What is Sports Betting and how many types are there?

Origins of Sports Betting

Sports betting is a type of betting in which you try to predict the results of a sports competition. The legality, regulation and general acceptance of these sports betting varies from country to country.The pioneer country in betting of all kinds, especially horse racing and greyhound racing, has been the United Kingdom. Professional boxing betting is very popular in some cities in the United States.Since 2002, a whole expansion of virtual betting houses has been carried out, focused on sports betting, which is reaching countries on all continents, and encompasses numerous sports disciplines.

Origins

This type of game of chance is the oldest on record. The Greek civilization, more than two thousand years ago, was responsible for starting to bet on their favorite disciplines. Years later, the Romans made this custom their own, until it led to a business, placing bets on Roman circuses, with gladiators as protagonists. It was, however, during the 18th and 19th centuries, when this practice began to spread exponentially. Around 1780, the game that has survived to our days appears. Gambling was made on horse and greyhound races and its final takeoff took place in England, the true cradle of gambling, arriving in the United States half a century later.With the appearance of bookmakers, sports betting began its expansion to other sports. However, the great revolution in the sports betting market took place at the beginning of the first decade of the 21st century. Thanks to the emergence of the Internet in this sector. Online gambling has marked a before and after in the world of sports betting. From that moment, there was an exponential growth in the number of companies in the sector, its turnover, and consumer behavior and practices.

Bet method

Players place bets legally, through an official betting agent such as Dafabet, William Hill, K8, SBOBET, Tinycat99, … or illegally through private companies.The term “bookmaker” refers to the book used by bookmakers to keep track of bets, payouts and obligations. Most full-fledged sportsbooks are available online, run over the internet from separate law enforcement agencies from the clients they serve, often to obtain different gambling laws (e.g., the Law on Gambling Illegal 2006 in the United States) in select markets such as Las Vegas, Nevada, or on specialty boats that play through self-service kiosks.They make a “take first” bet, which means that the bettor must pay the bet before placing a bet. Illegal bookmakers, by the nature of their business, can operate anywhere that only requires collection when the player loses money and does not require a down payment.This causes players to often owe the dealer, creating a number of other criminal factors when collecting debts, thus increasing the illegality of these bookmakers.

Sports Odds or Quotas

Odds are a tracer of the potential winnings on a bet. There are several types of fees:

  • European quota: It is a quota in the form of a whole number or decimal (ex: 1.5 or 3). It represents the multiplier of the money that is received in the event that our bet is winning. The odds multiplied by the amount bet is what the bookmaker returns to us.
  • English quota: It is a quota in the form of a fraction (eg: 1/2 or 2/1). It represents the multiplier of the money we win if our bet is winning. The fee multiplied by the amount wagered is the profit, the house also returns the amount wagered.
  • American quota: It is a quota that can be expressed as a positive or negative number (eg: -200 or 200). It is a very particular representation and presents, in the case of a positive odds, what the bookmaker returns to us if we bet 100 units of the currency in play. If the odds are negative, it represents the amount that must be wagered to win 100 units of the currency in play.

In sports betting pages or sportbooks, the odds or odds are always presented in an easy and quick to read way to make them more practical, because so much information can confuse the users of these sites.Usually these pages accommodate the information of the odds or odds inside interactive tables in which the players can know how much money they can win even before placing the bets.

Types of Sports Betting

Handicap: Thanks to this system we can match a match by removing goals or points from the team with the most chances of winning and adding them to the least favorite. It is used mostly in American football and rugby.

Asian Handicap: It is very similar to the classic handicap but has certain peculiarities to take into account since bets with three or more tips are adjusted to have only two possibilities. For example, the 1X2 of football becomes Home +/- n goals vs Away +/- n goals

Long Term Bet: It is used when the event lasts several days.

Live Bet: The bettor can modify his bet during the game.

Special Bet: Bet that is related to the teams facing each other but not to the game itself.

Simple Bet: It is the most used and classic. If the person is correct in the forecast, the amount plus the benefits is returned. Otherwise the bookmaker keeps all the money.

