As a beginner, it’s not easy when it comes to sports betting: the dilemma of choosing the right betting provider, each of them luring with an even bigger sports betting bonus, and numerous terms that sound like foreign words.
To simplify the entry into the world of sports betting for newcomers, we want to explain the most important terms with our Betting ABC. Have them prepared for your next HellSpin casino visit.
► Bookmaker: The term bookmaker (English: Bookmaker or Bookie) colloquially refers to the provider of bets. The bookmaker offers its customers the opportunity to wager on the outcome of sports events with fixed or variable odds.
► Cashback Bonus: Cashback bonuses – sometimes also known as “risk-free bets” – guarantee you the refund of your stake up to a certain amount.
► Stake: The stake (or bet stake) is the amount you wager on the occurrence of a specific event. For example, you stake 5 EUR that Team A will win against Team B, with the odds for the event being 2.2. If you win this bet, the amount of 11 EUR will be credited to you. You can find out exactly what odds are and how winnings are calculated under the section “Odds/Betting Odds.”
► Deposit Bonus: To place a sports bet, you need a betting balance in your betting account. To do this, you will need to make a deposit. Often, betting providers offer a bonus for this, allowing you to receive additional betting credit for free. With a bonus of 100%, for example, a deposit of 50 EUR would result in 100 EUR being credited to your betting account.
However, be cautious: Before a withdrawal of the winnings is possible, the bonus value typically needs to be wagered multiple times. If the bookmaker sets a turnover factor of 6, this means that the 50 EUR betting credit will only be paid out upon a win of 300 EUR. Additionally, such a deposit bonus is often linked to minimum odds. Thus, only winnings on events with a certain odds will be counted towards fulfilling the turnover requirements. The hurdles for successfully withdrawing the advertised bonus are therefore very high, and the probability of a payout is correspondingly low. Therefore, you should always read the offers carefully beforehand.
► Gambling: Gambling refers to games where participation requires a stake of money and whose winnings depend solely or predominantly on chance. Games of chance whose winnings depend solely on chance include the lottery, casino games, or slot machines.
In sports betting, experts refer to it as a game of chance that is predominantly determined by chance since participants can use their (supposed) background knowledge. Therefore, sports betting is often referred to as games of chance with a skill component.
Due to the fact that participants in sports betting often overestimate their background knowledge, responsible gambling practices in sports betting are of central importance.
► Free Bet: Some betting providers occasionally offer free bets (Freebets). Here, a certain betting credit is granted to you, which you can use to bet on any or specific events. Be sure to note that only the net winnings will be credited to you (winnings – stake), and the credit is not withdrawable.
► Odds/Betting Odds: The term odds (betting odds) refers to the factor in gambling or sports betting with which the stake of the bettor is multiplied to calculate the winnings that will be paid out by the bookmaker upon the occurrence of the event.