Sports betting is when a wager is placed on the outcome of a sporting event. Sports betting is a form of gambling and is popular in South Africa and many other countries around the world. A wager, also known as a bet is a monetary amount that is put forward with the intention of making a return if your bet wins.
Sports betting includes wagers on sports such as soccer, rugby, golf or tennis but can also incorporate entertainment such as who will win Idols or Big Brother. Betting can also take place on finances such as interest rate changes.
Sports betting uses very specific terminology so to make things a bit easier, we’ve identified sports betting terminology for you below:
Wager: a monetary bet placed on the outcome of a sporting event
Bookmaker or Bookie: a company that provides a service where sports betting occurs
Betting Exchange: this is a service that provides a marketplace in which odds are set
Odds: These are a numerical expression of how possible the outcome of an event is. In sports betting it would be the outcome of a particular game, tournament or match. The odds represent the ratio between the amounts staked by parties to a bet or wager. For example if the odds are 4:1 this usually means that the first party is staking 4 times the amount that the second party is.
Bettor or Punter: this is a person who places a bet with a bookmaker at a betting exchange
Backing an outcome: When you place a bet on a particular outcome. With bookmakers you are only able to back an outcome whereas at a betting exchange you can bet both for and against an outcome.
Lay Bet: This is a bet against someone or team winning a particular tournament. For example if you place a lay bet against Andy Murray winning a tennis tournament, you will win the bet if anyone other than Andy Murray wins the tournament and you will lose if Andy Murray wins.
There are a variety of different types of bets including money line, point spread, total bets, parlay bets, teasers, futures and propositions.
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