Sports betting has probably existed since the beginning of the first organized sporting events. Gladiator fights, chariot races, and the early Olympic Games have been the subject of sports betting since ancient times. However, no one knows for sure how deep the historical roots of sports betting really go. Unsurprisingly, today king football is number one in Europe in terms of sports betting.
But how do sports betting actually work?
The market for online soccer betting, which has exploded in recent years, has cemented this situation even further. If you want to get started now but have little or no idea about football betting, this is the place for you. But also somewhat more experienced contemporaries could well elicit one or the other hitherto ignored note from this text.
When did football betting begin?
Judging by the fact that football as an organized grassroots sport gained a foothold at the end of the 19th / beginning of the 20th century and rapidly gained in popularity, the first (at least official ...) football bets were well over the course of two decades to come. Only starting from 1921 for the first time in England official football bets were offered. These operated under the name "Toto" and served mainly to finance organized football. With a similar objective and under the same name, Toto was then implemented in Germany after the Second World War. From then on football bets conquered the sports betting market and gradually outpaced the formerly more popular horse racing bets.
Everything about quotas
The betting odds given by a bookie tell you how much he will pay for a bet you have made if you bet on that event or outcome. Quotas reflect the chances of victory that a bookmaker gives a team in terms of calculations or which outcome of the game he considers likely. This is then set in relation to each other and the resulting betting odds.
However, that is only half the truth. If a bookmaker were content to simply offer the maximum objective odds and thus to anticipate the outcome correctly as often as possible, then he would not be doing his job. To lie correctly is the goal of us as players. The bookmaker, however, wants one thing above all: make a profit! Quotas are often adjusted for this purpose. For example, favorites are deliberately overrated by bookmakers, which means lower odds for their wins. Bookmakers do this very deliberately. Because the majority of players tend to bet on favorite wins and because favorites naturally win more often than outsiders, bookmakers would give away money if they gave objective favorites to the favorites every time.
Another factor influences bookmaker odds. The competition among themselves. Especially in times of online football betting and numerous online bookmakers, the competition is very large and odds comparisons are from the perspective of the players only a small finger exercise away. Of course, this has clearly intensified the competitive situation. And so bookmakers often adjust the quotas they offer; simply to make their own bets more attractive.
How are the odds displayed and how do sports betting work?
Through the Internet, you can easily register with bookmakers beyond the continental European market. However, the odds are sometimes different in these. Even those who want to use a holiday in Vegas "athletic" will run there, a different representation of quotas, and thus a different reading style, on the way. Below are the three most common representations of betting odds.
Decimal / continental Europe
Of all the quota types, the decimal quotas we know are the easiest to understand. These are represented as decimal numbers with two decimal places (for example, 1.70 - 2.00 - 3.45, etc.). The stated odds always represent the factor by which your own stake is multiplied. So if you bet 10 Euro on an event with a 2.0 win quota, you will receive 20 Euro (minus the fees that the bookmaker keeps). However, factor 2.0 shows the total (!) Payment amount. It is therefore not a net profit of 20 euros but 10 euros profit plus the 10 euros use since the 2.00 are to be understood as a multiplier. If the odds were only 1.00 (which, of course, never happened), you would not win anything but just get your bet back. It is, therefore, a so-called gross quota.
This finding is important because it behaves differently in the other two odds models.
Odds / United Kingdom
As the mother country of football betting, the United Kingdom has a very large market. However, the odds are somewhat different on the islands. First of all, they show the net profit. So the net profit, which one makes in a successful bet. Of course, you also get paid his stake again. However, this is not considered a profit in the sense of the British odds and is therefore ignored in the representation of the odds.
The British odds are always presented in simple fractions. For example 5/3. The number in front of the dash (5) represents the profit distributed in the event of success. The number behind the dash describes the amount required (3) to achieve the reported profit (5). Of course, that does not mean you can only bet three pounds. The British odds simply represent the ratio of net profit to stake in a very simplified way.
British odds are easily converted into our decimal system.
5: 3 = 1.67
+ 1.00 (to take into account the stake included and thus determine the gross profit)
By the way: A 2.00 bet, as in our example for the continental European decimal odds, would typically not be shown in the UK as 2/1 but as even money or just even. The term even money is also used in the American system.