Sports Betting Terminology by Betbarter Id
The terminology used in sports betting sites like Betbarter Id are listed below. various synonyms for various terms exist since different countries have their own nomenclature. The emphasis here is on Australian terminology. In brackets, popular synonyms are offered.
The fundamentals
- Sports Betting – A type of gambling in which a wager is placed on the outcome of a sporting event. The basic goal is to win more money.
- Bookmaker (Book, Bookie, Sportsbook, Betting Agency) – A company that provides betting odds and accepts wagers.
- Betting Exchange – A service that provides a marketplace for setting odds. Clients can either back a bet at the current odds or lay a bet and take on the role of the bookmaker.
- Back – Wager that an event will occur. If you wager on Arsenal to beat Chelsea, you are supporting Arsenal.
- Lay – Wager that an event will not occur. You could, for example, gamble against Tiger Woods to win a golf championship. Your lay bet wins if no one else wins, and it loses if Tiger Woods wins. In contrast to back bets, you double your money (minus commissions) if you are correct and must pay out at the specified odds if you are incorrect. As a result, when you place a lay bet, you are effectively playing the job of the bookmaker.