Understanding How to Pick Sports Bets
With online sports bets, picking the right bets is key to becoming a successful punter. For anyone just starting out, it can be difficult to know where to begin.
Is it just a matter of looking for the best odds or is there more to it?
Firstly, it is important to remember that with all sports, there is a process in selecting the right bets, and it starts with picking a sport you know the most about
Choosing the Right Sport
Sports betting is 90% knowledge and 10% luck. If you want to be successful in any way, you need to have a keen understanding of the sport in question. Whether it is rugby, ice hockey, baseball, cricket, basketball or darts, the more you know about the sports, the greater your chances of picking a winning bet. Whether you bet online or use mobile sports betting apps, always narrow down your picks to those that fall into your sphere of expertise.
Doing your Research
The next step is to do your research. Without paying for tips or getting a great piece of information, research is what is needed. Unlike online slots, you cannot sit back and apply little effort. What you are looking for when you doing your research is statistical results of previous matchups or records. There are also other factors to consider including current form, injuries, changes to coaching staff, home ground advantage and so on. Always evaluate the information and compare this to what the online sports betting site is predicting. Remember, they are far more adept in finding the favourite than you are.
Looking at Multiple Markets
When picking your bets, always remember to look at several different markets for the same event. Experienced punters are keenly aware of which markets they are most skilled at picking a winner. By assessing the markets available, you might just find a greater betting opportunity that was not presented in the more popular set of online sports betting markets. With football, this could mean halftime betting, first goal scored or which team will have the best defence.
Evaluating the Value of the Bet
Once you have looked at all the markets available, you should have a short list of bets available. The next step is to evaluate the value of each of these bets. Choosing a valuable bet means backing a selection where the odds are greater than the chance of the selection actually winning. You will need to look at the odd of each selection on your list and decide if the odds accurately reflect the chances of the bet being a winner. Sports betting online sites don’t miss the mark often, but when you find good value, it can mean great profits.
The final step in picking the right bets involves doing an odds comparison. This is usually where punters start out and forget it should be the final step. Once you have selected a sport, looked at all the markets, evaluated the value of the odds, you can shop around for the best odds available. In some cases, online sports betting Canada sites are slow to update their odds and you can grab good odds before they change. Even a shift of one point can significantly impact your profits. This is when you need to pounce and get your bets in straight away.
Learning from Past Sports Bets
Another important aspect to consider when picking bets is what happened last time around, Learning from your mistakes is just as important as just as important as learning from your successes. If you picked the right bet previously, what happened, why did it pay out or did you get lucky. Similarly, if your bet didn’t win, what did you do wrong. Was the result significantly different to your prediction, and how can you avoid this in the future?
Different Sports Bettings in Canada Explained Indepth
Ante Post Betting
The great thing about sports betting in Canada is that there are so many different sports to choose from, as well as markets and different type of wagers. A punter can craft their own strategy based on when the best odds are available and how much information is sourced at the time. Often, the best time to put down money is long before the event takes place.
With sports like soccer, the Premier League fixture list is released months in advance. If you want to ensure you get the best price on the match, you should be looking to put your money down weeks or months ahead of the game. This is what is known as Ante Post betting. Essentially it is another way of talking about future bets, although it is not restricted out outright results.
More often than not, Ante Post refers to wagers made on horse racing. While these can be placed on just about any event, sports betting sites commonly use the term with regards to horse or greyhound racing. The reason is because a lot can change before the day of the race.
Understanding the Basics
So, what exactly is ante post betting and how does is work? Let’s take a look. With horse racing, the majority of money is put down on the day of the event. This is because the runners are declared that morning, usually around 10am. This is the final list of horses scheduled to participate in the race. The odds at this time are usually quite low, as there is a lot of action and prices tend to drop.
With sports betting in Canada, you can get much lower odds by placing a wager before the final declaration. For example, there may be an upcoming race where you have enough information on a horse to be fairly confident that you are backing a winner.
