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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.
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.
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