Do you have a burning sports betting asked you wish you could ask?
As a beginner in the sports betting business, there are certain concerns and queries you likely have and it is important you get answers.
This article sheds more light on the sports betting frequently asked questions by beginners new to betting.
Check out the top betting glossary article.
1: Are there secrets to making money from betting?
The answer to the above is yes and no. It is no because betting is 90% luck and 10% research. Much of betting is based on predictions and probabilities. Therefore, any permutations based on forecasting are simply luck. You can do all the research you like and forecast based on algorithms, and you might still lose. It is also yes because whether we like it or not there are secrets to making money and betting is all about making profits, so with proper research and strategy, your chances of making money are higher.
2: What is the meaning of odds?
Odds are, basically, numbers that are based on algorithms and possibilities of the outcome of an event. We have two types of odds. American based type of odds which is fractional and the European based type of odds, which is decimal. The lower the odds the higher the chances of that particular event to happen and the higher the odds the lesser the chances of that event to happen. However, this is not a given. Sometimes, the high odds come easily, so you don’t have to just pick small odds; odds are just numbers.
3: Which particular events can I stake my money on?
In betting, there are various events, particularly sports which you can wage your money on. However, sometimes the bookmaker may put some political events like elections for you to stake on, but majorly all sporting events can be staked on. Football is the most popular sports event that you can wage your money on, particularly in Europe and Africa. But when it comes to the US, the most popular sport to bet on is basketball.
4: How do I stake on a particular event?
To stake on any event, you need money (cash or debit/credit card). You can pay cash if you are staking in shops and betting outlets, but you will need to use your cards if you are playing online. However, it is pertinent to know that most outlets also allow you to pay using various card options and you could also do a bank transfer to the bookie which they will confirm before your account can be credited. Note that if you win a huge sum of money, you won’t be able to receive a cash payment. You will be told to provide your bank account details and other necessary documents which will facilitate your payment. The account provided must be your personal account.
5: Which are the best bookies that I can do business with?
The bookies you can stake with depends on a variety of factors. All bookies, like banks, have merits and demerits; therefore you have to know what you want in a bet to determine which bookie to patronize. Some bookies have online virtual events, some have live betting, some are known for their big odds, others for payment, some cash-out option, bet builder, and others for one-ticket win option. So it is not a new thing if you see bettors with three or more bookies accounts; they are trying to take advantage of their peculiarities.
6: What do you mean by markets in betting?
Markets are different options available on different bookies website for you to bet on. Different bookies have several markets which include but not limited to, straight win, team score, handicap market, correct score, draw options, corner markets, fouls and double chance. It is advisable to only stick to markets you know and are comfortable with. Some markets need various interpretations and are a little bit difficult to understand. Such markets include but not limited to, three in a row, chance mix, team flow. You have to be careful when choosing the markets to stake on.
7: What is virtual betting?
Virtual betting is a stimulated online game which resembles the real game. However, virtual betting is fast and smart. With virtual betting, you are pitting yourself against a programmed stimulation. You can win fast or lose fast. You have to know the rudiments of this type of betting to be successful in it. Most people play virtual betting because they need money quickly and the results in virtual games come as fast as three to four minutes.
8: Are their fixed games in betting?
The answer is yes and no. Yes, because we have various cliques and organizations who try to influence players, referees and coaches to play the game to make money. Some of them have been caught; like the case in Italy which consumed the owner of Juventus club. He had his team demoted for fixing allegations. The vent is popularly known as the Calciopoli scandal that rocked Italian football and got some footballers and coaches suspended for various months. However, it is important to know that sport fixing is rare; most of the ones you see online are fake and just want to swindle you.
9: Can I be using betting as a main income?
It will be quite difficult to give you a yes or no answer to this because it really is your choice at the end of the day. But should you? That is the question and the answer to that is no! Betting should be a side hustle and should never be depended on sorely to make ends meet. Betting is fluid and not stable; therefore, it is not advisable to rely on it to make money. You should use betting to have fun and sharpen your intellect. That is why it is always advised that you should only gamble what you can afford to lose.
10: How much should I start betting with?
The amount of money to start betting with depends entirely on how much you have in your savings and how brave you are in gambling. We have the punters and regular bettors. Punters stake very high on single or double gambles while the regular bettors stake low on multiples. Therefore, the amount to start with will depend on how far you want to go as a bettor. It is advisable, however, to start small and grow with each stake!
11: What can be said to be a welcome bonus?
A welcome bonus is like promo cash given to a new customer by a particular bookie to welcome him or her to the website. Not all bookies give welcome bonus and please note that all welcome bonuses have an expiration date and come with terms and conditions. Some give you a welcome bonus that will not require you crediting your account while some will double whatever you put in your account. It all depends on the bookies.
12: What do you even mean by bookie or bookmakers?
Bookies are sport betting companies that take it upon themselves to offer various markets to customers. They will issue a receipt if you stake at shops and give you odes if you stake online. They are in the business to make a profit; so, they are neither your friend nor enemies, it is just business. Popular bookies around are www.betwin.com, www.ladbrokes.com, www.bet365.com, www.1xbet.com, www.sportybet.com, www.betking.com amongst others. These bookies have various agent spread across different countries. You can find a list of the top bookmakers in Nigeria here
13: What is the maximum amount that I can win?
The maximum amount of money that can be won in any betting expenditure depends solely on the bookies and government regulatory commission. Most bookies peg their winnings to 50 million dollars. However, some starts do not allow maximum winnings to be more than 25 million because of financial tax issues. Therefore you need to read up on your state betting laws and bookies terms and conditions to know what the maximum is.
14: Is betting legal?
Yes and no. In most countries, betting is legal and a betting commission regulates how bets are played. But it is illegal in some others. Therefore, you need to be knowledgeable about what attains in where you reside. Apart from that, some states allow betting but do not allow a particular type of betting like horse riding, matched betting or spread betting.
15: What is the best kind of sport to bet on?
It all depends on what your preference is and what you are knowledgeable about. Most people stick to sports they are familiar with because they believe that with the information they have on the sport; they will make a profit on it. Others believe in betting on any sport that can guarantee them money. So, the answer to the above is that there is no best sport to bet on, bet on what you know can guarantee you money because the essence of betting is to make money while having fun. The most popular sports people bet on is football betting. Check out our guide to football betting here.
In conclusion, all the above questions and answer should be able to give a beginner new to betting an edge in the journey of sports betting. It serves as a pointer to what lies ahead in sports betting. Remember to trust your guts and not to make it an addiction, always gamble what you can afford to lose. If you feel you are addicted to gambling, read this guide on gambling addiction