Sports Betting has for many decades captured the attention of Australian gamblers. Sports Betting is a form of gambling which involves gamblers placing a wager or a bet on the outcome or result of a sporting event. In Sports Betting a large number of wagers and bets are directed towards Sporting events such as Football, Rugby and Boxing, bets can still be placed on other events such as dancing, pool and Casino Card Games such as Blackjack and Poker.
A company which provides and facilitates for Sports Betting is known either as Bookmaker or Bookie whilst a service which provides a marketplace in which the odds are set is referred to as a Betting Exchange. When Australian online gambling fanatics place their bet on a specific Sporting event outcome, the online gaming fanatic is said to be Backing that specific outcome.
With the world of sports increasing in popularity, more online gaming sites in Australia are providing online Sports Betting facilities to gamblers.
Types of Sports Bets
The Lay Bet: this type of bet is when a gamer bets against the outcome of a Sporting Event as opposed an actual result. An example of this bet would be a gamer betting against Brazil to make it to the semi-finals of the World Cup.
Proposition Bets: These are made on a very specific outcome of a match. This bet involves predicting the correct outcome and goals or points of a Sporting event or match. An Example of this bet is when a gamer correctly predicts that Arsenal will overcome Manchester United by two goals to nil. Any deviation from this prediction would result in the bet being unsuccessful even though should Arsenal win by a goal to nil.
If Bets: This bet consists of at least two straight bets joined together by an if clause which determines the wager process. If the player’s first selection complies with the condition (clause), then the second selection will have action; if the second selection complies with the condition, then the third selection will have action and so on.
Difference Between Sports Betting And Online Gaming
Gambling is a generic word which is used to describe or explain the activity of placing wagers on particular outcomes or events taking place.
Betting, on the other hand, is a term used to describe an agreement between two parties where one party makes a prediction and loses or makes money if his prediction turns to be true. The other party forfeits the amount waged or has to return many times more as per the agreement.
In most societies and communities the terms Gambling is often frowned upon whilst Betting is a little more accepted.
A key difference between Sports Betting and traditional gambling, whether it be in a land-based casino or an online gaming site is that the probabilities of winning are not known for sports betting and are only estimated. Unlike a casino game, where the house edge is known with certainty, Sports Betting requires patience and research, because bookmakers are only guessing the true probability of each possible outcome. While bookmakers provide accurate odds on average, good value can be found for the experienced punter.
Sports Betting Legality
Online Sports Betting in Australia is legal. Even though licensing laws vary from state to state. Such as the sign up promotions or bonuses offered to gamers which depend on the state as well as if the bookmaker facilitating the wagering process is licensed and the state in which the gamer resides in.