subject: A Guide To Betting [print this page] Betting refers to the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period. Betting is commonly associated with football, boxing, horse and greyhound racing and casino games.
Betting can be done legally through a betting shop or bookies, on-line via an on-line casino or bookies, at a race or match via a bookie on site or at a casino. Betting also takes place illegally at some matches through an unapproved bookie.
Many people are put off betting for the simple reason that they just don't understand how to do it. It's all very well buying a lottery ticket, but understanding the intricacies of odds is another. Horse racing is a particularly difficult sport to bet on as there are so many types of bet you can place and previous knowledge of the horses is very helpful! However, having a little flutter on the horses is fun and it doesn't have to be complicated. Here I explore some of the basics to help you understand betting.
The simplest kind of bet is a Straight bet or Single. You bet on your chosen winner at given odds and your winnings are based on the odds and amount placed on the bet.
The Stake is the amount of money you are willing to gamble. Generally the minimum stake you can place at a racecourse is 2 pound. Your winnings are calculated on your stake and the odds on the horse. The odds are the chances of a particular horse winning. They are determined by taking the amount of money that has been bet on a given horse and figuring out what percentage it is of the total money bet on all horses - minus a portion for the track's take.
In horse racing, the odds are sometimes referred to as being either long or short. This means, odds that are said to be long (e.g. 50/1) point to the fact that a horse is very unlikely to win the race. Conversely, short odds (e.g. 2/1) indicate that a horse has a good chance of winning. The more unlikely the horse is to win the more money higher the stake if you bet on it and it wins. A parlay is another type of bet, which allows you to select more than one game to bet on and your winnings from one game are automatically wagered on a subsequent game of your choice. For you to take home your winnings from a parlay, you must win all the bets you lay.
Betting can be a fun and exciting activity, particularly when at a live event such as a match or the races. However it is important to set yourself a limit on how much you plan to spend, it is very easy to get carried away especially if you have a couple of wins.
