Betting Markets:-A betting market is a category within a sporting event in which a bookmaker has decided to take bets. Major events will have dozens of different markets, perhaps even over 100 with some online sportsbooks. For example, one market for a Premier League football match between Arsenal and Chelsea would be on the full-time result, and there would be a choice of three selections to cover all the different possible outcomes - an Arsenal win, a Chelsea win and a draw. The next market might be for predicting the correct score, and there would be considerably more options to cover all the outcomes which the bookie feels are possible. Other markets would offer bets on which players would score goals, the total number of goals, the margin of victory and many more.
Even if an outcome is considered highly unlikely, a bookie may accept wagers if there is sufficient interest. Some bookmakers, for example, have markets on when alien life will be proven, which will be settled on the President of the US making a statement to ‘confirm without doubt the existence of alternative, intelligent life beings from another planet’.
Betting odds :-Betting odds refer to the chances of an event occurring and are used to determine how much money would be paid back to a punter if their wager was successful. Also known as the price, odds can be displayed as either fractional, decimal or in an American moneyline format.
Every possible selection in a market will be accompanied by odds, starting with the favourite and running through to the underdog. The favourite is the outcome considered most likely by the bookmaker and will have the shortest odds, so it might be that Novak Djokovic is rated as the 2/1 frontrunner at the start of Wimbledon to go on and win the tournament. At this price, you would win £2 for every £1 you bet, so if you put down £10 and Djokovic won, you would receive £30 (£20 as winnings, plus your £10 stake). As the tournament develops, Djokovic’s odds may continue to shorten and at some point they might drop below evens (1/1). Anything lower than evens is known as odds-on, where you can’t win as much as you stake. At odds of 5/6, for instance, you need to stake £6 to win £5 and subsequently get a return of £11.
It is also worth bearing in mind that once you have made your selection and submitted your bet, the price is locked in. Even if the odds change after you have made your wager, you will be paid out at the price set when you chose to make your bet.
Odds become longer for those selections which are considered less likely to happen, and the underdog is the competitor with the least chance of winning. An inexperienced horse with a young jockey at the Grand National may therefore have long odds of 100/1 to finish first because it is an improbable outcome, but the potential payout might attract some punters.
Betting odds can change quickly as bookies react to any changes which affect the chances of an event occurring. This is particularly true for live betting, which allows punters to place wagers on sporting events as they are happening. Advances in technology have made this style of betting incredibly popular as online customers can assess an event whilst watching on TV or following it live before making an informed decision on what might happen.
Betting Strategies:-A number of techniques have been proposed to try and help bettors earn money, and there are sometimes ways to find a sure bet and guarantee that you will be successful by backing all the possible selections across different bookmakers who have set different odds.
Other strategies such as matched betting, dutching and the Martingale system also have their supporters, but for beginners it is best not to overcomplicate things at the start and stick to a few sensible guidelines.
It is a good idea to start by betting on the sports you are most knowledgeable about, so you can make smarter choices about who or what to back. You should also remember not to let your heart rule your head, which can be easier said than done, but a big bet on your favourite team or player is not the best way to show your loyalty, especially if they have not been performing well recently.
As your familiarity with sports betting increases, you may feel you want to branch out and try some of the more complex bets or strategies. While there are many exciting aspects of betting to explore, especially as you keep wagering over time, you should remember to bet responsibly so that you can continue to have fun.