The Foundation of Betting 🏏
After digesting this article, you will have a better understanding of:
- Basic Betting Terms
- Different Types of Odds and Bets
- Live Betting
- Alternative Betting Online
- Advanced Betting Strategies
- The Risks of Betting
- And much more.
Betting is a form of gambling where your task is to predict the outcome in a specific event. Sports betting, ie. betting on sports events, tournaments, games, etc. is the most common form of betting, but you can bet money on pretty much any event ranging from elections and TV-shows to the weather.
Unlike other forms of gambling such as slots, betting involves elements of skill meaning you can improve your chances of succeeding.
Naturally, for the best opportunity of making it as a bettor, you need to start by studying the basics.
Basic Terms 📖
There are terms in betting which are unique to this type of gambling that you must understand before proceeding with the rest of this guide. Especially if you’re completely new to betting.
- Odds – A concept used to measure the likelihood of specific outcomes as well as the amount of money you stand to lose or win by placing a certain bet, based on your wager. Odds are the most fundamental part of betting and you need to fully understand how odds work, which you can read more about in the next section.
- Wager/Bet – Wager or bet is the amount of money that you place on a specific outcome. You can, for example, wager $100 on Indian winning the next ICC Cricket World Cup.
- Payout – In case you manage to place a winning bet, you will receive a payout which is determined by the odds and the size of your wager.
- Parties – In order to bet on anything, you need to find a party willing to bet against that outcome. You can place a bet with a friend or make use of a bookmaker, either online or at a physical location.
- Underdog/Favorite – The term underdog is used to describe a bet that has a smaller percentage chance of winning and therefore a higher potential payout. A favourite, on the other hand, is the opposite, ie. the bet with a smaller percentage chance of winning and therefore a smaller potential payout.
On top of these, there is a ton of other terms that you will need to get familiar with. But for the sake of understanding this article better, the above will get the job done.
🙋 Betting FAQ
The most common betting related questions.
How Does Betting Work?
Betting is a form of gambling where you bet money on outcomes in sporting events as well as other events such as the weather or TV shows.
You typically bet through a bookmaker that sets the odds, offers bets, and acts as the middleman between betting parties. The bookmaker is also responsible for paying out winnings.
What is Spread Betting?
Spread betting is best described as a combination of regular betting and online trading. Instead of betting on sports events, you bet on financial markets including forex, stocks, commodities, cryptocurrencies, etc.
Since it’s similar to trading, spread betting is most commonly offered by online brokers and not gambling sites.
What is Handicap in Betting?
Handicap is a service of a feature that’s offered by bookmakers to improve your odds or your chances of winning, depending on the situation.
For example, if you placed a bet and over bet on a soccer game, some bookmakers offer you an “extra” goal at the end of the game to increase your chances of winning. In return, you get lower odds and subsequently lower a lower potential payout.
What is a Trixie Bet?
A Trixie bet is a combination bet, similar to an accumulator or a system, that’s popular in horse sports and other types of betting.
It consists of four different bets on three selections and when used correctly, a Trixie bet can help you secure some money back if not all your predictions were correct.
How Does Betting Odds Work?
In betting, odds are set by the bookmaker that offers them and they determine both the likelihood of a certain bet winning as well as the amount a bettor stands to win.
There are several types of odds available and you can read more about them in the guide above.
How to Bet Online?
Betting online is best done using one of the betting sites recommended by us. These sites are all safe to us and serious, but, more importantly, they offer a broad range of betting markets.
How to Bet in India?
Due to strict gambling regulation, betting in India is best done online. On this site, you find a large number of betting sites which can be used by Indian bettors.
How to Bet on Cricket?
Cricket betting is incredibly popular in India and, today, there are several fantastic betting sites that support cricket betting. These sites can be used to place single bets or accumulator bets on all the biggest cricket matches and tournaments.
Understanding Different Types of Odds Formats
As mentioned, odds are one of the most fundamental elements in betting. It’s what determines your likelihood of winning as well as the amount you stand to potentially win.
Odds are set individually by bookmakers, resulting in different odds on the same event and outcome from one sportsbook to another.
Today, several formats are used for odds and most online bookmakers allow you to pick your preferred format. Currently, the following three formats are the most commonly used by Indian and international bookmakers.