The ante post price may be about 5.00 or even 6.00 at the time, which would yield a nice payout if it were successful. Since this is a fixed wager, the amount paid out will not change regardless of what happens in the days leading up to the event.
On the day of the race when the final field is declared, the majority of punters will opt for backing the top-runners. This will quickly influence the sports betting odds and the same horse could have dropped to around 3.00 or even 2.50. If you were to put $200 down, the payout difference could be as high as $700 for the same stake.
Disadvantages of Getting In Early
There are, of course, a few disadvantages to ante post wagers. The most obvious is the time factor and the amount of information available on the event in question. Putting money down days or weeks in advance means that you are missing out on key information that could arise just before the event. For example, there may be heavy rains the night before, which could affect the speed of the track.
Subsequently some runners might be more adapted to the conditions. The biggest downside with ante post sports betting in Canada is the non-runner clause. If you do put money down before the final declaration is made, you run the risk of your horse pulling out of the race. If this does happen for some reason, you will not be compensated. This is the risk you have to take for getting a higher price.
Any bets placed after the delegations are made will be exempt from this clause and your initial stake returned for a non-runner.
On the other side of the coin, these particular wagers are exempt from Rule 4 deductions. For those who are not familiar with rule 4, this is when a declared horse drops out of the race after the final field has been decided. This doesn’t happen very often, but when it does, it has a significant impact. Since there are now fewer horses in the running, the odds have to shift accordingly.
Punters who enjoy sports betting after any dropouts have been declared will have their odds changed to accommodate the rule 4 deductions for the non-runner. Usually this means a drop occurs, and your payout will decrease. However, if you placed an ante post wager, rule 4 deductions do not apply. While you take on the risk of not having your horse running in the race, you also get the advantage if a different horse does not run. Not only do you get a better price at the time when you placed your bet, you also have a higher chance of winning on the day.
At the end of the day, ante post wagering is a high risk-high reward strategy that can pay out big if successful. With sports betting in Canada, it is a good way for experienced punters to get a better price on selections they are confident about.
Horse Racing Rules On Sports Betting
In Canada horseracing is one of the most popular online betting sports. A major international horse race not only attracts thousands of people to the track but also millions of viewers around the globe. While plenty of local races are available at Canadian online sports betting sites, the majority of bets are going to be placed on international races. This includes races in the UK and Ireland, races in Australia, the United States and New Zealand.
While many of the horse racing rules remain the same, the international racing rules can be different for each country. Before sports betting on an overseas race, it is important to read the international rules as set out by the betting site. This will ensure that when a race is postponed, or there is or the starting price differs, you understand what will happen to the bet.
All online sports betting Canada sites have a detailed section on international racing rules. As with domestic racing, these rules cover all the various types of bets, what will happen if the race does not run, starting price, tote betting rules and fixed odds betting. Some of the most important rules to check include:
Ante Post Bets
Ante post bets are horse racing bets placed at least a day before the race. The odds are usually different to the starting price odds. International rules on ante post betting differs but in most cases, if the horse does not run the bet will be lost. Only if the race is abandoned will the bet become void.
With horse racing, it sometimes happens that a horse is withdrawn from the race after coming under the starters orders. In such cases, the online sports betting site will scrap all fixed odds bets and the remaining horses will be subject to deductions calculated in accordance to a provided table. The deduction tables differ from in each territory and thus the international racing rules must bet checked.
Best Odds Guaranteed
Best odds guaranteed (BOG) is a type of sports betting promotion run by local and international betting sites. With this promotion, if a fixed odd bet is placed on a horse and the starting price is higher than the original betting price, the punter will be paid out the higher odds. The international racing rules differ for BOG in each country. For example, for races in the UK, BOG rules apply to all but starting price odds while races in Australia do not offer SP odds or BOG promotions.
