Sports betting can seem complicated and confusing to the first timer. At BET.co.za Bet School our aim is to make sports betting as easy, uncomplicated and fun as possible.
What is sports betting?
Taking a sports bet is an agreement between two parties on the undetermined outcome of a specified event. The understanding is that one of the parties will be proved wrong concerning the outcome and forfeit a stipulated payment to the other party.
Sports betting involves wagers on the outcomes of markets pertaining to sports such as football, rugby, cricket, tennis, golf or horse racing.
Sports and betting are synonymous with the athletes and participants taking part in the events looking to prove who is the best and most skilled in their chosen sport with the competition settling the debate of who is the fittest, fastest, strongest or most skilled. Likewise, in sports betting the debate is formalised and predictions are organised into markets for the public to bet on.
Being able to predict the outcome of a sporting event and wager to confirm one’s predictions with the incentive of a financial reward is naturally an attractive and enjoyable prospect that vastly adds to the enjoyment of sports fans around the world.
The most common and popular form of sports betting is fixed odds betting. Fixed odds betting is when you take a betting price to lock in a guaranteed return. You will either see these odds displayed as fractional (2/1) or decimal (2.00) odds, but in both cases the punter knows what the return will be – in this example R2 returned, plus the original stake, for every R1 wagered – and has these odds locked in no matter what the market may do.
Fixed odds betting locks in a specific price or odds at the time of the bet being placed. With betting markets liable to move and react, early prices and odds may fluctuate but these fluctuations will not affect fixed odds betting.