What is Sports Betting?
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What is Sports Betting?

Sports betting  denotes predicting sports results by wagering money on the outcome of sporting events. An organization, or a person that accepts such bets is called a bookmaker, or a bookie for short (in the US, sportsbook). The term bookmaker stems from the activity of keeping a book of wagers.

Fixed-odds betting
The most popular form of sports betting is fixed-odds betting in which the bookmaker offers his odds for sports events. The bookmaker aims to set odds in such a way that he will always profit. Since the bookmaker's odds are fixed, bettors know precisely how much they can win. In the traditional fixed-odds betting punters bet on the outcome of an event – home-win, draw (if possible), away win.

Parimutuel betting
Another popular form of sports betting is parimutuel betting. In this betting system punters put their bets into a pool, and after the outcome of an event becomes known, the payout odds are calculated and the winnings are distributed among all the winning bets.the rules of parimutuel betting are applied in:

  • horse racing (in the UK regulated by The Horserace Totalisator Board, knowns as the Tote),
  • greyhound racing (regulated individually by the greyhound tracks themselves)
  • football (foootball pools / totos), e.g. predicting the results of matches from the top leagues, on the continental Europe usually about 13 matches
Spread betting
Increasingly popular is spread betting in which accuracy is required rather than predicting the win, draw, or lose outcomes of an event. In spread betting an underdog (the weaker contestant) receives an imaginary advantage (either in the form of goals, or points) which is calculated by the bookmaker, and which aims to equal the winning chances of both teams. Spread betting solves the main problem of fixed odds bettingthere are no clear favorites,therefore, it is more difficult to win.