Sports Betting Definition & Meaning Explained

Sports betting fans in the US and the rest of the world have grown to trust Betastic as the home of the sports betting how to and a source of valuable online gambling knowledge. If you’d like to have sports betting explained, our guides are the best places to find answers.

We’ll provide basic definitions of sports betting in general as well as the advanced gambling jargon. Our guide will also cover the obscure moving parts of the online sports betting industry. You can also glean basic knowledge on the legal history of gambling in the US, right here.

Sports betting basic explanation

A sports betting definition may seem intimidating to a novice as it involves a lot of calculations, but it’s a crucial part of learning how to place a bet online. However, the simple concept is that gamblers have to make a prediction on the outcome of a particular game or event. To make it more interesting bookmakers offer their customers opportunities to predict several other aspects of the game, such as which team will win the kick-off in soccer, or who will clinch the pole position in Formula One. But, it all boils down to correctly forecasting unpredictable events.

There is no sure way of foretelling future events but bookmakers apply their skills and knowledge to come up with odds. These odds are an indication of what is likely to happen. Here, a lot of complex calculations come into play, but if you’re having sports betting explained by us, you’ll get as simple an explanation as you can get. So, keep on reading.

The bookmaker’s role

We mentioned the word bookmaker in our sports betting definition. The bookmaker or sportsbook, or bookie for short, is the company that offers a platform for players to place their bets. The sportsbook may be land-based or operate online and is responsible for setting all the ground rules for bettors.

First, the sportsbooks decide which sports leagues to include and what particular outcomes (markets) players can wager on. They then set the odds which determine how much players will win if their bets are successful. Naturally, their calculations include a profit margin, which is how sportsbooks make money from every single bet placed with them.

Online bookmakers usually offer a straightforward sportsbook registration process and a variety of payment options such as PayPal, Visa, or MasterCard to make deposits into your account. The transactions are encrypted to ensure that clients’ personal information is safe. If you win, you can withdraw your winnings through the same payment options. To fend off competition and keep their customers excited, different bookies offer attractive promotions. A shorter bookmaker definition—bookmakers are the entities that facilitate sports gambling opportunities.

Types of sports betting wagers

When you consider how to win at sports betting, a simple definition is that you correctly predict the outcome of an event – which team or player will prevail or which horse will win the race. However, when betting on sports, there are many different ways to spin the wheel. But let’s start with the easiest one.

Moneyline

This is the most basic betting option, where you simply predict who will win the match. It is sometimes known as the Win bet and you can back your favorite team or player to win. You can also predict a draw. This is the type of wager that would be used in a simple sports betting definition.

Parlay

With a parlay or accumulator bet, you get to pick more than one winner, but for your bet to win all the teams you pick must win. The odds for this kind of wager hinges on the number of picks in your bet. The more legs the parlay has, the higher the potential payout.

Teaser

A teaser is similar to parlay because you get multiple picks on a single bet. However, with this bet type, you can move around the points spread in your favor.

Futures

As the name implies, with this type of bet, you get to place a wager on a future event. For example, before a tournament starts you could pick a team to win the championship.

Proposition Bets

For those who would like to go way beyond event winners and losers, you may want to try this type of wager. Here, you can predict unique aspects of the game such as which team will bat first in cricket. This bet type takes the whole sports betting meaning to another level.

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What are odds?

Before we continue explaining the sports betting meaning, gamblers need to understand how betting odds work. It is the bookmakers’ job to calculate the odds. The odds are the implied likelihood of how things will turn out in an event. This also indicates how much profit a player will make if their bet is correct.

For example, the odds to determine which team gets the kick-off is a 50 – 50 chance. This will be expressed as 1/1 which means that if a bettor wagers $1, they will win $2. That’s $1 profit plus their $1 wager back. However, the online sportsbook must make a profit and it will charge a fee of roughly 5%. This is known as Vigorish or juice. And the odds will be 10/11, which means that the player must pay $11 to win a $10 profit. Instead of making a profit of one $1 for each $1 stake, the customer will only get $0.91.

Sports betting legislation

When we explained our bookmaker meaning, we should have mentioned that bookmakers have to be legal. Just like any other gaming activity, sports betting is regulated by legislation in different countries. These laws protect the gambling community from manipulation by gaming operators. An operator will be penalized or even shut down for failing to adhere to regulations. A sportsbook must secure an operating license from a well-known governing body. In America, the Professional and Amateur Sports Protection Act (PASPA) of 1992 outlawed online sports betting in almost all of the states.

