Sports betting has a long history with it being reported that ancient Egyptians were the first to partake in it by placing wagers on sports like chariot racing or fencing. In modern times, it has been a staple of UK culture for many years, for example, but wasn’t formally legal in the US until the Supreme Court struck down the PAPSA legislation in May 2018. This act had previously prohibited sports betting at federal level.
The advent of online sports betting has also changed the global landscape and opened up access to hundreds of new lines and markets. But how exactly does sports betting work, and what are the most popular wager types? We’ll answer these questions below in our detailed sports betting guide.
How Sports Betting Works
No matter how much and how often you bet, the process of engaging in sports betting remains the same. Every market that you wager on will have its own unique odds, which are set by sportsbooks using various factors. These include form and historic H2H results, initial betting volumes and advanced algorithms that also factor in real-time game feeds and injury news.
By setting and regularly adjusting sports betting odds, bookmakers play a key role in determining your choice of markets and potential profitability. You can analyse markets online and consider the following mechanisms:
- Stake: This is the amount you’re willing to bet on a sport betting outcome occurring. This is known as a back bet, while bookmakers lay this by wagering the exact same amount that the same outcome will not occur. If your bet is successful, the bookie will payout at the relevant odds.
- Odds: Odds are both precise and dynamic, while they relay precisely how much you stand to win in relation to your stake. You can also use them to calculate the implied probability of an outcome occurring. Odds are available in decimal, fractional and American formats.
- Payout: The payout describes the total return on your stake, including profit. For example, decimal odds reveal your potential return for ever $1 wagered, inclusive of your stake. So, if you back Carlos Alcaraz at 1.25 to beat Novak Djokovic in the US Open last four, a winning $10 bet will yield $12.50 in total and profit of $2.50.
Types of Sports Bets
The range of available wagers varies between different disciplines and sports betting websites. Below, you’ll find a summary of the main categories and most popular individual markets:
- Single Bets: A single bet includes just one betting selection from a single event or match.
- Accumulators: Also known as an acca, this type of combination bet includes multiple picks from numerous games or a single event. The odds of each line are multiplied to create an enhanced overall price, while each selection must win for the bet to payout.
- System Bets: System bets are another type of combination wager. However, legs are placed in a series of smaller bets that can be won separately. As a result, you have a higher chance of banking some type of return.
Some lines are universally popular and more common than others, including the following:
Football (Soccer) Match Bets
Football is the most popular sport to bet on in the UK and Europe. Most casual bettors target the 1x2 market, which simply requires you to pick the winner of a particular match. This is available across all Premier League betting matches.
You can also bet the over/under on how many goals will be scored during a game. We’ll set different totals as individual betting lines, and you’ll have to select one before determining whether the actual total will be over or under this.
You can also handicaps (such as -1.5 goals) to back match betting favourites at enhanced odds. In this case, a team will have to cover the spread and win by two clear goals for the bet to payout.
Tennis Set Betting
The moneyline is also popular in tennis, as draws are eliminated as a potential outcome during competitive matches. Fans of the sport can also engage in so-called set betting, which includes numerous markets based on single sets or games.
You can bet the over/under on how many games will be played in a set, for example. You can also pick individual set winners and how many sets will be contested in total during a game.
This variation creates one of the best sport betting experiences possible, so tennis wagering remains enduringly popular globally.
Esports
Esports is a relatively new subset of sport betting, which focuses on competitive video game play. Popular games include NBA 2K and FIFA, which provide simulations of basketball and football that are played throughout the year.
In these instances, the range of available betting markets mirrors those in physical matches. So, you can place 1x2 and over/under bets on match outcomes, alongside selected handicaps. You can also bet on Both Teams to Score (BTTS) or not when wagering on FIFA games, which unlocks relatively low odds but higher implied probability values.
Pre-Match vs In-Play Betting
Pre-match bets can be placed right up until the beginning of an event. Odds of this type are typically less dynamic, with most line movements driven by betting trends and any team or injury news that’s released prior to the game.
Once an event starts, you can bet in-play. Live odds are dynamic and updated in real-time, while they also include moneylines, totals and handicaps. However, they also introduce new markets, with micro wagers focused on outcomes that occur in the next few minutes.
These include picking the identity of the next goalscorer, alongside the timing of the first goal and the over/under on how many corners will be won during a game.
Other popular subsets of live or today betting include last minute markets. These lines close just before events commence, while they also include those that are priced below odds quotes of 2.00.
Technology and Trends
Of course, in-play sports betting is only really possible due to the advent of online and mobile gambling. At interwetten, for example, we provide live score updates and datafeeds once an event starts, including virtual fields of play.
This creates accurate visual updates and match statistics, which help to inform and time your bets successfully. Advanced AI and data analytical tools are subsequently used to gather match data and adjust odds, which create short-term opportunities for value betting during games.
Online platforms may live stream events directly, or offer betting exchanges. The latter let you act as a bookmaker and lay selected back bets, creating the opportunity to cover opposing outcomes through different sportsbooks.
Opportunities and Risks Associated With Sports Betting
As we’ve touched on, you can use odds to calculate implied probability values and calculate your risk. Using the previous example of Carlos Alcaraz playing Djokovic in the US Open, the Spaniard’s odds of 1.25 imply an 80.0% chance of success.
This is categorized as a relatively low-risk bet, with Alcaraz highly likely to prevail and the odds producing only a nominal return.
Quantifying this risk is key, especially when it comes to setting optimal stake amounts. You may be inclined to bet more on Alcaraz to win, for example, while lowering your stake when betting on Djokovic (who’s priced at 4.00 and has just a 25.0% chance of winning).
Common risks also include the risk of addiction and compulsion. Because of this, it’s crucial that you undertake responsible gambling practices, which may include the following:
- Set Limits: Setting customisable deposit limits allows you to manage your bankroll effectively. You can set daily, weekly and monthly deposits depending on your betting frequency and activity.
- Self-Assessment Tools: At interwetten, we also offer self-assessment tools that are focused on the amount of money and time that you spend wagering. You can subsequently set timeouts and manage your activity more stringently.
- Support and Counselling Resources: If you do ever find yourself betting outside of your means, there are support and counselling resources available. If you’re unsure, reach out to the support team at interwetten to learn more.
Social and Economic Perspective
Sports betting is highly generative economically. As of 2022, it supported 119,000 jobs and paid £4.5 billion in taxes for the Treasury, creating a significant source of public funds during relatively uncertain economic times.
However, this has always created ethical concerns and issues. As the sports betting market continues to grow and fund sporting initiatives through sponsorship and media rights, betting is also becoming more accessible and highly promoted.
Gambling-related social harms are regularly discussed by politicians as well as by the industry. For example, UK gambling operators fund the gambling support Group GambleAware.
There’s also the challenge posed by money laundering and match fixing. The gambling industry has come a long way in preventing match fixing on a large scale with the last big scandal in football being the Calciopoli scandal in Italy in 2006 that led to Juventus being relgated to Serie B.
Wagering, Markets and Sports Betting Offers at interwetten
Here at interwetten, we offer odds across a huge range of sports and markets. We also run multiple sport bet offers, including a 100% welcome bonus up to €200 for new bettors.
Your deposit amount must be staked 5x in total, while the minimum odds requirements are capped at 1.70. These terms are competitive compared to most sports betting sign up offers.
Among our sports betting promotions for existing bettors, you can claim a Football Combi-Cashback of €50. To qualify, simply build combination bets that include at least three selections, and you could recoup up to 50% of your stake if you lose.
You can see an overview of our promotional offers here, while navigating to the sportsbook lobby will reveal the full range of markets and live betting opportunities currently available.