When you enter the wonderful world of sports betting, there are a number of basic concepts you must know and understand to get the most (fun, profit, exitement, ...) out of your insights and predictions.
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Event
A match, race, tournament is called an 'event'.
For example: Chelsea - Watford.
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Pick
Synonyms: selection, choice, prediction or leg.
A 'pick' is a particular outcome you want to bet on.
For example: Watford will win against Chelsea.
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Result
If the outcome of your pick is effectively the result of the event, you win the bet.
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Odds
Synonyms: quotation, quote.
The odds indicate how much money/profit the bookmaker will pay if your pick is correct.
For example: The odds for a Watford victory are 2.5.
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Chances of winning
The chance of winning is the relative probability that your pick will be correct: you divide '1' by the odds.
In our example (1/2.5), the bookmaker estimates Watford's chances of winning at 40%.
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HOW MUCH DO I WIN?
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Your winnings are calculated by multiplying yoyr stake by the odds.
For example: with a stake of 10 EUR and odds of 2.5, your profit is 25 EUR
This is your gross profit.
Your net profit is your gross profit after deduction of your stake, so in this case it is 15 EUR.