It often happens that a major race will be postponed. In such cases, online sports betting sites will revert to the international racing rules for the region the race is being run. In general, if a race is postponed within 48 hours after scheduling, all bets shall stand. However, if a race is postponed more than 48 hours after it was initially scheduled, race will be deemed to have been abandoned and all subsequent rules will apply.
In some cases, a race may be ordered to be re-run. The rules of a re-run change from country to country. In general, when a race is re-run, all starting price bets will be calculated and paid at whatever the odds are when the race the race is finally run. All of the place bets are subject to the standard rules of deductions, dead heats and scratching. In the case of re-runs, most ante-post bets will stand as is.
Sports Betting Types
The types of bets offered at sports betting sites will differ according to the international racing rules. In the US, Canada and the UK, pool betting and fixed odds betting offers the opportunity to place a selection of singular and multi bets.
- Win bets – Betting on an individual to win the race. With win bets, scratched selections will be refunded. Refunds also occur on win bets when the race is declared “no contests”. In order for refunds to occur, the race must have 2 or more runners.
- Placing bet – Betting on a nominated horse to finish first or second in the race. With placing bet, the international rules differ but in most cases scratched selections will be refunded. A placing bet must have 3 or more runners before it can be refunded.
- Show Bets – With sports betting online, a show bet is when a nominated horse finished either first, second or third in the race. The international rules state the non-runners or scratched selections will be refunded. In order for a refund to occur, show bets must have a minimum of 4 runners in the race.
- Exacta Bets – Betting on two horses to finish first and second in a race in exact order predicted. Exacta bets will be refunded for non-runners. However, the stakes for the hose still racing will stand.
In-Play Sports Betting Guide
In Canada, online sports betting is the easy, fast and safe way to bet on any local or international sporting event. Whether you are just a casual punter or someone who is constantly on the hunt for the best odds, online betting offers up plenty of opportunities to win big if you know what you are doing. With sports betting online there are a number of different types of bets that can be placed on each game, match or tournament, but in-play betting is perhaps the most exciting of them all.
What is In-Play Betting?
All top-rated sports betting online sites in Canada will offer live in-play betting on the major sporting events. For those who are new to the concept, in-play betting is exactly what it sounds like. Instead of placing your bet before the event starts, you can get in on the betting action while the match or game is in progress. Future bets and most fixed odds bets are placed before the event with the betting closing the second the match or game kicks off.
Bet While the Action is Hot
In-play betting is a different kettle of fish and can be extremely lucrative if you have a good knowledge of the game and keen sense of intuition. Here a sports bet calculator app is not going to help. While the bets are mainly fixed odds, the actual odds change every few minutes or whenever there is a major shift in the game. To understand this better, we can look at a simple example. Imagine for example that there is an upcoming rugby game where the teams are evenly matched. The betting odds hold no favours for a brave punter and the most you will make on the bet is 20 cents on the Dollar.
Increasing the Betting Odds
The online sports betting site then opens up live betting as soon as the game starts. After 15 minutes, team A has scored 3 quick tries, taking the score to 21-0. After each try, the odds will shift in favour of team A, and with 3 tries up, the odds look pretty good. If team A continues their dominance into the second half, the odds of team B winning might shoot up to 25.00 or higher. Let’s say you are familiar with the team and you know they pull off big plays in the final stages. You can place a fixed odds in-play bet at 25.00.
A Great Way to Enhance Your Betting Experience
There is no way any sports betting online site would have offered these odds at the start. If team B actually does make a comeback and pull off a win, you will be paid out $25 for every $1 you bet. As you can see, in-play betting can be extremely lucrative if you are familiar with the game and the teams.
In-play betting is offered on all major sports where the action changes all the time. This includes ice hockey, American football, tennis, rugby, cricket, soccer, Canadian football or just about every action sport. The good news is that in-play bets can be placed using an online sports betting app, giving you the freedom to watch the game at the same time!