Decimal Odds (European): Decimal odds are some of the easiest odds to read and calculate. The odds are written as a number with two decimals, for instance, 3.00 on Arsenal winning the next game or 12.00 on Mo Salah scoring the next goal.
Calculating your potential payoff when using decimal odds is easy. Let’s say you wager 100 INR on Arsenal winning their next game with the odds 3.00. If your prediction is correct, you will win 300 INR (100 x 3) with a total profit of 200 INR (300 INR winning – 100 INR wager = 200 INR profit).
Furthermore, if you placed a 100 INR bet on Mo Salah scoring the next goal with a 12.00 bet, you would win 1,200 INR, with a net profit of 1,100 INR.
Fractional Odds (British): Fractional odds are quite common in India and it’s also widely used in Australia and New Zealand, making it one of the most popular odds formats in Cricket betting.
These odds are written as two numbers with a “/” or a “–”, for example, 5/1 or 3–2. The first number represents how much you would win if you wager the second number. Let’s say you wager 100 INR on a correct 5/1 bet, then you would win 500 INR plus your initial wager meaning you receive a total of 600 INR.
Moneyline Odds (American): Moneyline odds are the prefered odds in the United States and Canada, and they can be a bit tricky to understand at first.
Bets on a favourite always have a number with a “–” in front while bets on an underdog by a “+”. These two odds work differently and can best be described as follows:
An underdog bet with the odds –600 indicates that you have to 600 INR on a correct bet to win 100 INR. A favourite bet with the odds +600 indicates that a correct 100 INR bet means you win 600 INR.
None of these includes the initial wager. In other words, you receive your winnings plus the initial wager.
You will soon realize that bookmakers use a wide variety of odds formats. Sometimes, in order to get the best available odds, you might have to bet using an odds format you’re not used to.
That’s when an odds converter comes in handy.
An odds converter is a tool or a graph that you can use to seamlessly convert odds in one format to another format. This is extremely useful if you most often use fractional odds but all of a sudden have to use a bookmaker with Moneyline odds.
Moreover, there are another three common types of odds that are often used by Asian bookmakers:
- Hong Kong Odds – Very similar to decimal odds however the odds do not state your potential return.
- Malaysian Odds – Is a +/- system similar to American odds, although much more complicated.
- Indonesian Odds – Once again similar to American odds. The only difference is that Indonesian odds state the odds with a decimal (+3.00) while American odds state the odds without the decimal (+300).
These are all less known and not that common.
Different Type of Bets 📄
With a better understanding of how odds work, we need to take a close look at the most common bets and forms of betting available online today.
Without understanding how different types of bets work and not knowing the benefits and disadvantages with each of them, your chances of making a winning bet are slim to none.
Moneyline Wager (Win Bet)
A Moneyline wager, better known as a winning bet, is the most straight-forward bet of them all.
When placing a Moneyline bet, your goal is to predict who wins a specific event, such as who will win in a cricket match between India and Australia? Or will Federley or Nadal win their next match?
Both the term Totals and Over/Under represents the same type of wager with your goal being to predict whether a team or a player will score more or fewer points than what’s set by the bookmaker.
For instance, if your bookmaker has set that FC Barcelona will score 3 goals against Real Madrid, you will bet if you think they will make more (Over) or less (Under) goals than that.
Futures or Outright (tournament betting)
Futures are typically bets placed on tournaments in advance and are popular bets that often present great potential payouts for those who dare bet on an underdog.
Popular futures bets are bets on who will win the Indian Premier Leauge or the FIFA World Cup.
Accumulator or Parlay
An accumulator bet is a bet consisting of several wagers and different odds. These types of bets are often referred to as multiples.
For instance, a parlay bet on a FIFA World Cup final could consist of a bet on who will win the first half, who will win the match as well as an over/under bet.
In order to win a bet like this, all of the included bets have to win. Otherwise, you lose your wager.
A handicap is a tool offered by some bookmakers on certain sports and it’s used to either increase your chances of winning while lowering the odds or reduce your chances of winning but increase the odds.
Using a Totals bet on a football game between England and France as an example, a bookmaker could offer +1 on England meaning England would get an extra goal at the end of the match. Likewise, the bookmaker could offer a -1 on England meaning England would get one goal removed at the end of the game.