Combination Bet: Here several bets are made for various sporting events and you have to match them all to win the bet.

System Bets: There are several systems for multiple bets in which the different possibilities between the selections chosen to bet are combined. The most common are Trixie2, Patent, Yankee and Lucky15 system bets.

Double chance: It is a type of bet in which you can choose two of the three options given instead of just one. These three options are: The home team wins, the away team wins or the draw. You can choose between: the home team wins or draws, the visiting team wins or draws and the home team or the visitor wins.

Both teams will score: It is a type of bet in which you can bet that both teams will score in a given match. It is sufficient that both teams score at least one goal.

Strategies

Sports betting strategies are scenarios used by bettors, they are a mixture of psychological, motivational, biological factors, previous performances, and so on.An example of a strategy using situational and biological factors is to bet on the lower divisions and consider the distance in kilometers between two teams playing, keeping in mind that long trips tend to be detrimental for teams in these lower divisions.Other strategies seek efficient use of available statistics in order to increase profits. The value strategy compares the odds (percentages) of the results with the current odds of a bookmaker.The decimal probability can be simply converted to percentages by dividing 1 by the probability (for example, 1 / 1.5 = 0.666 => 67%). For example, if a Zaragoza – Celta match has a probability of 74%, the odds are 1.75 for Zaragoza (1: 1.75 = 0.571 => 57%), this gives a difference of 74% – 57% = 17%. This 17% is put into play according to Kelly’s strategy: budget multiplied by 1/10 of the value estimate (in this case 17%, that is, 0.17) divided by the quota minus 1 (that is in this case 1.75 – 1 = 0.75).One strategy for betting on tennis matches is to bet that the line of games provided by the bookmaker will be exceeded in matches in which players with good serve are faced and played on fast courts. Normally this type of game line bets usually have 2 options, or more than the amount stipulated by the house or less is disputed, and odds close to 2.00 are offered, so that the risk money can be almost doubled if it is predicted of right way.When facing 2 tennis players with good serve on fast courts, it is quite likely that there will be few service breaks and that sets will be played in tie-breaks, so this strategy of betting that the line of games proposed by the house usually gives good benefits in the medium-long term.It is recommended to divide the total of the bank for 100 or 200, and the result of this division gives equal to a unit value that would be the recommended bet.In order to correctly establish the amount of our bets we must first define the amount of money that we will use for our bets. We can consider the bankroll as that total amount of money destined for sports betting or what would colloquially be our sports earnings piggy bank. A suitable bankroll to practice a strategy when betting is one that allows us to play a certain amount of money based on the probabilities that we have previously calculated.

Sports fraud

To win money through gambling, bettors often perform different types of scams to achieve the desired result.The most common method is to get a competitor to let himself lose on purpose, in order to bet the opposite outcome. This can be done through violent threats to the competitor, or through voluntary bribery. For example, a boxer can get hit and knocked out, or a footballer can convert a goal against.The same can also be done with a coach, to choose inappropriate players or to indicate incorrect game strategies.Another form of sports fraud is to threaten or bribe the referee of the competition, to benefit or unduly harm one of the competitors, or to make a specific payment at some predefined time, and bet that this action will occur.For example, in 1919 the Black Sox Scandal of 1919 occurred, eight players on the team were expelled from Major League Baseball for intentionally losing the World Series, by being bribed by gamblers.It also happens that the competitor, coach or referee himself commits fraud without intermediaries. To avoid this, federations often require that participants are prohibited from placing bets of any kind.Instead of betting on the overall result of a competition, it also happens that fraud is committed when betting on specific actions in a match. For example, during a cricket match between Pakistan and England in 2010, a bettor revealed to the News of the World newspaper that two players would miss certain plays, and the predictions came true. However, it is easier to detect this type of fraud, since it is rare that large bets are placed for trivial events.In an English soccer match in 1995, forward Matt Le Tissier tried to kick the ball to the side of the pitch, thus winning a bet that there would be a throw-in in the first minute of the match, but failed and did not win the bet.

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