Understanding Lay Betting
It is no secret that exchange betting has completely revolutionized the world of online sports betting and added something extra for everyone to enjoy. While there are plenty of punters who still prefer to place wagers with traditional bookmakers, the arrival of exchange sites has given enthusiasts the power to create their own bets, choose their own odds and play the role of the bookmaker, if so desired. Of all the advantages this option offers, perhaps the most significant is the ability to lay bets, and understanding how to do this is simple, if you know how.
The easiest explanation for lay betting is to say that you take on the role of the bookmaker in that you are predicting that a certain event will not happen. This is opposite to a traditional backing wager, which you would place online at online sports betting Canada sites. Laying requires a change of thought and is a concept, once grasped that can be incredibly powerful. If you look at the basic idea, it is much easier to say that one specific outcome will not happen than it is to say it would, after all, this is what bookmakers have been doing for years with tremendous success.
Understanding the Concept of the Exchange
The concept can be easily understood with horse racing. Let’s say there is an upcoming horse race and you have narrowed down your selections to 3 possible runners. If you pick just 1, there is good chance one of the other 11 runners might win and you will lose your stake. However, if you were to lay 1 of the horses, you are basically saying that any other horse in the race will win except for this 1 horse. Your chances of being successful are 11 times higher.
Laying can only be done at exchange sites. These are also known as peer-to-peer sites as this would more accurately describe how the wagers are placed. The site is essentially a middleman or a facilitator of the wager itself. Punters still have to sign up with the site, verify their account and make a deposit before any business can take place. The biggest difference is that it is the bettors themselves that are coming up with the various predictions and not the online sports betting site.
Laying a Bet at Exchange Sites
With exchange betting, you can either choose to back or lay. Again, there are 2 ways to go about doing this.
The first option is to create your own wager. This is where you take on the role of the bookmaker and choose a sport and an upcoming event. For example, the Wimbledon tennis tournament is coming up and you could choose to lay on Roger Federer winning the men’s singles title. What you are saying here is that you think that anyone other than Federer is going to win. You then get to choose the odds and see if someone will back the prediction.
If you choose reasonable sports betting odds of 4.00 or higher, someone on the exchange site is bound to back your prediction. In this example, if someone backed the wager at $100, and Roger Feder did win, you would have to pay them $300 in profit. However, if, say Rafael Nadal won, you would pocket the full $100 stake. The second way is to accept a backed wager. In this case, a punter is planning on backing an outcome and has chosen their own odds. If you think the bet is worth it, you can lay at an agreed amount.
As you can see there are pros and cons. This unique style of online sports betting has also created opportunities for implementing cover strategies. The most popular strategies involved placing both a backing and a lay wager on the same event.
For example, let’s say that you backed the Dallas Cowboys to win the Super Bowl at odds of 15.00 with a $100 stake at the beginning of the season. If the Cowboys played well and reached the playoffs, their odds would drop significantly. At this point, you can cover your sports betting backing with a lay wager to ensure you get a payout no matter what happens. In this case, you could set the Cowboys at odds of 8.00 with a stake of $150.
Having a look at the maths, if the Cowboys did go on to win, you would pocket $1400 for the backing, and payout $1050 on the lay, leaving you with $350 profit. If the Cowboys failed in the playoffs, you would lose your $100 on the backing, and collect the stake of $150. This would leave you with a profit of $50. In either scenario, you end up with a profit, so it’s a win-win situation all round.
Live Betting Explained
In Canada, online sports betting is the easiest and fastest way to place bets on any local or international sporting event. Whether this is a local ice hockey game, an international rugby match or the Formula One Grand Prix, by betting online, punters have the ability to access the best odds and place multiple bets at home or on the go. The majority of online bets are placed before the match or game in what is termed pre-game betting. However, it is becoming increasingly popular to place live bets on games as the action unfolds.
What is Live Betting?
Live betting, also known as in-play betting, is one of the newest forms of sports betting and differs from pre-game betting in that the odds are only posted after kick-off. The odds are then updated every 10 minutes or whenever there is a major change in the action. With rugby, this could be whenever a try or drop goal is scored and in tennis it would be at the completion of every game and set. All top-rated sports betting online sites offer live betting on major sporting events.
