Lesson 1: What is Sports Betting?
Sports betting is the act of predicting sports results and placing a bet on the outcome.
It involves placing bets on different sports events such as football, basketball, tennis, horse racing, and many others.
The main objective of sports betting is to make accurate predictions about what will happen in a game and win money by correctly betting on the outcome of a particular sporting event.
For example:
- Betting on the Eagles to win against the Dolphins
- Betting on the Celtics to win against the Knicks
What is the platform people bet on called?
The platform that people bet on is called a sportsbook. A sportsbook is an online platform or a physical establishment where you can place bets on different sports events.
Think of a sportsbook as the intermediary between the bettor (you) and the sports betting market.
Why is it called a sportsbook?
The term ‘sportsbook’ is derived from the concept of a bookmaker, which is a person or organization that creates the bets, sets the odds, accepts and pays off bets on sporting events.
In the past, bookmakers would keep records of bets in a physical book, hence the term ‘bookmaker’.
Over time, the term ‘sportsbook’ emerged to refer to the establishment or platform where bets on sports are accepted and settled.
The term ‘sportsbook’ is also used to distinguish it from other types of betting, such as casino gambling or poker.
While a casino may offer different forms of gambling, including slot machines and table games, a sportsbook specifically focuses on accepting bets on sports events.
The term ‘sportsbook’ also emphasizes the fact that it is a place where you can engage in legal and regulated sports betting, as opposed to illegal, unregulated platforms that are usually called a bookie.
What are other names it goes by?
Some common alternative names for sportsbooks are:
- Bookmakers/Oddsmakers – Individuals or companies that set the odds and accept bets from bettors.
- Betting shops – Physical locations in Europe and the UK where individuals can place bets on sports.
- Online sports betting sites or online sportsbooks – Allow users to place bets on sports through websites or mobile applications.