Getting started with sports betting
Why bet on sports? Because it’s exhilarating!
The main reason that people bet on sports is for the entertainment value. Watching live sports gets your heart racing, but the rush and excitement can be really amped up when you have money on the line! Starting out at a mere N$5 per bet, sports betting with allbet is a bargain compared to most other forms of entertainment such as going to the movies, dining out or a night out on the town. The added bonus of sports betting is that the entertainment value of your money spent greatly increases when your bet wins!
When betting on sports, your goal is simple: correctly predict the outcome of a sports event in order to win their bet – and potentially profit. This essentially means that you give the bookmaker (in this case allbet) your money to hold (placing your stake) and if your bet wins, they will give it back to you plus any earnings. If the bet loses, then you aren’t getting your money back.
But isn’t it complicated? Not at all once you understand the basics.
People are often not confident enough to try sports betting because they think that it is too complicated and takes too long to learn. But this is not true. While there may well be many terms floating around that may confuse the beginner, just understanding some basic details and getting familiar with a few terms will get you enjoying sports betting in no time.
Is there a lot to learn and understand about betting? Yes, there is. However, there is only a certain degree of basic knowledge that anyone would ever need to start enjoying the exciting world of sports betting. Let us explain to you the basics.
The basics components of a sports bet
At the end of the day, all sports bets are made up of the same three components. No matter which way you slice them or how complex you try and make them, they will always boil down to the following three components: selection, stake, and odds.
The selection is choosing which team or person to make a prediction on. It is as simple as predicting which team will win the game, for example team A or B.
The stake is the amount of money you bet on your prediction selection. If you want to bet N$10 on a soccer match for Team 1 to win, the stake is N$10.
The odds can sometimes be the most confusing part for players, but odds allow you to calculate how much profit you will make if your bet wins. Odds are the likelihood that something will occur. The less likely something is to happen, the more you will be paid if you win. The more likely something is to happen, the less you will be paid if you win.
The sight of odds and the many bet types you can make when you see the betting page are often what confuses people the most, but we will make it easy for you to get started by explaining a few of the basic bet types, and then explaining how odds work a later in this guide.
The types of betting:
Fixed Odds Sports Betting: Most of our sports betting is fixed odds sports betting. This means that both parties agree on the odds when a wager is being placed. When a wager wins, it is paid out at those agreed odds even if the odds have changed afterwards.
- Pre-Match Betting:
Pre-match betting is a type of fixed odds betting. Here betting is only open until right before the start of a match.
- In Play/Live Betting:
In play betting, or live betting, is a type of fixed odds betting. Even though wagers are placed on sporting events at fixed odds in the same way, there is one big difference. You bet on events after they have started. Remember: when it comes to traditional betting, wagers must be placed before the start of an event.
The prediction types:
Win Bet: 1X2 or 3-Way betting:
All these terms refer to the exact same type of wager. This bet can be used in almost every sport, and it involves simply picking who is going to win a game, match, or event. The 3 Way has only 3 options to choose from, namely that the 1st team will win, the game will end in a draw or that the 2nd team will win.
The simple rule for making this easy lie in the 1 X 2 that you will see on the sportsbook screen:
1 represents the HOME team
X represents a DRAW and
2 represents the AWAY team
The home team will always be listed first. For example.
Chelsea vs Liverpool
Chelsea is the HOME team and indicated by 1
Liverpool is the AWAY team and indicated by 2
These representations are also indicated as such on our betting system for easy reference:
Other bet types:
There are many possible bet types that can be chosen, too many to explain in this getting started guide. However, most bets are easy to understand and once you are familiar with the 1X2 (Home/Draw/Away-concept), it becomes very simple.
Certain sports such as tennis can only have a winner or a loser and as such have only a 2-way option to bet on. Other events like motorsports have the option to bet on the winner of the race or if a driver will finish in the top 3 positions. All these different options are matched with odds. Let’s wrap this up and get you comfortable with the basics of odds.
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. The less likely something is to happen, the more you will be paid if you win. The more likely something is to happen, the less you will be paid if you win.
There are three major odds formats that you may frequently see mentioned, namely Fractional odds (British), American odds (Moneyline) and Decimal odds (European). These are simply different ways of presenting the same thing and hold no difference in terms of pay-outs. We use decimal odds in our sportsbook, but you can easily select the odds to be displayed as you choose.
Decimal odds are exactly what the name says, presented in the decimal system. Examples would be: 1.2, 1.75, 15.35. The smaller the odds are, the more likely it is that something is expected to happen. For example, odds of 1.2 means it is more likely that this result will occur. The larger the odds are, the less likely it is that something is expected to happen. For example, odds of 15.4 means it is less likely that this result will occur.
Odds most importantly indicate what you stand to gain if your bet is correct. To calculate this, simply multiply the stake with the odds.
Let’s look at some examples:
If you bet on Team A winning a match and the odds are 1.5, you stake N$10 and if the tam wins you will be paid back N$15.00. Your original stake plus the N$5.00. If Team A does not win, you lose your N$10.
