The act of foretelling or forecasting the results in a particular sports event with a bet placed on the outcome is known as Sports Gambling. The person who places his bet is known as the Bettor & usually places his bet in two ways either in a lawful way using a sports book or illicitly through bookies. The Sportsbook is also termed as a bookmaker & the book here refers to the document tracking debts.
Areas of Practice
- Athletic Events: – Football, Hockey, Boxing, Cycling, Basketball, Baseball, Tennis, Volleyball, Ice Hockey, Martial Arts, Auto Racing etc.
- Non- Athletic Events: – Horse Racing, Dog Fighting, Grey Hound Racing etc.
How it is practiced?
The legal method of gambling i.e. the Sportsbook method is done by taking bets up-front. Here the bettor pays the sports book before starting the gamble. On the other hand, bookies operate from anywhere but they do not charge money for placing bets, they only take money from the losing bettors. This method creates debt to be paid by bettors to the bookies & in turn also leads to the increasing criminal activities in the society.
Classification of Bets
- Money line bets: – These are the type of bets in which the team which is chosen will have to out rightly win the game.
- Spread Gambling: – In this type of online football gambling, bets are made for the spread. Spread is a line or a number given by the bookmakers which are in favor of one team & forces the other team to lose.
- Proposition Bets: – These bets are made irrespective of the final score of the game; rather these bets are made on a specific outcome of a particular match.
- Parlay: – In this type of bet, multiple bets are made which reward the winning bettors with higher pay. In Parlay, minimum bets should be two but the choice on the number of bets is with the bookmaker.
- Teasers: – Teasers are basically parlays which give the bettors an assurance of a payout even if a bit meager.
- If Bets: – Here two bets are joined together but with a clause which determines the bet.
- Future Wagers: – The bets listed under this category have a very far off horizon which can be measured in terms of months. Bets are put forward on the results of games that are far off to commence.