Prop or Specials
Props and specials are terms for the same type of wager and it’s a form of betting that we don’t recommend. The reason being that prop bets are based on guessing rather than analyzing the event your betting on. In turn, that greatly reduces your chances of placing a successful bet.
Live Betting ▶️
Live betting is perfect for those that are looking for a thrilling betting experience with high levels of excitement.
As the name entails, live betting is conducted live, ie. while the event in question is underway. It can include a wide range of bets from who will score the next goal to how many minutes of overtime there will be.
In recent years, live betting has grown in popularity around the world and today, it’s something that most major online bookmakers offer.
Live Streaming of sport events
Betting can help make any sporting event more exciting while betting without watching the events you bet quickly becomes quite boring. Not only that, but a live stream can give you access to sporting events that you otherwise wouldn’t be able to watch.
To combat this issue and improve their overall services, several of the biggest sportsbooks online offer live streams covering hundreds of sports, events, tournaments, and leagues.
Live streams are usually only available to registered users that bet regularly, alternatively only to those that are betting on the event in question.
It goes without saying, but finding a bookmaker with a live streaming feature comes with many great benefits.
Alternative Betting 📈
Besides regular sports betting, which is, by far, the most common form of betting in the world, there are some other types of betting that might interest you.
Betting Exchange: A betting exchange is a platform used to offer what’s referred to as back and lay bets that allow players to either back (buy) or lay (sell) an outcome in an event. This is done by the bookmaker taking the opposite position of the player.
One benefit of betting exchanges is that players often can end their bet before the final outcome to either cut their losses or lock in profits.
The two biggest betting exchanges in the world are operated by Ladbrokes and Betfair.
Alternative Events: Many online bookmakers offer the option to bet on alternative events and outcomes in all parts of society.
The most popular forms of alternative betting are political betting (such as who will win a presidential election), weather, TV-shows, etc.
Today, several of the leading bookmakers online offer a selection of these forms of betting.
Spread betting is a type of betting that combines regular betting with online trading, which is why it’s often offered by online brokers instead of bookmakers.
The goal with spread betting is to bet on predictions regarding how an underlying asset such as a stock, a currency pair or even a cryptocurrency.
Finding a Bookmaker 🏆
A big part of understanding how betting works is finding a suitable bookmaker and then exploring their platform, tools, and offerings.
As you probably already know, there is a large selection of online bookmakers to choose from and to many, the task of finding the best one is daunting, to say the least.
Therefore, we have combined our extensive experience in the industry with countless hours of research, to list and recommend the best online sportsbooks and casinos in India.
On this site, you can find detailed reviews about all the top sportsbooks right now as well as several guides to help you get started, regardless of whether you’re betting on sports or playing at online casinos.
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18+ | T&C's Apply | Responsible Gambling is advised. Gambling is an entertainment form that comes with a considerable risk of losing your money. Never play with more than you can afford to lose.
How To Place a Bet ❓
Placing a bet is usually very easy. All you have to do is log in to your betting account, locate the event you want to bet on, and choose the outcome that you’re interested in betting on. Then you add the amount you want to wager and push Bet to add the bet to your bet slip.
Remember that betting involves a certain amount of skill and that the more you know about the sport, teams, and players that you bet on, the higher your chances of making a profit gets.
How Much Should You Bet?
This is the million-dollar question and the answer is that it all depends on your situation and ability.
Since all forms of betting involve risk, you need to keep a budget and you need to stick to that budget.
A good rule of thumb is to never place more than 5% of your available bankroll on a single bet. Just remember to adjust your wagers according to your budget and never bet using funds you can’t afford to lose.
Odds Shopping 📈
Have you heard about the concept of Odds Shopping?
Odds shopping is a concept that we recommend to everyone that wants to bet on a more serious level.
At the beginning of this guide, we mentioned that bookmakers set their own odds and that this can result in different odds for the same outcome in the same event.
In turn, this creates a situation where you’re able to always look for the best available odds for any specific wager you’re interested in. Moreover, many sportsbooks choose to focus more of their effort on certain sports, which means one site can have the best odds for cricket but bad odds for tennis.
Through this knowledge, you should always be on the lookout for the odds that benefit you the most.
Naturally, this requires you to open accounts with more than one bookmaker, but we advise you to start with just one and open new accounts as needed.
