports where you hold a significant amount of knowledge. This way, you will be able to know what the bets are about, and your chances of losing money will be way less.
- How much money should I be putting on stake?
There is really no bracket on the amount of money that one should or must wager. The amount that you choose to put on stake is the amount that you are willing to risk. Thus, you can make an account management system to keep a track on the amount of money that you are wagering everytime to keep things under control.
- How to choose certain selections?
There is sadly, no straight answer for this question. Sportsbook betting would be running losses, if it were that easy! However, it is advised that you bet only on those sports where you know a significant amount – this way you can probably predict possible outcomes of a match.
- Will I have to pay for tips?
You should probably not be paying any amount of money for ‘tips’ since there are a lot of scammers in the market who are engaged in giving out such ‘tips’ to extort money. These tips either do not make sense, or are absolutely useless. Hence, it is advisable not to pay for tips.
- What is vigorish?
Vigorish, also known as juice, or simply ‘vig’ is the commission amount that bookmakers usually charge on any amount of bet that you place. The best part about a vig is that it is already taken into your wager, which prevents you from paying any additional amount of money.
We would love it if this article was of any help, our writers have been quite busy putting this one, you know. Moreover, we would once again like to remind you about responsible betting and advise you to steer clear from betting under the influence of alcohol, or drugs for this may alter your decision making skills, and you will end up losing more money than you intend to. We would also advise you to maintain a bankroll and set up a budget to limit the amount of money you are about to place bets.