Current US sports betting laws

PASPA restricted sports gambling enthusiasts for years.  The Supreme Court, however, ruled that the act was in violation of the Tenth Amendment. Therefore, the federal government repealed the law and left sports betting laws to be decided at the state level. Today, different states have different laws. In a few states including Pennsylvania and New Jersey, online sports betting is legal. However, in other states such as New York, California, and Vermont, not much progress has been made in that area. Real money sports betting online is still illegal in most American states even after calls to legalize it. We continue with our sports betting explained guide as we look at some terms used in sports gambling.

In many specific industries, there are special terms that are synonymous with the business. As a new player, you may be confused with some sports betting jargon. So, here are a few of the terms that may be used in sports betting definitions.

  • Arbitrage: A type of wager where the bettor covers all possible outcomes.  Sportsbooks rarely offer these opportunities.
  • Bankroll management: Bankroll is the funds a bettor can spend on a bet. If you place a lot of big losing bets, you’ll quickly end up with no money. Bankroll management involves pacing your wagers, so you can enjoy sports betting for a more extended period. It is also about not chasing your losses.
  • Cash-out: When you win at an online casino you can withdraw your winning from your designated website account. You can do this using a banking method of your choice.
  • Favorite: This is one term you will come across often when getting sports betting explained. A favorite is a team or a side that is most likely to win in a match.
  • In-play betting: Live betting where a player can place a bet while the game or event is in progress.
  • Line: A set of betting odds set by the bookmaker. A bettor then has to make a decision whether the odds are worth it or not.
  • No action: When a bookmaker cancels betting options and refunds the bettors, this is known as No Action. It is usually due to a postponed match.
  • Vigorish: A fee that a bookie charges the customers to offer a wagering opportunity. It is usually around 5% but it can be a lot less sometimes.

Why sports betting — and why not?

The main reason why many people want sports betting explained is to follow their favorite sports and make informed bets on the side. At Betastic, we encourage bettors to take sports betting as a source of entertainment. It’s a sociable hobby when you interact with other sports fans and try to predict the outcome of races and matches.

Having said that, other bettors are drawn to sports betting to try and make a quick score. But a lot of them don’t fully grasp the sports betting meaning when they start gambling. Risk takers are willing to spend large sums of cash for that thrilling chance to win. As you can see, it’s all too easy to get carried away!

However, if you plan on being an astute gambler you will have a betting strategy in place. Different strategies suit different gamblers, so where a 1.01 betting strategy will suit those of you content with small, steady profits and a low-risk factor, others will opt for the more exciting, but intense, matched betting strategy, which requires a great deal of time and attention to detail, but can be extremely lucrative when implemented successfully.

Conclusion – Sports betting made easy!

Although it may seem complicated to newcomers, once sports betting is explained, bettors find it enjoyable to bet online. There are different bet types to choose from including simple Moneyline bets, and Parlays which involve multiple wagers in one bet. While sports betting is legal in most parts of the world, many US states restrict online bookies. Some players bet on sports for the excitement, while others are in it for the potential winnings. Depending on where you reside in the US, you may find several online sportsbooks to play with. But even if your state doesn’t allow gambling yet, Betastic.com is your go-to for sports betting definitions and other betting-related information.

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Sports betting explained FAQ

🏆 What is the best type of bet for sports?

To make the most out of your gambling experience, take some time to thoroughly understand the sports betting meaning. There are so many wager types to use in sports betting that if you’re a newbie, your head might just explode. Bet types are extremely varied and thus come with different odds and risk levels, all of which you can find at Betastic.com.

🤑 How much money can you win in sports betting?

The main objective of gambling is entertainment. But bettors can potentially win a significant amount of cash while playing at online bookies. Many individuals take advantage of the various promotions offered by different websites and maximize their profit potential. Look for sports betting explained articles on Betastic.com for more information on how you can maximize your winnings.

🚨 Is sports betting legal?

US gambling laws, including those for sports betting, are complicated. If you are playing for real money at an online casino or bookmaker you should take precautions to make sure that you are safe and you will not be in trouble legally. Our state-specific guides put the difficult-to-understand US gambling laws into simple terms for you so you know where you stand in your state.

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