The entire world of gambling and betting use a wide range of terms and jargon. Some of these words may seem simple an uncomplicated at a glance but may have a complex meaning behind it. On the other hand, some terms may appear simple but are actually complicated ones.
Inasmuch as you need to familiarize yourself with any other new thing, you are doing, and the same applies to gambling and betting. Being well-versed in most terminologies used in this industry will help you become a more knowledgeable gambler and make a play more confidently.
Once you are already well-versed in the terms and jargon to be discussed here, you can head over to Efirbet for the top bookie reviews, ratings, and betting tips. Meanwhile, here are some of the most common betting concepts that you need to know and understand.
Bookmakers
Bookmakers are the people–or group of people–where you place your bet through when you wager in sports. These bookmakers facilitate your bet by accepting it and paying it out for you should you win the bet or bets you made. They are also often fondly called as a bookie.
Bookie services, you might have already guessed it, is still a business. Naturally, they need to make a profit out of this business. This is where the “juice” comes in, or the profit that the bookies earn for every bet wagered through them.
Betting exchanges
This concept eliminates the need for a bookmaker, as bets are exchanged and traded within bettors through a group or forum. Betting exchanges facilitate not only sports betting but also online casinos as well as online poker.
Parimutuel betting
This betting concept refers to a situation wherein the money wagered is gathered in a prize or jackpot pool. After deducting the house edge or the juice from the bets, player odds are calculated based on the total number of bets and the accumulated amount of the prize pool.
This format of betting started in Parin in 1867 when it was first invented by a man named Joseph Oller.
Fixed-odds betting
On the other hand, fixed-odds betting differs from pari-mutuel betting, where bettors are presented with predetermined odds they can bet on. This is the most common form of odds presentation in sports betting.
Sports betting
Although seemingly simple at first, sports betting now had expanded more than just betting on traditional sports that you know. Nowadays, it can cover new genres and niches such as virtual sports as well as esports.
Arbitrage betting
Arbitrage betting refers to a bettor’s strategy where they spread their bets across various choices to cover any possible loss. This can be a tricky skill to master since the goal of this type of betting is to make sure to gain profit no matter the outcome of the game.
Some arbitrage bettors take advantage of the fact that bookmakers have different odds and thus different profit margins possible. They then bet through several bookies to ensure a profit regardless of winning or losing a bet.
In-play betting
In sports betting, some casinos and bookies offer live streaming services of games or races where people can also place their bets based on odds that can also change in real-time.
Originally called a simulcast, this type of betting was first popularized in Thoroughbred racing, greyhound racing, and jai alai. However, as the years went on and more people saw the thrill and the difference of betting for their favorite sport as it happens, popular sports like football, basketball, baseball, and tennis also started to have live or in-play betting options.
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