Aside from the Olympic Games, the FIFA World Cup is one of the biggest and most-awaited sporting events at the international level. It is THE tournament that stops time; for a month in every four years, time seems to stand still as football fans all over the world root for their favorite teams and bask in World Cup revelry.
Also, this is a time when online betting companies like Bwin see a spike in site activity. People have been betting on sporting games since time, and a big event such as the World Cup is simply too big of a gambling opportunity to pass up on.
But you start delving into the world of sports betting, here are some of the things you need to know:
Different sports- different betting and oddsmaking systems
There is no one gambling system that sports bettors use. Depending on the sport and the people who are involved in the betting, there can be a wide variety of bets and wagers that bettors can engage in.
A sports wager can be as simple as betting with a friend on which football team will win a division, or participating in an all-or-nothing parlay in the hopes of hitting a huge jackpot. Some of the usual systems that bookies use include: straight bets, which is the most common in the world of sports betting; proposition bets, which, as the name suggests, is betting on a strictly specific outcome (e.g. predicting how many goals will be scored, which player will earn the most points, etcetera); the aforementioned parlay where bettors gamble on multiple wagers in the hopes of winning a large payout; and progressive parlays, which are essentially a less strict version of the regular players (people can still win something even though they have losing bets).
Common Sports Betting Parlance
Though there might be different wagering systems, most of them share the common language. These are some of the terms that a newbie sports bettor needs to know:
Handicap – the practice of giving a disadvantaged team more points so as to even out the playing field.
Money line – a listing that shows how much money you will need to bet in order to win a certain amount.
Point spread – a listing commonly used in football and basketball that shows the handicap that is placed on a favored team to make them as equally competitive as possible in the eyes of bettors. For example, Team A is weaker than Team B, which is clearly the stronger team and a fan favorite. Team B will be given a 10 point spread to make the two teams as equally competitive as possible in the eyes of sports bettors. This means that Team B will need to win a game by at least 10 points for its bettors to receive a payout.
Bookmaker/bookie – a person (usually licensed especially in the UK) that takes bets and releases payouts to bettors.
Oddsmaker – one who determines the odds for a particular game. This person researches around the clock (about a teams’s strength, home field advantage, past performances, and such) to make sure that odds are calculated as accurately as possible.