- You bet N$10 on Team A to win at odds of 3.75. If they win, you win N$37.75 (N$10 x 3.75).
- If you bet N$5 on Team B to win at odds of 1.35, and they do, you win N$18.75 (N$5 x 3.75).
- Team A to win at odds of 28.12, Stake of N$ 10 return if Team A wins is N$ 10 x 28.12 = N$ 281.20
The betslip is where your bet selections and amounts staked per bet are recorded – almost like a checkout slip at a retail shop. Your betslip is closed as soon as you confirm the selections and amounts of your bets. You cannot alter your betslip after it has been closed by yourself, meaning you cannot change, add or remove any items from a closed betslip. All your betslips will be available to view in your account history.
Let’s look at this betslip as an example:
- Once you have picked a match, it will appear in the betslip section on the top right-hand side of the page.
- In the purple box you can select what type of bet you wish to make.
- In the red box you can see all your previous bets.
- In orange box the you can enter the stake you wish to make on the selection
- In the yellow box it would be advisable to select accept changes for odds, especially in live matches, as the odds do change quite rapidly and then the bet will be rejected from the previous odds.
- In the brown box you can book a bet and confirm it and pay for it later, this bet is then NOT finalised and is only finalised when it is confirmed by placing the bet at a later stage.
- In the blue box, confirm your betslip click on the PLACE BETS button and it will request authorisation and confirmation of the betslip.
A single bet:
A single bet is when you bet on one specific outcome and place a stake on that outcome. It will then be indicated in one line on your betslip. You can place several single bets on a betslip and then close the betslip, each one does not have to be closed off separately, you just need to enter the amount for each line you wish to stake.
This is what a betslip with several single bets would look like:
- In the purple box you can see it is selected as a single bet.
- Each of the yellow boxes it shows the selection made and the outcome chosen.
- In each of the red boxes you can see the option to input what stake amount to be placed on each of the selections.
- In the blue boxes you can see the possible winnings if the selection is correct.
- At the bottom of the betslip in the blue box you can see the total winnings if all selections are correct.
Next level betting: the “ACCA”
In sports betting an "ACCA" is an accumulator bet. The popularity of the "ACCA" comes from the fact that a very small amount of money can translate into a sizeable win.
An accumulator bet is when you bet on multiple selections (matches or events). If you correctly bet on the result of the first game, the bet and odds of the first selection are multiplied and then applied to the next selection on your “ACCA” bet. It is important to know that you only win on this bet if all your selections are correct. If one is wrong, you lose the entire bet.
Sounds complicated? Not really. All you have to do is choose more than 1 different match and add it to one betslip, then place a stake on all the events in total. You therefore place one stake amount on several events, in comparison to putting a stake amount on each event and bet type.
2 matches selected: Total Stake N$ 10
We assume both selections were correct.
Match 1 Team A to win at odds 2.0, total stake (N$10 on all selections) x 2 = N$ 20
Match 2 Team D to win at odds 3.0, first match result N$ 20 x 3 (Match 2 odds) = N$ 60
If one was not correct you lose the bet.
If you had bet N$ 10 on each event and risked N$20 in total, you would have only received a total of N$ 50 in return. With the “ACCA” you only risk N$10 but can return N$ 60 if both selections are correct.
You can make up to 30 selections for an “ACCA”. This is what happened when you hear of sports betting results where someone bet as little as N$ 10 and walked away with tens of thousands in winnings. The truth is, however, this is not always the best way of placing your bets.
Here is an example of what a ACCA betslip would look like:
- You can see at the top tab in the purple box, it is marked as an ACCA.
- In the Yellow box are all the selections, you will note that there is no single bet amount after each selection.
- In the red box is the stake that is valid for all the selections N$ 10.
- In the Blue box you can see the possible winnings is quite high in relation to the stake at N$ 10 431.70.
Diving deeper into sports betting
There are plenty of sports bets offered that are more in-depth than simply picking a basic winner. You could for example pick how someone will win, how long it will take them to win, who will score the first try, or how many points each team scores. There are many more options, but for now you at least have an idea of what sports betting is and the different options available. Many sports bettors enjoy sifting through stats and discussing their predictions of how upcoming games will play out with their friends. Some even claim that the research and actual selection part of sports betting is more entertaining than watching the actual game. This carries weight, as it is important to understand what type of bet you are placing and how the result is determined. This information will always be readily available from our help desk.
Some professional advice and tips when getting started:
- Make informed betting decisions.
- Bet with your head, place a bet only because you think a team will win, not just because you like or support them. Try not to bet against a team just because you don’t like them either.
- Try not to bet against your team even if it is a good bet, you might end being conflicted in your cheering for the entire game.
- Start out slowly, there is no need to rush into many bets or large amounts.
- Learn the basics and have a good understanding of what and how you are betting on.
- Have Realistic Expectations, large wins are not the regular occurrence, and it is very difficult to make a living from sports betting.
- Bet with a Clear Mind, never bet under the influence of any substance or when your mind is clouded with thoughts and you are not feeling great yourself.
- Bet on Sports That You Understand, the more you learn about the sport type you wish to bet on the better your chances will be.