Risks and How to Avoid Them ⚠️
Gambling is always associated with risks and it’s your obligation to be aware of them and learn how to limit them, but maybe most important to respect them.
The main risk with real money betting is obviously that you can lose the funds you risk. In fact, you will lose a large part of all the bets you ever place. Even professional bettors making long-term profits, lose bets on the regular.
Another serious risk with betting is that you can develop a gambling addiction. Becoming addicted to gambling is much easier than most think and it’s something that can happen to anyone, without exceptions.
If you ever suspect that you or someone close to you is or already has developed an addiction, you have to get help. Today, there are several respected organisations working with rehabilitating and supporting gambling addicts in Indian and around the world.
7 Advanced Tips
Wheter you are a beginner or an advanced sports betting fanatic you should always strive to Optimize Your Betting.
To further help you on your betting journey and bet with ROI, our team of experts has compiled the seven most important tips to keep in mind
They involve everything from long-term planning and budgeting to strategy development and risk management.
1. Set Reasonable Goals and Embrace Your Patience
One of the most common mistakes that often lead to people giving up their betting ambition is unreasonable goals.
Like most forms of income, betting requires hard and constant work to pay off. There is not even a guarantee that it will ever pay off. Therefore, you can’t expect to start making large wins quickly and think that you will rise to the top in no time.
The right approach is instead to move slowly with reasonable long-term goals that you’re constantly moving towards.
2. Develop an In-depth Understanding of Odds
Without having a complete understanding of how odds work and, more importantly, how odds are set by bookmakers, you won’t stand a chance succeeding as a bettor.
Betting is all about beating the bookmaker’s odds to make a profit. And since bookmakers are experts at odds, you too have to become an expert.
Something you’ll soon realize when you start betting a lot is that many bookmakers set their odds based on how they predict the public to play rather than on the actual probability of a certain outcome.
In turn, this allows the skilled bettor to adapt his strategy accordingly.
3. Value Betting: Analyze With the Intent of Finding Value
The number one thing that sets professional bettors apart from everyone else, is their ability to analyze betting markets in search of value. This is a tested and established concept that’s often simplified to “Odds Shopping”.
The idea is that you analyze markets that interest you to find odds that are in your favour and bets that have a high chance of winning. You also want to compare different bookmakers in search of the best deals and odds available.
Betting is skill-based and learning how to properly analyze a market and identify value is the main skill to master.
4. Prioritise Budgeting and Make Financially Sound Decisions
Having a budget is absolutely crucial when betting or partake in any form of gambling. Your budget will be used as a tool to evaluate how much you can wager on each bet as well as to control when you’ve played too much.
A big part of making financially sound decisions include never chasing loses and never gambling with money that you cannot afford to lose.
5. Learn How to Move On
A substantial part of all the best you’ll ever place will not end up winning. That is the harsh reality of betting and gambling and it’s something you have to accept.
When you first get started, chances are that you will be losing more than you win for quite some time. As mentioned, betting is skill-based but until you’ve acquired the right skills, you will be relying on luck.
The good thing with all of this is that you can turn the odds in your favour, so to speak. Unlike a casino game such as a slot machine, you can apply betting strategies that are proven to pay off in the long run.
6. Strive to Always Improve and Optimize
You should never settle, even when you’ve gotten ahold of betting and have started making a bit of profit. There are always new strategies to master, other markets and sports to explore, and skills to sharpen.
Consider your betting education and on-going progress and we can guarantee that you will never get bored and you will like to continue to improve your success rate.
7. Become a Risk Management Master
We’ve said it before and we say it again: being aware of the risks is essential to succeed in betting.
Some of the risks associated with gambling cannot be avoided, which is okay since it’s the risk that creates excitement.
With that being said, some risks can be avoided. For example, by only using licensed casino sites and bookmakers, you minimize the risk of fraud.
Moreover, many risks can be limited by applying a smart strategy and making educated decisions.
We have created a full-covering guide on the risks with gambling and how to avoid them. In the guide, we also provide tips and contact information for those that have developed a negative gambling routine or a gambling addiction.
Betting is an exciting form of gambling and this guide should have provided you with the tools you need to get started on your journey.
There are still many things that you need to learn before you’re able to start betting seriously, but at least now you’ve taken the first step.
For more information about all sorts of online gambling as well as recommendations for the best bookmakers, we refer you to the top menu