Sports betting is generally the act of placing a bet on the possible outcome of a sporting event and predicting sports results. The number of people who place sports bets on any given sporting event varies greatly, from huge companies with deep pockets to small guys with a couch and a laptop. Sports betting is not governed by any national law or regulation; it is left to each individual to decide how much they are willing to risk for a chance at winning. The frequency with which sports betting occurs also varies by country, with the majority of bets being put on popular games that are regularly played by members of a particular society.
In the United States, sports betting is widely accepted. Unlike betting on race tracks, gambling and lottery, sports betting is governed by a wide variety of betting terminology, sports betting terms and rules. Gambling refers to betting on a contest involving chances of winning, while sports betting can be considered a blend of both gambling and sport betting. While some examples of gambling are horse races, college football and the lottery, sports betting is usually defined as an attempt to win a game or event, often through the means of a spread, the price, or odds.
A common example would be the Texas Tech Cowboys in the NFL. The Dallas Cowboys play the Texas Tech Cowboys in football; the winner takes home the college’s national championship trophy. Betters, who place a bet on the Cowboys take their pick of selecting the winner based on statistics and momentum, but may choose to place their bet against the underdog and hope that a team will win despite the amount they are willing to lose for that chance. This is commonly referred to as the ‘over/under’ bet.
Spreads are used in the US to predict results. A typical spread contains odds and the total points that the favorite can and cannot come out with. When the game is held at home, the home team’s odds on winning the game are typically greater than the odds of the other team. The opposite is true for road games. Home team statistics from teams playing elsewhere are considered.
There is usually no way for the underdogs to become the favorite. If a team is declared the winner after a point spread bet is placed, then the money that was initially given to the favorite must be returned to the investor. This is known as a surrender. Many people make money on this type of bet because they feel the underdog has little chance of winning and the bettor feels the bet would have been better if it was won by the favorite.
Sports handicapping, on the other hand, is used to pick the winner of a game. While it differs from betting on a spread, sports handicapping is a part of the betting world and is often confused with it. Sports handicapping, in most cases, involves betting on a specific team or player.
When you are talking about sports betting, you can either talk about gambling or handicapping, but not both. Gambling refers to betting on an event without knowing its likelihood of winning or going wrong. For example, if someone bets on a player that is out with a sprained ankle, they are gambling. However, if they had placed their bet with a sportsbook on the injury, it is a form of handicapping because the bettor is basing their opinion of the injury on facts and not gambling.
Sports betting terminology is very confusing. There are some terms like over/under, over/down, two-point agenda, field goal attempt, leg power, and field goal percentage that are thrown around freely when discussing sports. However, if you have an understanding of the sports betting terms, the sports betting world can seem a lot less strange. It doesn’t have to. Sportsbooks and online betting companies offer terms and lingo that are designed to make things sound less complicated, which is why it’s important to know them.