What is sports betting? What is the bookmaker’s role? Is sports betting legal in South Africa? Stick around to get the answers to these questions and more. With online sports betting getting more popular by the day, many people are considering trying it out. But a deeper understanding of the sports betting meaning is required before you start. And that’s where we come in.
We outline all you need to know about the popular activity, from the sports betting definition to the bookmaker meaning and everything in between. That includes the legalities involved, bet types, odds, and more.
Sports Betting Basic Explanation
How about we kick off with the basic sports betting meaning? Firstly, sports betting is a form of gambling. The activity involves placing a bet, also known as a wager, on the result of a sporting event. In other words, you predict how the outcome of a particular sporting match will play out. And you back up your prediction by putting real money on the line.
Whether you’re new to betting or consider yourself a pro, it’s important to note that no one can fully predict the outcome of any sports event. But we’ll admit with time and practice, your winning chances become better.
The Bookmaker’s Role
In the past, bettors would place wagers among themselves and set the terms of how they’ll settle the bet. Now, a bookmaker handles that on behalf of bettors. The standard bookmaker definition is a company that runs a betting site and allows punters to place wagers online. Bookies set and adjust the odds on potential outcomes of sporting events.
Bookmakers also determine which markets to set lines for on each sporting event. They then accept deposits from bettors, receive wagers and pay out winnings. Ultimately, bookmakers balance their books (hence the name) in such a way to turn a profit.
Types of Sports Betting Wagers
You can’t unpack the sports betting meaning, without giving insight into the types of sports betting wagers involved. Below are popular bet types in sports betting:
- Futures: With Futures, you’re betting on the outcome of future events. For example, you can bet on the UEFA World Cup winner before the tournament begins.
- Proposition: Propositions are wagers on specific aspects of a sport that may not necessarily have a direct impact on the final result. For example, you can wager on whether or not a specific player will commit a foul.
- Straight: Straight wagers involve placing a single wager on the outcome of a single event. Betting on the winner of a match or game is a classic example.
- Handicap: This is a unique bet that levels the playing field between two unevenly matched teams. The bookie adjusts the odds to put the favorite at a slight disadvantage and give the underdog a better winning chance.
- Parlay: While getting sports betting explained, you’ll find that parlays comprise multiple selections as part of a single wager. For example, you can bet on both Kaizer Chiefs and Sundowns both winning their weekend games. Both wagers would need to be correct to win.
- Round Robin: This is a strategic bet involving a series of mini-parlays made from a list of wagers. It allows players to place every combination possible of a parlay.
- Teaser: These wagers involve multiple selections as part of a single wager. All selections must be totals or point spreads.
What Are Odds?
Odds are another crucial component of sports betting explained and serve two purposes. The first is to indicate how likely or unlikely the bookie expects the outcome of an event to be. Secondly, they determine the payouts for each wager. Odds typically appear in the following formats:
- Decimal Odds: Based on the sports betting meaning, these odds indicate the ratio of the payment inclusive of the initial stake to the bet itself.
- American Odds: American odds are displayed with a positive (+) or negative (-) sign in front of the number. The positive numbers represent the underdogs and show the amount you must risk to win $100. Negative numbers represent the favorites. The number in front of the negative sign shows how much you’ll win if you wager $100.
- Fractional: Fractional odds are displayed as a fraction. They show the potential return relative to your wager. The number on the left shows how much you’ll win if you wager the amount on the right.
Sports Betting Legislation
Anytime you unpack sports betting explained, you can’t overlook the legalities involved. Sports betting involves risking real money, and if left ungoverned, unfair gambling practices will thrive. As a result, it’s up to each country to regulate the activity as they see fit.
Bookies are regulated by different laws in their respective countries. So whether you sign up with locally-licensed sportsbooks or international betting sites, ensure the operator is licensed by legit regulators. The goal is for bookies to operate under laid down laws and procedures that encourage fair gambling practices.
Current ZA Sports Betting Laws
Online sports betting is very much legal in South Africa. The National Gambling Act of 2004 regulates gambling in South Africa, and that includes sports betting. Currently, nine provincial gambling and racing boards are tasked with responsibility of issuing these betting licenses.
These include the Gauteng Gambling Board, the Mpumalanga Gambling Board, and the Limpopo Gambling Board. However, from the nine, the West Cape Gambling and Racing Board is the primary dispenser of sportsbook licenses in the country.
Popular Sports Betting Terms and Definitions
The sports betting world comprises a world of different jargon you need to understand before you start. We’ll list a few popular terms in sports betting explained:
- Accumulator: An accumulator is a single bet that requires a minimum of four selections or more. All selections in the wager must be correct to win the bet.
- Arbitrage: Insports betting explained, arbitrage is when a punter makes opposing bets on the same event. The goal of this wager is to guarantee a profit regardless of the result.
- Asian Handicap: This bet originates in Asia and is commonly used in football. It involves leveling the environment between two mismatched teams by giving the disadvantaged team more points or goals before kick-off.
- Bankroll Management: This is an important technique where bettors wager a fixed percentage amount that’s appropriate for their total bankroll size. It ensures lucrative wagering in the long run.
- Favorite: As per the sports betting meaning, a favorite is a team deemed more likely to win a sporting event.
- Handicap: This is a strategy where bookmakers give one team a goal advantage or disadvantage to even the odds.
- In-Play Betting: Bookies allow punters to place bets on a sporting event that has already started.
- Payout: A payout is the money you receive on winning bets. It’s important to note that it typically includes the money you already put in (your stake).
- Vigorish: This is the amount the sportsbook charges you for taking your bet. It’s the bookmaker’s cut for the service it provides.
Conclusion
If ever you want to switch from cheering your favorite team from the sidelines to betting money on the game, sports betting is for you. However, you need to understand how it works and what to do. TopBettingSites.co.za is your one-stop-shop for anyone who needs sports betting explained. We give you intel on the best betting sites, sports betting trends, and tips to make your wagering experience worthwhile. Check out more of our guides and start your sports betting journey the right way.
