Watching a sports competition as it unfolds is already exciting as it is. More so when a sports bet is wagered, as the thrills double while in anticipation of a possible win outcome.
It used to be that betting on an outcome was as easy as staking a sum of money on the champion or the contender. Today sports betting is legal in most countries, permitting individuals to place wagers in a betting outlet or sportsbook. Modern bookmakers or the operators of sportsbooks, offer different betting products or betting propositions on thousands of sports franchises.
You will be offered different betting options, using terminologies like money line, spreads, overs and unders, all of which look appealing as a betting strategy. They present different ways on how much one can win and get to collect from the bookmaker in case of a win. Although some bettors are more comfortable with the traditional betting system, some prefer to gamble their money by way of betting odds.
What are Betting Odds and How Do They Work?
Nowadays, a sports bettor can consider staking money on the team that has greater odds of losing instead of winning. Since wagering one’s money on a less favored team involves greater risk, bookmakers are willing to pay a higher value by offering different betting odds. If that team wins, the bookmaker is obliged to pay based on what was stated as the equivalent prize money.
Supposing a bookmaker offers to pay 5 times for every one dollar staked on a team that only a few believes will win. If a sports bettor placed a $1 bet on that team, he stands to collect $5 ($1 x 5 ) from the bookmaker. It follows therefore that if another gambler had staked $50 on the same betting odds propositioned by the bookmaker, then that gambler will collect $250 ($50 x 5 ) as winnings.
Actually, that was just a simple explanation of how betting odds work. If you really want to be good at gambling, you have to understand how modern sports betting works and the different betting systems used by bookmakers when putting out betting offers for various types of sports.
What is the Most Common Type of Betting on Basketball
When betting on basketball matches, many sports bettors prefer to use the “point-spread” system of betting. This is where bookmakers give bettors on an underdog team, equal chances of winning against wagers placed on the stronger competitor/s.
A bookmaker will add points to the score achieved by a stronger team, before those who placed bets on that team can expect to win. On the other hand, those who placed bets on the underdog can simply collect the money they wagered, if the supposedly weaker team wins, regardless of the points scored.
This type of betting system is also known as Asian Handicap, because the point-spread system actually originated from a method devised by Indonesian gamblers.
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