Official betting is a form of gambling in which bettors wager on the outcome of sports games. It includes betting on both amateur and professional sports. It also encompasses non-athletic events like reality show contests and political elections.
Betting terminology can be confusing and the more you bet, the more terms you’ll need to know. Here are some terms that you might want to familiarize yourself with before getting started:
Odds
The odds of a game or match are the percentage of the chance that one team will win, or the probability that the other will lose. They’re based on data and statistics from the league or team involved in the event. The odds are regulated by the betting exchange.
Pari-mutuel betting
In pari-mutuel betting, the odds are originally equal for each player or team, then adjusted by a percentage of all bets made on the same event. This system is commonly used in horse racing and other sports.
Live betting
If you’re looking to bet on a game that’s happening now, you can make an online live bet. This type of betting is becoming increasingly popular, as it allows bettors to place their bets on the go.
Totals
Unlike spreads and moneylines, which are calculated on the opening or closing score of a game, totals are an independent wager that’s based on the total number of points scored by each team in the game. This number can be based on any stats or calls that affect the game, but it is always locked in at the time you place your bet.