I am very sure that most of the Punters now a days are using Online Betting accouts instead of the Offline Betting.
Gone are the days when Punter need to make a call to the Bookie and place its bets. With Online Betting accounts you can bet on an event any time on the go.
This article is for beginners, those who don’t know the terms been in use sports betting (with ref. to Cricket Betting).
If you are seasonal Punter, I am sure you are very much aware of all these betting jargons. But have you read our article about – Learn How to win in Cricket Betting?
But still, I would recommend you to kindly go through this article as it won’t take much time.
Sports Betting Terms / Jargons
Match ODDs: Chances of winning a team. Lessar ODDs means Team (that particular outcome) has better chances to win the game.
Back: Backing a Team or Outcome, which you think could win the game.
Lay: Going against a Team or Outcome, which you think could not win the game.
Favorite Team: Team has better chances to win the game is called Favorite Team. It can be one of the possible outcome of the game. Such as, If the conditions are overcast for a Test Match or the Pitch is dead rubber then Draw will be the favourite.
Bookemaker Sites: Will only provide Back ODDs for every possible outcome of the game.
Exchange Sites: Will provide you Back as well as Lay ODDs for all possible outcomes of the game.
Non-Favourite or Landgi Team: “Langdi” is a Hindi word means – Weaker Team or Non-Favoruite team. This terms mostly used in India, Bangladesh, Pakistan, Afghanistan where Hindi language is been used.
Punter: A player who place bets.
Bookie / Site Agent: A person who accepts the bets on behalf of a site or keep the bet to himselves.
Booking Profit or Loss: As the name suggest, this is to book your Profit or Loss.
Session: Placing a bet on short outcome in a particular match. For example, How many runs will be scored in 1st 6 over of an innings?
Lambi: This is one of a kind session, but this term is been used for, How many runs will be scored by Team batting first?
Their are hundreds of events whom you can place your bets. Will write a detail article on those and provide the link here.
Since now you are aware of basics, lets understand what Exchange Betting sites and Bookmaker Sites offers to the punters.
Betting Exchange & Bookmaker sites
There are two kind of sports betting sites. Exhange Sites such as BetFair, IndiBet, SkyExchange.
And Bookmaker sites such as HappiStar, ClubRiches, Lottoland, LeonBet, BetWay, Bet365
Without going into technical details behind how these sites work, I will explain what matters to you (a Punter) most.
Exchange site charge some comission on your winnings whereas Bookmaker won’t charge any comission. In fact, on some sites you will get cash back on loosing.
Exchange site gives you option to Lay all possible outcomes of the game, whereas Bookmaker sites only gives you option to back a particular outcome of an event.
Lets deep-dive into both kind of sites with examples.
Exchange Betting Sites Vs Bookmaker sites
Do remember, Back means placing a bet in favour of a team. Lay means placing a bet against a team.
Exchange Betting Sites
Exchange sites are like punters place bets against each other. And, these sites charge 2-5% comission from the winning punters.
Exchange sites, offers Back and Lay options for both the teams (in case of Test Cricket Matches, Football, Hockey you will have option of Draw as well).
Since Exchange sites we have both the options for all the possible outcomes, you can either Back or Lay a team or outcome. Let me explain this with couple of examples (related to cricket).
Example A: Pakistan Vs West Indies – ODI Match
For this particular match, you will get Back and Lay ODDs for both the teams.
If you have decided to go with Pakistan, you can Back Pakistan at 1.35 or Lay West Indies at 3.85.
In case you decide to Back Pakistan with 10k amount, your winnings would be 13,500 (3500 profit) and risk exposer of 10K on West Indies.
But, if you decide to lay West Indies with 10K at 3.85 your winnings on Paksitan would be 10K but your risk exposer will be 38,500 on West Indies. So, this would not be a nice move. Rather you could place bet of 30k @ 1.35 on Pakistan.
And if you have decided to go with West Indies, you can Lay Pakistan at 1.36 of 10K amount. Here your risk on Pakistan would be 3600 but your winning on West Indies will be 10k.
I know this is bit confusing as I have mentioned that it all depends upon the ODDs, but don’t worry by end of this article, all your doubts will be cleared.
P.S. Team ODDs less than 2 is called a Favorite Team to win the game.
Example B: Englan Vs New Zealand – Test Match
For Test matches you will get ODDs for all three possible outcomes. England, New Zealand or Draw on an exchange site.
If you belive, match is NOT GOING TO BE Draw, you can Lay Draw. Which means, you will win if either of England or NZ wins. In this case, laying Draw at 4.2 with 10k means, you will win 10k on NZ and Enagland wins. Whereas, your risk exposer will be 42,000 if match gets Draw.
Similarly, If you believe that New Zealand CANNOT WIN THID GAME, then you can Lay NZ at 2.52. In case NZ wins, your risk exposure will be 2.52X (25,200 if you go for 10K bet amount).
But, if you Back England or NZ or Draw, you are winning on only that outcome and are loosing on other two.
Bookmaker Betting Sites
On Bookmaker sites, Punter place bets against the Bookie / site. Hence, no comission is charge on winnings. In fact, some Bookmakers sites offers Bonuses, Promotions or Cash back if you loose certain amount.
Downside, Bookmaker sites only offer Back option for all possible outcome of the games. Also, ODDs are little more in favour of site. But sometime, you gets better ODDs which helps punters like me to win consistely in cricket betting.
Bookmaker sites only offer Back option for all possible outcomes. With related to Cricket, In T20 and ODIs you will get to options of Team A winning or Team B winnings.
Example A: Pakistan Vs West Indies – ODI Match
As mentioned above for T20 and ODIs you will get ODDs to Back the teams. In this particular case, you will get ODDs for Pakistan wins, as well as West Indies Wins
So, if you decide to Back Pakista with 10K at 1.35, your winning on Pakistan will be 13,500 (3,500 Profit) with the risk exposer of 10K on West Indies
Example B: England Vs New Zealand – Test Match
On a Bookmaker site, For Test matches you will get Back ODDs for three possible outcomes. England, New Zealand or Draw.
Unlike Exchange Betting Sites, you won’t get Lay option on Bookmaker sites. So, if you decide to go with England at 2.55 your winnings on 10K bet would be 25,500 (profit of 15,500) and will loss on Draw and New Zealand is 10k.
Conclusion
- In this article, you have learnt about sports betting basic terms/ jargon been in use. So, next time when your friends discussing about sports betting you would understand them better.
- You also learnt about what are Exchange betting sites and Bookemaker Betting Sites.
- You learnt about what is Favourite Team, Match ODDs and Back and Lay.
