Basic Guide to Important Sports Betting Concepts
As you head into the exciting world that online gambling NZ has on offer, keep this helpful guide handy for easy reference.
Sports Betting Odds and How They Work
The odds of any event, sport or otherwise, are how likely they are to occur. When you’re placing a bet it’s important to know what these are so that you can decide what to do. Understanding the odds will tell you how much you’ll get if you win, and can help you decide on whether a bet is a good idea in the first place. If you have insider information and know that an outcome is likely but its odds have been set as long, for example, you might decide to place a major bet on what looks like a bad idea.
The 3 types of odds on online sports betting NZ sites feature are decimal, fractional and moneyline. Decimal odds are the commonest worldwide, and tell you how much money you’ll win for every unit of money that you bet. They include your stake and payout, so decimal odds of 3.00 mean you get 2.00 units back for every 1.00 that you wager.
Fractional odds, also called UK odds because of their popularity in Britain, show your stake and how much you’ll get per unit bet if you are successful. In other words, fractional odds of 2/1 pays you 2 units for every 1 unit that you bet. Moneyline, or American odds, are based on a 100 unit bet and are shown as positive or negative numbers. The positive number shows how much you get if you successfully bet 100 currency units, and the negative tells you how much you need to bet to win 100 currency units.
Live Sports Betting and In-Play Markets
Live sports betting refers to wagers that can be placed or changed in real time as an event is occurring. You need to have good insight into a sport and be able to think quickly, but these wagers allow you to make adjustments according to whatever happens on the field. The in-play market is the range of live bets available at a sportsbook, and usually includes bets that are made at the start of a game and half-time.
Virtual Sports Betting
Virtual sports are fixed-odds events that are determined using a Random Number Generator. Fake histories of players are also given, and make a difference to the outcome thanks to complicated algorithms. These games are a good way to get familiar with different betting odds and wager types.
Promotions and Free Bets
One of the best things about betting online is how sites try to keep you away from their competition with great bonuses. These usually come in the form of free bets. They often require you to punt on a specific event and to bet the bonus amount several times before you cash out so that the bookie can make money so you do need to check them, but they can be really lucrative. Sign-up bonuses are usually Free Bets with no strings attached, so you can enjoy them on anything.
Cashing Out When Sports Betting
The actual processing of cashing out, or withdrawing your funds from an online sportsbook, is simple; you just need to go to the banking interface and follow the prompts. What you need to make sure of before you do is that you have enough money to cash out and have met all the wagering requirements attached to any promotions that you used. If this is the case, enjoy your spoils!