Can You Do Sports Betting in Online Casinos? A Complete Guide
Online casinos have taken the entertainment world to a whole new level. Along with online casino games, sports betting is also a very popular area of online gambling. If you’re not sure what sports betting is or how to do it, this might be just what you were looking for.
In this post, we’re going to explore sports betting in a manner that you can understand easily. It is more diverse than online casinos and it can be a little much for a beginner. Our post is targeted at those beginners. If you’re one of them, welcome aboard!
1. What is Sports Betting?
Sports betting is exactly what it sounds like. Depending on where you are, you can choose any sports and bet on different outcomes. Horse racing is a great example of sports betting. The idea is very simple, but the industry is very dynamic. As there are hundreds of sports out there, you must consider hundreds of things as well.
If we take cricket betting as an example, you have options to bet on which team will win the match, who will score the most run, who will grab the most wickets, who will be the man of the match, and so on.
All of these opportunities are known markets in sports betting. As you can see, one sport can contain multiple markets for betting. And it varies from bookmaker to bookmaker.
That brings us to our next point. A bookmaker.
2. What is a Bookmaker?
A bookmaker is simply the platform that allows you to place your bets. Due to the nature of sports betting, you cannot go out and place bets on your own. You need a medium who will do the betting for you.
Think of an online bookmaker as an online casino. The sports are like the games you find on that casino. You use a bookmaker to place your bets. Bookmakers are also known as sportsbooks or betting sites in many countries.
3. Can an Online Casino be a Bookmaker?
Yes, by all means. As long as it has the necessary permissions and licenses, the same operator can be an online casino and an online bookmaker. However, the sections are generally separate. The casino games are listed in the casino section while sports betting has its dedicated section.
Some online casinos may offer sports betting opportunities without being dedicated bookmakers. You have to look for a sports section at the casino to enjoy the betting. But the collection of sports and markets might be very limited.
4. Sports Betting Odds
Whether you enjoy sports betting at an online casino or a sportsbook, you must understand the odds. Odds is one of the fundamental concepts of betting. In general, odds mean the likelihood of an event happening. But in sports betting, odds indicate how much you can expect to win from your bets.
There are three types of odds used by online casinos and online bookmakers all over the world. They are decimal odds, fractional odds, and moneyline odds.
1. Decimal Odds
If you see an odd like 2.50 at an online casino or bookmaker, it’s a decimal odd. It indicates that you can expect to win $2.50 for every $1 you wager.
For example, if you are placing bets on a football match between Brazil and Germany, both the teams will have odds. Let’s assume the odds are 2.40 and 3.00 for Brazil and Germany respectively.
So, if you place a $100 wager on Brazil and win, you will receive a payout of $240. Conversely, if your bet on Germany wins, you get $300.
2. Fractional Odds
Fractional odds are displayed, well, in fraction. 5/1 is a great example of fractional odds. It means that you can expect to win $6 for every $1 you wager.
If we take the same example of Brazil and Germany where Brazil has a 5/2 odd and Germany has a 6/1 odds, you win $3.50 for Brazil and $7 for Germany. If you convert the odds into decimal, they become 3.50 and 7.00.
3. Moneyline Odds
Lastly, the moneyline odds. It is also known as American odds as well. It goes like 200, 300, 350, etc. It essential indicates how much you can profit for every $100 wager.
If Brazil has 200 and Germany as 500 in moneyline odds, you get paid $300 and $600 respectively for your $100 wager.
Did you notice a difference here? Moneyline odds don’t count your wager in the odd. It straight indicates the profit you make.
5. What Sports Offer Sports Betting Opportunities?
Virtually every sport you can think of comes with sports betting opportunities. You just have to find the right casino online or bookmaker. There are some obvious and popular sports that online gamblers put their money on all the time.
Football, Cricket, Baseball, Basketball, Ice Hockey, Tennis, etc. are some prime examples of popular sports betting titles. Online casinos even go deeper and let you select the match from tournaments like the FIFA World Cup, NFL, ICC World Cup, Australian Open, and so on.
Then there are esports titles and virtual sports. Esports betting means betting with virtual computer games like CSGO, League of Legends, DOTA 2, etc. Virtual sports betting is more like traditional betting, but the matches are computer-generated, utilizing artificial intelligence.
6. Sports Betting Strategies
Just like you need some strategies to successfully enjoy online casinos, you need some for sports betting as well. In fact, you need to focus on your strategies more for betting. As much as it depends on luck, it depends on your abilities to predict the outcome as well.
You should always start with thorough research about any sports. You need to understand how sports betting works for that particular sport. Then, you should go ahead and decide on the online casino or bookmaker you want to use. Read its terms and conditions.
Once you gather some experience, you can go ahead and explore more complicated betting opportunities like Accumulators, Arbitrage betting, System betting, and so on. What is more, you can also explore the opportunities that bitcoin sports betting offers to online gamblers.
7. Final Words
Sports betting is a major part of the online gambling industry. Just like online casinos, online bookmakers have a huge consumer base around the world. If you are just starting out with betting, take your time to understand how a bookmaker differs from an online casino.
And always gamble responsibly. Keep check of your bankroll at all times and don’t chase your losses blindly. Sports betting has some amazing strategies to cover losses. Check them out when you’re confident enough.
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