Before the arrival of online sports betting, live betting was not logistically possible as it requires thousands of instant transactions to be completed within a few seconds or minutes. Unlike pre-game betting, the odds continually fluctuate according to how the game is progressing. This provides opportunities for punters to access better odds than what had been posted before the game had begun. We can look at a simple example to understand how and why punters would want to place a live bet.
How Live Betting Works
If for example, there is a Premier League soccer game between Manchester United and Chelsea, online sports betting Canada sites might have Chelsea pipped as a slight favourite at odds of 1.90 while Manchester is sitting at odds of 2.10. In this scenario, there isn’t much money to be made by backing either team. Backing Manchester would yield a slightly higher profit but the risk would not be equal to the reward.
If the match was then opened to live betting, there would be a possibility of having the odds shift. If Chelsea were to score a goal in the first 15 minutes, Manchester’s odds would shift to 2.60 or maybe even 3.50. If Chelsea were to score a second goal inside the first half, the odds would shift further and Manchester would have odds of 5.00 or 6.00 for a win.
The Opportunity for Bigger Profits
This is where placing a live bet could yield a good profit. An astute punter, who knows how a team can recover, could potentially place a bet on Manchester to win at odds of 6.00. If Manchester did come back in the second half and win the game, this would yield a far higher profit than anything offered at pre-game odds at even the best online sports betting sites.
Placing a live bet requires a far deeper understanding of the game and how teams are matched. This is particularly important with sports like tennis where a player can lose the first two sets and still win the match. Live bets are fixed odds bets which means that the odds and the payouts are determined at the time of betting. Even if the odds change at a later date either up or down, a punter is paid out the agreed amount at the time the bet was initially placed.
Fixed odds betting is just one of the many betting types that an online sports betting site will offer. In Canada, punters might also come across pari-mutuel betting and spread betting. Pari-mutuel betting is mainly used with horseracing and is also known as pool betting. This is where all the bets placed on a race, go into a central pool. The sports betting site then takes a cut and the remaining funds are distributed between the winning bets. Thus, the odds and the payouts are not known until the betting closes and everyone has placed their final bets. Only then can the total payout be calculated which is determined by how many people bet and how many of those people placed wagers on the winning horse.
Spread betting is perhaps the riskiest of all the betting types available at betting sites and mobile sports betting apps. Spread betting is based on totals, which should not be confused with over/under betting which is actually a form of fixed odds betting.
With spread betting, the bookmaker will set a score line and punters must place wagers on whether the actual score will be above or below the line. This may sound similar to totals betting but in this case, the amount paid out is not fixed. With totals betting a stake has to be set per point. The more correct or incorrect the bet, the more a punter stands to win or lose.
Spread Betting in Online Sports Betting
All top-rated Canadian online sports betting sites offer punters the opportunity to put money on both local and international events, with a variety of markets. While the majority of bets placed online are fixed odds, there are plenty of other types like exchange and pari-mutuel to choose from. There is also spread betting, and this is perhaps the riskiest, but also the most rewarding, as it gives you the opportunity to win multiple times your bet stake if you are able to predict the final score.
Know the Basics
This bet type should not be confused with wagering on the point spread, also known as totals or over/unders. In some ways, the 2 are similar, but with spread online sports betting the amount you stand to win or lose changes depending on how right or how wrong you are with your prediction. With standard totals, the bookmaker will post a total score for the game.
For example, if there is a Rugby match between England and Australia, the total posted may be set at around 31.5. This is the combined scoring total of both teams after full time. If you were to place over/under wager, you would simply have to predict whether the actual total will be under 31.5 (31 or less) or above 31.5 (32 or more). The 0.5 is added to ensure that no exact scores are posted. This is a fixed odds wager where you are paid out according to the odds posted at the time of the wager.
This is where spread betting is different. While it may use the same over/under concept, the odds are not fixed, and payouts/losses can increase or decrease depending on the final score.
