There are so many terminologies on betting online that may sound like our everyday words yet we do not know what they exactly mean. Although the number of words on betting is overwhelming to handle, knowing all these new vocabularies are very useful particularly for newbie bettors. The first words you will encounter in the beginning of your gaming journey are bet and wager. Both bet and wager have similar meaning which is the amount of money you lay on the prediction or your own outcome. You will see how those two words are interchangeably used in any articles related to this matter. Bet and wager can be used as bot noun and verb. There more words considered essential to know, they are Parties to the wager, Stake, Selection, Odds, and Payout.
- Parties to the wager
Typically, there are always two parties opposing each other in a game. In betting online world, those two parties are bettor and bookmaker. A bettor has a role to place the wager while a bookmaker is obliged to take the wager. The other term of taking a wager is laying a wager.
Selection, in general betting online, is what the bettor is placing as the bet. If a bettor thinks that the A Team would take the victory, then the selection would be “A Team to Win”. A selection does not have be in the form of a team or individual to succeed at the event. There is a variety of distinct styles of wager other than sporty events.
Stake is the amount of money you put it at risk on a wager. When a wager is being placed, you should pay a decent amount of money to a bookmaker. The bookmaker has a function to prevent the stakes from losing wager and give them back for the winning wagers. Most of bettors are required to stake by bookmakers with a minimum amount of money. The lowest stake is not less than 1 dollar. There is also a maximum amount of stake that limits how much money a bettor can bet.
Odds are offered by bookmakers for any selections available. The odds are in charge of determining how much money a bookmaker should pay to a bettor based on the stake with a correct selection. Odds, in other words, have something to do with being correct when it comes to making selection. The odds are usually high when the chances are low, and it does works the other way round.
Payout is the total amount paid to the bettor by a bookmaker for his selection is correct when betting online. It is usually quoted when the initial stake is placed and given back to the bettors along with the payout won. Payout is paid through banking transactions depending on what the winner uses when registering at the betting online site or what kind of transactions the site accepts. The process of cashing out the money process may take a different time, again, depending on the companies.