Forcastr‘s best betting concepts, terms and tips for every bettor

Betting is a game that involves a lot of risk-taking. For some, it can bring heartbreaking losses.

However, if you understand how betting works and have mastered the rules of the game betting gives you an exciting opportunity to transform your passion for sports into massive rewards on every one of your favourite games!

If you’re new to betting, you’ll need to get fluent with the betting lingo and keep basic gambling concepts at your fingertips. In this post, we’ve highlighted ten betting terms and tips to help you get started.

1. BOOKIE

“Bookie” is the nickname for a bookmaker. A bookie is a person an organisation who facilitates gambling on sporting events. The bookmaker is responsible for setting odds, accepting wagers from bettors and paying out to winners.

2. ODDS

Odds refer to the probability of a certain outcome in a fixed game. They reflect the bookmaker’s expectations from a match and have an impact on how much you win. For each bet you place, you’ll be offered odds. The more likely an outcome, the lower the odds and vice versa. When making payouts on winning wagers, the bookmaker calculates how high the odds were on the winning outcome and how much money you placed on the bet. 

3. STAKE

A stake simply means the amount of money you place at risk on the results of a game. The value of your stake impacts how much you can win or lose on each bet you place. As a bettor, you must be savvy when placing stakes on a bet. While you can cash away with a lot of money, you can also lose all you have if you place it on an unsuccessful bet. Never place all you have on a bet. 

4. WAGER

A wager is another word for betting. When you wager on something, you are putting a certain amount of money at stake in the outcome of a match or competition.

5. FAVOURITE

The term “favourite” is used to refer to the team that is expected to win a game. Usually, bookmakers usually set odds on a game depending on the team they believe has a higher chance of winning. The betting odds on the favourite team is lower than the odds on their opponent.

6. PAYOUT RATE

The payout rate on a game is the percentage of money wagered that a bookmaker pays out to customers. The payout rate is calculated by subtracting the bookmarker’s margin from the total value of bets placed. The bookmarker’s margin refers to the amount of money kept aside from each bet placed as profit by a bookmaker. For example, a bookie can keep N200 on every N1000 wagered on a game.

ESSENTIAL BETTING TIPS

Successful bettors have a few tricks under their sleeves that save them from sad experiences, no matter the odds. You’ll need them if you want sports betting to work in your favour. 

Be Disciplined

This is the number one rule of betting. Before you place any money at stake on a bet, you must be sure it's an amount you can afford to lose. Never feel too confident in the outcome of a game that you place all you have on it; or in other cases, money that does not belong to you!

It is also important to remain level-headed and calculate when wagering. Do not be ruled by your emotions or allow your actions to be fueled by anxiety. You can lose more money that way. Be patient, start with smaller, safer bets and gro gradually.

Understand the Sports

It is a bad idea to place your money on a game you do not understand. A successful bettor must also know the intricacies of the sport he’s attempting to predict. You must understand the competing teams, their history and reputation, as well as the circumstances surrounding this present game.

Explore With Different Bookmakers

With sports betting getting more popular everyday, there are lots of bonus offers - especially as a new customer - on various betting platforms for you to take advantage of. You get to enjoy these benefits when you shop around with different bookmakers. Also odds vary between bookmakers, so you’ll be doing yourself a favour surveying the betting market for the best value.

Understand How Odds are Made

The most successful bettors do not only study the game but they also closely observe the strategies that bookmarkers use when setting odds. Bookmarkers are looking to make the most profit from each game. This is why they set odds to reflect the popular expectations among the general public. However, many times, these expectations do not reflect reality, resulting in many losses among bettors. As a smart gambler, it’s wise to find the best opportunities where the general public's opinion is wrong and the least favourite team could be your chance to cash out.

Forecastr equips you with the best soccer predictions to place bets on your favourite matches. Using robotic intelligence, Forecastr analyses the results of 10,000 football teams in 300+ leagues around the world to give you the best predictions.

With Forecastr, it’s GAME ON!!

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