Sports betting mean competing against a bookmaker whom you
hand over your money to hold over a given prediction in a sporting event. The
bookmaker may be a physical betting shop on a high street or an online site
that accepts wagers on a given sports event. The bookmaker offers a price
(odds) for the sports event and you are supposed to make a decision as to
whether putting your money on the event at the price on offer will bring you
some genuine profit. Then you give the bookmaker your money to hold and wait
for your prediction to come true. If your prediction is correct, the bookmaker
will give you back your money plus any accrued earnings, but if your prediction
fails then are not going to get any money back.
Which sports can you bet on?
Almost any sport can be bet on. As long as you can find a
bookmaker that offers prices on the sports event, you can bet on it. In fact,
today, there are several online and offline bookmakers that offer prices in
sports such as football, tennis, cricket, horse racing, basketball, volleyball,
hockey, golf and many others. Many bookmakers heavily lean on football,
basketball and a few other sports because they are cash machines, generating
massive profits to the bookmakers. Still, you will find a good number of
bookmakers offering prices in the smaller, less heavily-backed sports markets.
Regardless of the sport you prefer, betting simply means you put your bet on an
outcome to happen (favoring it or going against it). For example, in a football
match you can put your money on team 1 winning, meaning you are banking on team
2 not to win or draw.
Offline betting v online betting
The principles governing betting are the same whether you
bet online or offline. However, online betting gives you greater control over
your bets than offline betting. In online betting, you sit at your computer or
use your mobile device to track your bets right from placement to conclusion.
Online betting also offers exciting options such as live in-play betting and
cash-out options. Likewise, online betting allows you to shop around for odds
(prices) and to put your money on prices that give you bigger profit. Offline betting means you walk into a local
betting shop or store and pick the prices offered by that shop. You are limited
by what that shop offers.
How does a betting company make profit?
Bookmakers make profit on every bet. This is why their
businesses keep growing and you won’t hear that they are closing shop soon.
There are various ways through which bookmakers make profit. The first and most
obvious one is when a punter’s bet fails. For example, if you placed a bet
using Ksh 1000 that a team will win, a draw or loss means your bet has failed
and the bookmaker takes your money. Secondly, bookmakers make lots of cash when
the favorite loses. For example, if on a given weekend Chelsea is favored to
win against say Hull City, a loss for Chelsea means that many punters have lost
and the bookmaker has made massive profit. The third way bookmakers make profit
is through the fine profit margins they introduce in every price (odds) they
offer. For example, when a bookmaker knows that the possibility of Chelsea
winning a match is 50% (odds should be 2.00), the bookmaker will give slightly
lower odds such as 1.80 on Chelsea winning. This way, the bookmaker makes
profit regardless of the outcome of a match.
How can you get a betting edge?
The best approach to sports betting is not how much you can
make but how much you can afford to lose. This way, you will bet without
emotional pressure and are likely to maker wiser decisions. Knowing how much
you can lose also means you will not continue playing once you have lost that
amount and that you won’t keep chasing losses.
For a punter, the best way to get an edge is to set out on making slow,
consistent profit and ignoring the exciting, big-priced underdogs. A punter
looking to make slow, consistent profit is like an entrepreneur, always looking
for fine profit margins and building the profit gradually without rushed
investment decisions.
On a game-by-game basis, you can have a betting edge by:
(a) Studying
statistics and the form of the teams involved.
(b) Aiming for slow
consistent profit.
(c) Looking for
bookmakers that offer better odds.
(d) Play within
your means, with what you can afford to lose
(e) Stick to one
sport, such as football, to master the trends in the sport. Diversifying into
many sports will reduce your edge.
In football, for example, the teams at the top of a league
table win more matches across a season than those at the bottom. So betting on
such teams consistently can help you turn a profit. Similarly, home sides tend
to win more matches in football than away teams across an entire season.
In sports betting, you should always keep your eye on
profit. Bookmakers are in the business for profit and so must every punter. If
you are not making profit, find better ways to improve how you bet. May be your
habits are wrong. Don’t throw your entire stake on a match because you want to
hit one big win. Instead, separate your stake into smaller units that can help
you to make small, steady profit.