BETTING UK DETAILS

When one places a bet, they are investing with two possible outcomes. Bookmakers use betting odds as a way of calculating what a bet is likely to earn. They can also be called betting prices, being what one earns out of the bet or “investment”. Betting odds can be given in any of the following options, depending on the betting firm:

  1. Decimal Odds-refers to the representation of odds as decimals, and is one of the main methods used in the UK
  2. American Odds-Ass the name suggests, this method is mainly used in the USA. It is a little more complex compared to the other two options.
  3. Fractional Odds- This is the most commonly used method in the United Kingdom. It uses fractions to represent the odds

Matched Betting

Most people in the UK have lately opted for matched betting, instead of direct betting. It is mainly used to avoid the risks that betting usually entails by covering all the available options in order to cancel the risks.

How it works

BookmakerAdvisor says, There are two terms that are always pivotal for anyone who wants to understand matched betting.:

Back and Lay bets

1. A Back Bet

This refers to the case where one bets that the stated outcome will be realized, for example, that a particular team will win a match. It means if the team loses or draws, then there is a loss of stake. A back bet can be placed at any bookmaker.

2. A Lay Bet

This is to bet that the particular outcome will not be realized, for example, a certain team will not win a match. It means a loss or a draw for the team is a win for the bet. Lay bets are only placed at a betting exchange like Betfair.

It means once the back bet is placed, the next step is to cancel the risk of the back bet by going to the betting exchange and placing a lay bet

After placing the qualifying bet like in the article about sportpesa review, the bookmaker awards a free bet, allowing one to repeat the process with a certain profit.

The process by which many people make money by sports betting in the UK can, therefore, be summarized as follows:

  1. Sign up for a betting exchange
  2. Get the welcome bonus
  3. Calculate the profit potential
  4. Place the qualifying bet
  5. Use the free bet to place the second bet
  6. Withdraw of the winnings

No-risk matched betting

In summary, no-risk matched betting means making money online by taking advantage of the bookmakers’ bonuses and free bets.

Matched betting abroad

The gambling industry attracts different laws in different parts of the world. For a bookmaker to operate in a country, they will have to comply with the host country’s guidelines on betting.

There are very many bookmakers in the UK, although just about 81 are well established. Most of these bookmakers only work within the UK and Ireland. However, there are large sites that allow people to place bets even when they are abroad.

The rules that govern betting abroad are usually based on market conditions which can be classified as:

  1. Illegal
  2. Unregulated
  3. Regulated
  4. Licensed Restricted
  5. Licensed unrestricted

The licensed unregulated markets offer the best opportunity for gambling abroad.

Betting service in the UK

Some of the major UK sites that operate globally include:

  • Betfair
  • William Hill
  • Coral
  • 888Sport
  • Bet365
  • Betsafe

Matched Betting in the US

Some of these sites are available in over 70 countries. Among these sites, only Betfair and William Hill have well-established presence in America. Others that seem to be working their way into the US include Ladbrokes and Coral. This limited number is mainly because most states in the US are yet to legalize gambling. By the end of May 2018, the states where betting had been legalized were

  • Nevada
  • New Jersey
  • Delaware
  • Mississippi
  • West Virginia

The “back-door” option

There are many bookmakers that do not have as wide a coverage as the ones listed above. However, it is still possible to match-bet from outside the UK, especially using a matched betting VPN, but it usually comes with some risks.

Working out UK Betting Odds

It is quite easy to calculate winnings. For a fractional odd:

x/y means for every value of y, one wins x plus the return of the stake. That is to say:

7/1 means for every £1 of bet, the win becomes £7

For decimal odds, the winnings can be calculated as:

Winnings=odds * stake minus stake, meaning:

7.0 can be calculated as (7.0 * £10 stake) – £10 stake = £60 winnings.

There are many online bet calculators that help in calculating these winnings more easily.

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