As 2021 lines up, Sports betting is arguably the most popular gaming method. People have taken particular interest in placing bets on various outcomes across different sports. This article focuses on clarifying various topics related to the betting model. It gives particular attention to one of the emerging trends- risk free bets.
What is Sports Betting?
This sounds like a rhetorical question, yes. The need to re-define it, however, arises because of new trends in the practice. While sports betting in its very formative stage involved betting on the result of a sporting activity, it has evolved greatly over time.
Today, punters are able to bet on various occurrences within the game. Happenings such as cautions and first blood are now popular markets. This has led to the rise of live betting, a scenario where people can place bets on outcomes as the game progresses.
A new sport has come to the fore too. E-Sports (electronic sports) are getting recognised in many quarters as actual sports. Countries are taking recognition and there are proposals to even include these titles in the Olympics. The participation and fanhood numbers go well into the millions.
Online sportsbooks have realised this and are fast adopting e-sports in their betting markets. If you go to many mainstream online sports betting sites, you will notice an e-sports tab on the menu. Under it, you will find titles like CS: GO and Dota.
These developments have led to a slight addition to the definition of sports betting.
Common Sports Betting Terms
As you progress along the path of sports betting, you will notice that there are numerous terms describing different activities. It takes time to master all of them, but here are some of the most popular:
This refers to having several bets in a single wager. Depending on where you look, the term may be used interchangeably with ‘Multi-bet’ and/or ‘parlay.’ For an accumulator bet to win, each individual bet has to turn out as predicted.
– Double Chance
The term refers to a bet that gives a punter two opportunities of winning. In a game of football, for example, you will have teams 1 and 2 that can win, or the match ends in a draw (popularly denoted as X). In this case, a double chance bet can be placed as 1X or 2X, meaning that either team will win or the match will end in a draw.
– Straight Bet
This bet involves predicting a particular team that you expect will win a duel.
– Live betting
This is the act of playing wagers on games as they progress. For example, you may predict that a racing horse will win after seeing how it has performed in the initial stages of the run. Of course, bets that seem easy to predict usually have low odds.
– Cash Out
In the event that you feel that your bet is heading for a loss, you can opt to cut your losses mid-game. Many betting houses allow you to withdraw a certain percentage of your stake, therefore avoiding a total loss.
Risk Free Bets
Betting, and any other kind of gambling, is usually a game of risk. Which is why the term ‘risk-free bet’ sounds like much of a paradox. But it is not. This is a kind of bet whereby a house reassures you of a refund of your stake in the event your bet loses.
The refund may come in various forms depending on the particular house. Some houses return the money you had staked in your betting account and it reflects in your balance. Others guarantee you a free bet worth a similar amount while others give you a bonus.
If you bet £10 and the bet does not go your way, you will still be able to use the £ in a subsequent bet. In that way, the house has removed the risk in the initial bet. If your bet wins, however, the risk factor is eliminated and the offer ends at that. Again, the second bet, in the event of a loss, is not covered; if you lose the stake disappears.
Risk-free bets are usually offered as part of welcome packages in most betting houses. They are a way of luring new customers to the betting site. It is always important to check the validity of free bet so that they don’t expire without being used.
How to Use a Free Bet
A risk-free bet is one of the best offers you will get in an online sports betting site, so it is important that you use it wisely. You should use the absence of risk to place a risky bet as that guarantees a good return. At the same time, you should be careful not to make an outright stupid bet. Even as you look for an upset, remember you are betting on sports; not playing the lottery!