The betting industry is growing by the day. Online bookies have certainly played a huge role in the proliferation of the market. The convenience they afford to new players has undoubtedly popularized the industry among demographics that it never reached before. For example, plenty of women say that they feel a lot more comfortable betting on the internet.
With the industry growing, there are a lot of people who are just recently creating accounts and placing wagers for the first time. Plenty of these newbies might be completely unaware of certain terms that are important to grasp.
So, in this article, we are sharing some of the most important sports betting terms that you will come across, while betting online.
Odds
At the top of the list are odds. If you are unaware of what odds are, then it is quite literally impossible to start betting, as the entire industry rests on these numbers. In online sports betting, odds are numerical representations of one team’s chance to win.
They can also show the potential amount of money one can wager, by backing the right horse (so to speak). There are three different types of betting odds, depending on the website you are using, or the country you live in, so make sure you get acquainted with all three before you start wagering.
Promo Offers
In online sports betting, we often are exposed to promotional offers and bonuses. Online bookies attempt to attract as wide of an audience as possible. To do that, they release promotional material, which gets people excited.
For example, there are welcome bonuses, which are given out to new fans who’ve just recently signed up. Then, there are loyalty programs, which exist to please existing customers, who’ve been loyal to the website for an extended period of time. Promo offers are a great way to get a bit ahead when betting online.
Underdog & Favorite
In sports where two teams clash against each other, you often hear references to “the underdog.” We all have an idea of what that is, however, pop culture may have poisoned our view of the term. In sports betting, the underdog is the team less likely to win.
Films and television often depict the struggle of the underdog, and eventually show they emerging victorious. However, in real sports competitions, the underdog is usually the one to lose.
The team who has a higher chance of winning, on the other hand, is simply called “the favorite.”
Payment Methods
Finally, if you are going to be betting online, you should be aware that there are different payment methods available to you. Of course, credit cards are the top choice for many. They are simple to use, easy to acquire, and most websites already started out by accepting credit cards.
However, recently, many bookies have made it possible to wager using Bitcoin, and other crypto alternatives, as well as digital wallets.
For those who value security above all else, direct wire transfers are also a great choice, that is if you don’t mind waiting out the long processing time.
