Tips For New Bettors
So you’ve heard about the new wave of popularity in online betting in New Zealand. Your friends are getting involved, you’ve seen the advertising all over the place, but still haven’t tried it out yourself. And, of course, when you do take a look, the whole thing seems incredibly complicated and confusing.
Bet making can seem confusing on the surface, especially if you don’t know what all those numbers and figures mean. But, at its’ core bet making is really a very simple situation. Here are a few essential tips that will get beginner amateurs up to speed, and ready to place their first online bets.
Risk Versus Reward
Betting is, very simply, a game of risk versus reward. To put it simply; there is an event, such as a sports game, and one of two teams is going to be victorious. Predicting which team will win is easy, and putting a bet on how strongly you feel about your prediction is what the core of betting is all about. If you know the sport, and the teams playing, you will have a good idea about the possible outcomes. So, why not put money on it? Predict right, and you win.
But of course there is no such thing as a certain prediction. The world doesn’t fit into a design where things always work out exactly as you think they will. So, you prediction may also be wrong, and you will lose the bet. The trick is, however, that one outcome will be more likely than the other, and in the world of betting, the more risky the bet, the greater the possible payouts.
Odds In A Nutshell
Teams, horses, or other betting entities in bet making are given odds by the bookmaker. The odds indicate how likely the entity is to achieve victory. For example, the name of a sports team may appear with the numbers 1/10 beside it. This indicates high odds on the team winning, which means it is unlikely to happen. But, not impossible. The numbers also indicate, however, that a successful bet will pay back ten times the original betting amount. That’s a really great earning in the world of bet making, especially in November with the Cox Plate betting.
Low odds, however, indicate the exact opposite. 1/2 odds are indicative that the entity is highly likely to win, and so the payouts are also very low if victory is achieved. The trick is to find a balance between risk and reward. Or in other words; how much are you willing to risk in order to earn a decent payout in return?
Research And Learn
Understanding risk versus reward, and odds, is just the first step to becoming a good bet maker. A person can place bets with this simple knowledge, but a good bet maker will read up on sports teams, discuss bets with friends, and only put down cash when they have thoroughly thought through the situation. Remember; smart bets are always the ones more likely to result in cash in your pocket. Spontaneous bets, although fun, are never going to be as successful as those put down with thought and wisdom.