How to Set the Stake
The first step is to set your stake. Most Canadian bookmakers will let you set a stake anywhere from $1 to $10. The stake is tied directly to the point number and determines how much you will be paid out or how much you could lose. For anyone just starting, it is best to set the stake as low as possible to avoid incurring a major loss. If we use the above example with spread betting, we can see how the system works.
If we predict that the score will be over 31.5, (32 or more) we will be paid out our stake amount for every point over 32. Let’s say the final combined score was 47 and we set out stake at $5. The point difference is 47-32 or 15. We will be paid out $5×15 or $75, which is far more than what we would get from a simple fixed odds wager. The downside is that you can also lose big if your prediction is incorrect.
Winning Big and Losing Big
Let’s say we set our stake at $10 for the above example, confident in our ability to predict the score line. We decide the score will be over (32 or more). However, the game does not go according to our predictions and at the end of full time, the final combined score is 17 points. Instead of being liable for a set stake amount, we now have to pay in our stake amount ($10) for every point below 31.
There are 14 points between the total and the final combined score, so we are liable for 14x $10 or $140. This far more than what we would stand to lose if we had stick to fixed odds bets.
If done correctly, spread betting can be extremely profitable, but you need to implement skill and strategy wherever possible to come out ahead. Take a look at a few strategies that can seriously improve your results:
Always Bet on Knowledge
Understanding the sport is the first step. With spread betting, knowing the basics is not good enough. If you are going to be putting money on each point above or below the spread, you need to have a keen idea of exactly how each game can turn out.
A good way to start is to predict the final score before the bookmaker has even posted the spread. When the spread does come out, you can judge for yourself how far off your estimation is and the bet would be worth your while.
Calculate Your Losses First
It may seem a pessimistic view, but since your losses are not capped, the first thing you should do before placing a bet is to calculate your potential losses. If you are point betting on a basketball game and there is potential for the score to go over or under by 30 points, consider what your losses could be at $2 per point bet versus $10 per point bet, which could set you back $300.
Consider the Stop-Loss Mechanism
If you ask any seasoned punter they will tell you that sports betting online is more of an art form than anything else. It takes time to feel the flow of the game. For anyone starting out, a good strategy is to implement a stop-loss. This is a mechanism where you can define a point in the bet in which you can cancel the entire bet and take the loss. This ensures that your losses are kept to a minim when things go wrong.
Pay Attention to Handicaps
When two teams are unevenly matched, a bookmaker will give the underdog a virtual point advantage. Using spread betting in handicap circumstances makes it far easier to wager points on the underdog. In most cases, the favourites will squeeze through with a single point, if at all. This leaves plenty of opportunity for spread bettors to make huge profits.
Take a Small Profit at The Start
Online sports betting in Canada is a multi-million dollar industry. The bookmakers employ experts to set the odds and the spread. Finding a true opportunity can take time and patience. That being said, when you find the best odds, it is important to understand the full implications of the bet, the amount that can be won and the amount that can be lost. With in-play wagering, it is always better to pull out with a small profit rather than risk a higher profit or a sign incant loss.
Spread betting is often considered the most intense form of wagering, mainly because of the risk involved. Whenever the risk is increased, the potential for profit is never far behind. If you are thinking of trying your luck, a good strategy is to mentally prepare yourself beforehand. Remain focused, alert, zoned in and avoid potential distractions. You should always prepare for the worst-case scenario, even if you are confident in your skills, as anything can happen – and that’s all part of the thrill.
Online Sports Betting: Tote Betting
Anyone who is familiar with online sports betting will have heard of tote betting. The Tote, short for totalisator, is a type of pool betting system that is used all around the world. It can be seen as a completely separate type of system to that of fixed odds. This is because when the bets are placed, a punter has no way of knowing how much he or she stands to win, or what the odds are until the race has been run or the event is complete.
