Betting Terminology That Every New Bettor Needs to Know
Sports betting is an incredibly popular pastime. Since 2018, the United States government has legalized online sportsbook, which has only served to elevate its popularity. Plenty of new bettors have now joined online sportsbooks. Which means, there are many newbies who might not understand certain, well-known terms. In this article, we are going to explore some of the most popular betting terms, that every punter needs to know.
A Bet
Starting with the simplest of the bunch, and one that we are certain everyone already knows, a bet. So, just what is a bet? A bet is simply an amount of money that you place on a specific outcome during a sports match.
Many newbies might believe that a bet must be on a winner. However, there are plenty of other ways to place a bet. You can bet on the best player during a match, whether the match will end in a draw, how long a match will go (if that is a possible option), etc.
A Bookie
A bookie is a short term for a sportsbook. For the unaware, a sportsbook is a land-based betting shop or a website where you can go to place bets. There are various popular sports betting sites, that come with a license, incredible safety and security terms, and a wide coverage of sports from all over the world.
Accumulator
An accumulator is a specific type of bet, wherein a player wagers on more than one outcome using a single bet. The way it works is simple, you accumulate multiple bets, and if even one outcome doesn’t go your way, you lose the pot.
Accumulator bets can be very fun. However, they are also very high-risk. Which is why most veteran bettors agree that accumulators are not a great place to start betting. Rather, you should garner some experience before you start betting on accumulators.
Odds
Possibly one of the most important aspects of sports betting are the odds. For the unaware, odds are numerical representations of each team’s (or player’s) chances to win. Usually, the two teams are referred to as a “favorite” or an “underdog.” There are three popular types of betting odds, which we are going list further down. If you want to learn more about them, there are plenty of articles that cover odds in depth. The three main ones are as follows:
- Fractional, represented by fractions
- Decimal, represented by decimal numbers
- Moneyline, represented by positive and negative numbers.
Live Betting
Live betting is exactly what it sounds like. Rather than placing wagers prior to the game, you can wait for the game to start and wager in real time. Naturally, this gives you more information about the match, which boosts your chances for winning. However, it also means that it lowers the pot, as the outcome is more apparent during live betting.
Many online sportsbooks allow live betting now, and not just on sports. With the rising popularity of eSports, you can place live bets on competitive games, as well as sporting tournaments.