What is a bet? | OddsMonkey Bites
What is a bet? In this video, we explain the different types of bets that you can make. We look at back and lay betting, what those terms mean, and how you use them to make money matched betting.
TIME STAMPS:
0:12-0:41: Bet example.
0:42-1:02: Example of betting on a football match.
1:03-1:25: Matched betting example.
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VIDEO TRANSCRIPT:
What is a bet?
A bet is where you put your backing behind something you think will win or happen. Bets can be made on pretty much anything! For example: Mike says: “I bet I can drink a pint faster than you!”
That’s Mike putting his backing behind himself because he believes he can do it. The opposing view comes from Mike’s friend, Steve, who doesn’t think that Mike can drink a pint faster. This side of the argument is known as lay betting. And we’ll get more into that in a later video. For now, just think of lay betting like betting against something, or betting for something not to happen.
Bets are mostly placed on sports events, such as football matches. An example of a bet you could make is: “Chelsea to beat Liverpool”. If you place a bet on Chelsea to win and they do, the bookmaker will pay you some money. However, if Chelsea lose to Liverpool, you don’t win any money and you lose the amount that you bet. In this instance, you backed Chelsea and the bookmaker that took your bet, layed them.
When you do matched betting, you place both bets. Using our earlier example with Mike and Steve, you’re both Mike and Steve. This means that you back and lay the same thing. With the Chelsea game, you’d bet on them to win and you’d also bet on them to not win.
It’s this process of backing and laying to cover all outcomes that can turn free bets from bookmakers into real profit. So let’s take a quick look at Back and Lay betting in more detail.