The idea for tote sports betting was first conceived back in the 1800’s when Frenchman Joseph Oller created the concept of pari-mutuel wagering. Translated, this simply means mutual wagering and it is a betting system that still used in France today. The idea was that all of the wagers on a specific event would go into a central pool.
Once all the bets had been placed, the house would deduct a certain percentage and the remaining funds would be distributed out to the winners. Before sports betting online sites were introduced, the early systems were operated manually with numbers drawn on a chalkboard. However, this created problems, as bookmakers were able to manipulate the numbers to reduce the payout to winning punters. This problem was eventually solved in 1909 when an English inventor named George Julius created the first mechanical tote machine.
The design was first used in 1913 at racecourse in Auckland New Zealand. This involved using a sizable board with up to 900 wires connected to large numbers via a pulley system. The board could accommodate up to 30 horses but it was so large and expensive to operate that it was only used in the larger races. A few decades later, an electronic version was designed but it wasn’t until the 1970’s that computerised systems became ubiquitous.
How The Tote Works
To understand the system a little better, we can take a look at a simple example with horse racing. For the purpose of this example, we will assume the deduction percentage is 16.5% as this is what is generally found with online sports betting sites. While horse racing usually has 7 or more runners, we are going to simplify things and say that we have a total of 6 runners and a pool of $40,000.
In reality, the pool is much larger and definitely not a round number. Of the 6 horses in the race, a total of $6,000 was put down on horse 1. On horse 2, a total of $12,000 was wagered. Horse 3 had just $2,000 worth of bets while horse 4 racked up $6,000. Horse 5 had the least, with just $1,000 while horse 6 had the second highest with a total of $11,000. Now let’s assume that horse number 4 wins the race. Only now can we calculate the payouts. First, we start by deducting 16.5% from the pool amount of $40,000, which leaves $33.400 available for the winners. A total of $6,000 was staked on horse number four, which means the dividends, are 33,400/6,000, which equals 5.57.
This essentially is the winning odds for backing horse 4. What this means is that for every $1 put on horse 4, a punter will be paid out $5.57. So, what are the advantages and disadvantages of this type of wagering? The most immediate advantage compared to fixed odds online sports betting is the amount that can be put down on any one race or event. With the tote, a punter can go as small or large amount as they like since the bookmaker does not have to cover the bets.
With regular fixed odds options, the bookmaker will be hesitant to take larger punts, since they would have to pay out if the prediction were successful. With tote, the funds are already available for the payouts and the bookmaker takes a set percentage no matter how big or small the bets are.
Advantages and Disadvantages
Another advantage this type of sports betting is that it eliminates odds manipulation. With fixed odds, trainers can choose not to run a horse on its merits for a number of starts in order to push up its starting price. With the tote, the more staked on one horse, the smaller the dividend creating a less desirable payout.
A major disadvantage with pari-mutuel wagering is the fact that punters are not able to determine how much they stand to win when striking the bet. This creates an element of uncertainty and can lead to odds collapsing if many people all choose to back the same horse. This can be difficult for professionals who rely on a good payout for their hard work. Another disadvantage is that if a market is weak, it can be completely skewed by one large bet. For example, if the total sports betting online pool amount is sitting at $20,000 and one punter wagered a further $15,000, this would compress the odds and reduce the payouts for those who placed a wager on the same horse.
Guide to Exchange Online Sports Betting
In Canada the majority of online sports betting wagers are placed with traditional bookmakers. In most cases, this is the easiest and most convenient way to bet on any major sporting event or race both locally and worldwide.
However, this is not the only way to bet on sports and entertainment. Betting exchange sites are becoming more and more popular with bettors looking for better odds and extended markets, and many bettors are opting to back and lay bets for better odds and higher profits.
For those unfamiliar with the concept of exchange betting, here is how it works:
The Premise Explained
Instead of sports betting online sites offering odds and paying out winning bets, exchange betting is where bettors place bets against other bettors. It is often referred to as peer-to-peer, which is actually a far more appropriate way to describe the service.
