A Guide to Sports Betting

Sports betting is a form of gambling where a person will place a wager or bet on the outcome of a sporting event. The bet will be placed on what result the person thinks will happen in the match and the bookmakers will give specific odds on the result. The intent of the bet is to make a financial profit.

Sports betting does not just incorporate main stream sports such as AFL or Rugby League. Betting on entertainment and political results, among other things is also a common occurrence.

Bookmakers offer all sorts of markets however head-to-head betting – betting on who will win the match – is the most basic form of sports betting. Other options for punters include line betting, margin, score and future results such as who will win the premiership, a team to make the finals or individual awards for players.

A company that provides punters sports betting options is known as the bookmaker, bookie, sportsbook or betting agency.

A couple of well known Australian sports bookmakers include Sportsbet, William Hill Australia, Ladbrokes, CrownBet and Palmerbet.

When a punter places a bet, they are said to have “backed” the outcome to happen. For example, a person could place a bet on the Newcastle Knights to win the NRL Premiership. If the Knights go on to win the Premiership then the bet would be paid out and the punter makes a profit, however if the Knights do not win the Premiership then the punter loses the bet amount.

Sports betting isn’t just about backing a winner. Some betting agencies give the option to “lay” a bet. A lay bet involves placing an amount on an outcome to not happen. Therefore, if you were to lay the Premiership favourites in the Rugby League, the North Queensland Cowboys, then you would be betting that they wouldn’t win the premiership. If the Cowboys were to go on and win the Premiership your bet would be lost, however if they were to lose then your bet would win.

Sports betting odds are only estimations provided by sports traders given the demand by punters in the market. They are not necessarily an accurate reflection of the true probability of an outcome. Betting agencies offer the odds and it is up to punters to decide where they can get an advantage. If punters are able to consistently back at odds that are above the true odds of an outcome then they will show a profit in the long term.