Traditionally, the bookmaker is responsible for laying the bet and posting the odds. In the case of the peer-to-peer system, all bets are placed between the public via an exchange site, removing the role of the bookmaker completely. The exchange site acts as a type of hosting platform, but the betting itself gets done by the bettors, with the site taking a percentage of the winnings from each transaction.
This form of online sports betting gives punters more control over the odds they want, and it gives them the opportunity to either back or lay a bet.
Backing a Bet
To get started, the first step is to sign up with a reputable site that offers this service. Registration is free, and it only takes a few minutes to fill in your details. You can then make a deposit into your account using any number of secure banking options.
Once you have a positive balance, you can get in on the action. The key feature of this format is being able take on the role of the bookmaker and lay a bet.
But first, let’s look at how to back a wager.
If you back bet, you are placing a bet as you would normally do at any sportsbook, and are predicting the outcome of an event. In this case, you are backing a wager at odds already posted by someone on the site. If you are happy with the wager and the agreed odds, you enter into an agreement with the person laying the bet.
If you are unsure of how to place a sports bet online, betting exchanges can be a great place to start. In general, you can find better odds and a more diverse range of bets at betting exchanges. For the novice bettor it is better to start out backing bets as is a “safer” route with only the initial outlay at risk. The exact odds and amount of the bets are agreed before placing the bet.
The Role of the Exchange Site
If your prediction is not successful, you pay the person who set the bet, while the exchange site takes a cut of the winnings. If you are successful, then the person laying the bet pays you, minus the cut for the site.
If you want to create your own wager, you can post a backing bet at odds you think are fair and see if anyone will lay it. The site acts as a trusted and reliable medium, and provides the framework for the transactions, the banking facilities, site security and software operations, much like a site that offers standard online sports betting. For this service, they take a small percentage of all winnings.
Laying a Bet
For anyone with a keen understanding of online sports betting, laying a bet can be extremely profitable, if you know what you are doing. By doing this, you are essentially saying that the backer is wrong and any one of the other outcomes will occur. However, it is considered a riskier option in that you are responsible for paying out the agreed odds if the bet is successful.
When you lay a bet you get to take on the role of the bookmaker and say that a specific outcome will not happen. This has its advantages for both the person backing the bet, and the person laying the bet.
For example, you could go in at odds of 12.00 that Sebastian Vettel will not win the Formula One championship. In this case it does not matter who wins, as long as Vettel does not win you will be paid out the agreed odds.
If the wager is posted on the exchange site and someone feels that the risk is worth the payout, they will agree to back the bet. Laying requires a lot more capital as the amount you stand to lose is far greater than the person simply backing the bet. If for example, you agreed to a prediction with odds of 12.00 with $50 you would be liable for $600 if the backer were successful. The backer would only be liable for the stake of $50.
This type of online sports betting may mean having to pay out larger sum, but is also means you have the odds in your favour, so it can be very lucrative too.
Tips and Techniques
If you want to try your hand at lay betting, a good tip is to start off with a low odds “favourite” in the region of 1.3 or 1.6. Even if you are laying a $1000 bet, you would be in for maxim loss of around $40. Wagering this way means you have to be more willing to gamble larger amounts of cash.
Since you are taking on the role of the bookmaker, you can stand to profit from your efforts in a big way. If for example, you lay a bet of 17.00, your profits would be significant, but if the backer is successful, you would be in for a serious loss.
Understanding Drifting Favourites
Lay betting is not for the faint hearted and requires a lot more understanding and skill than traditional sports betting. That being said, there are plenty of opportunities to increase your winnings with drifting favourites. In sports like golf or test cricket, the odds for the favourite can drift depending on the day’s play. Laying a bet on the favourite directly after a significant event where the favourite drops out can be profitable, since there is more action to come and the odds could drift back again.
Exchange betting is a great option for anyone with a little bit of know how, or someone looking for an alternative to the more traditional options.