If this is the first time you are betting online, and you’d like to know more on how to wager, then you’ve come to the right place. A simple definition is that sports betting involves trying to predict the outcome of a specific sports event.
These events can be the result of a tennis match during an international competition, the winner of a football match, or the winner of a greyhound/horse racing event. Additionally, there are more specific activities in the events that you can also wager on. These include the number of corners or fouls in the match, the next goal scorer in a match, the next player to be carded, and many others. If you manage to successfully predict the outcome, then your bet is a winner.
Traditionally, sports betting used to be done at the brick and mortar sports betting shops. However, with the advancement of technology and widespread penetration of the internet, there are betting sites such as Cherry Sportsbook that offer the service on top of casino games like blackjack. These betting sites have applications and websites which enable you to bet at home or on the go while enjoying all the services that you’d get at a typical brick and mortar sportsbook.
To ensure that you have a seamless and enjoyable betting experience regardless of how you choose to bet, we’ve prepared this guide for you. By the time you are done reading it, you’ll:
1.Know how to create an account at the online sportsbooks and start betting.
2.Know more about sports betting odds, including the different formats and how to convert from one format to another.
3.Different types of online sports betting. This includes pre-match betting, live betting and matched betting.
4.Important in-betting features meant to make your overall betting experience as smooth as possible. Most notably includes live streaming and cash out features.
5.The most popular forms of sports betting online.
How to Bet - Get Started in Online Betting
In order to bet online, you’ll need to proceed as follows:
·Play at an online betting site that has a license and has proven beyond a reasonable doubt that it is committed to offering safe and secure services - like Cherry Casino.
·Create an account at the betting site. An account will enable you to wager on the real money events.
·Once you’ve created an account, visit the sports betting page and identify the ideal sports that you’d like to wager on. In order to make a profit from sports betting, it’s better if you have some background knowledge of the sporting event.
·Review all the available bets as well as the betting odds before placing your bet. You can also decide on whether to place pre-match or in-play bets – though the latter offers better odds.
·Choose your preferred bet and decide on the amount of money you’d like to bet.
·Once you are satisfied with your selection, select the bet and keep track of what’s happening in the game. This way, you can easily know whether or not to cash out if your bet has come in early.
*Cherry Sportsbook offers a range of sports and betting markets, from the biggest football competitions and national leagues to the world of motorsports, horse racing and greyhound racing events and many more. We also offer you innovative features such as in-play betting (also known as live betting) and cash out (which will enable you to lock in a profit before the end of an event). Competitive sports betting odds are the cherry on the cake at Cherry Casino!
Types of Sports Betting Odds
The odds formats used for sports betting usually differ depending on where you are in the world. However, the two common selections used are Fractional and Decimal odds. There are also American odds involved for American sports bettors.
What is the difference between these three odds formats? And how will you calculate returns from each of the odds formats? Furthermore, how does one convert from one odds format to the other? This is what this section is going to look at.
*Before we can go deep into calculating the bet returns resulting from the different odds formats, it’s vital that you understand irrespective of the odds format that you pick, the potential profit remains the same. The only thing that differs is the presentation.
How To Calculate Your Potential Profit Using Decimal Odds
Decimal odds are widely used in Australia, Europe (more specifically the UK) and Canada. This type of format is a straightforward numerical illustration of the potential return that you’ll get from a bet, including the amount you wagered.
The potential return on a bet represented in decimal odds is easy to calculate as it simply involves multiplying the amount you’d like to wager by the decimal odds on offer. Below is an example of decimal odds in a 1X2 football match from Cherry Sportsbook.
A match between Manchester United vs Arsenal has odds of 2.25(1) 3.68(X) 3.17(2).
To calculate the potential return for a €100 bet on Manchester United @2.25;
€100 x 2.25 = €225
Therefore, the potential return if Manchester United wins the match is €225, inclusive of the initial stake of €100.
To calculate the potential return for a €100 bet on a draw @3.68;
€100 x 3.68 = €368.
Therefore, the potential return of the match ended in a draw is €368, inclusive of the initial stake of €100.
To calculate the potential return for a €100 bet on Manchester United @3.17;
€100 x 3.17 = €317.
Therefore, the potential return if Manchester United wins the match is €317, inclusive of the initial stake of €100.
How To Calculate Your Potential Profit Using Fractional Odds
Each time you see two numbers divided by a slash, i.e. 2/1, 1/1, etc., these are fractional odds. Fractional odds enable you to calculate the much that you will win from your bet in comparison to the amount you stake quickly and easily. The number to the left of the slash i.e. 2 or 1, indicates how much you are going to win. The number to the right shows just how much is needed in order to generate that profit. Below are a couple of examples indicating different types of fractional odds.
·2/1 shows that for every €1 you bet, your potential win is €2. You can also calculate this as 1/ (2+1) = 0.3333. This means that there’s a 33% chance of the event happening.
·1/1 shows that for every €1 you bet, your potential win is €1. You can also calculate this as 1/ (1+1) = 0.50. This means that there’s a 50% chance of the event happening.
There are other special instances where you can see the odds the wrong way around. For instance 1/5. These types of fractional odds are usually referred to as 'Odds-On' selection.
·1/5 shows that for every €1 you bet, your potential win is €5. You can also calculate this as 5/ (1+5) = 0.8333. This means that there’s an 83% chance of the event happening.
These types of odds are common when there's a strong favourite to win the match or event. For instance, when Liverpool are playing Everton, the Reds can be as short as 1/5.
How To Calculate Your Potential Profit Using American Odds
It’s pretty obvious from the name that American odds are the default odds format used in the USA. These odds start with either a negative or positive sign, e.g. +120 or -110. The positive numbers show how much you are bound to benefit from the bet if you bet €100, while the negative number indicates the much that you need to stake to lock in a profit of €100.
For example, let us consider an event between the Washington Redskins and the Dallas Cowboys. We decide to give Washington Redskins a handicap of +2.5 and Dallas Cowboys a -2.5 handicap. If you bet €124 on each team and they successfully manage to cover the spread:
·You’ll have locked in a profit of €100 (including your €124 initial stake) for the Washington Redskins.
·And a profit of €122 (including your €100 initial stake) for the Dallas Cowboys.
So, if you wish to convert your decimal odds – say 1.50 – into fractional odds, how do you go about it? We’ve highlighted a step by step procedure below:
·1.50 – 1 = 0.50
·0.5 into a fraction = 5/10
·Simplify 5/10 = 1/2
Therefore, when you convert 1.50 decimal odds into fractional odds, the outcome is 1/2.
*In some instances, this method of odds conversion may produce fractions such as 20/47. In the ideal sports betting world, this type of odds is not used. Therefore, an alternative approach to converting the decimal odds to the fractional odds are sought out. One of the most popular methods is the use of online odds converting calculator, which simplifies the whole process.
Conversion of fraction odds to decimal odds is similarly a relatively easy and straightforward process. Let us say you want to convert 1/2 odds into decimal odds, what’s the procedure? Well, the first thing is to convert the fractional odds into a percentage, then proceed to divide the outcome with 100. Here’s a quick overview:
·Begin with the odds of 1/2.
·Divide the second number of the equation with the sum of the two numbers i.e., 2/(2+1) = 0.6666667.
·Convert the outcome into a percentage: 0.67 x 100 = 67%.
·Divide the result by 100: 100/67 = 1.49, which is approximately 1.50 when rounded off to the nearest ten.
Types of Betting Online
There are various questions that we hear time and again from some of our bettors. This is especially common with those who are starting off betting. Most people are familiar with how to place bets on roulette and casino games, but one of the most common questions is ‘What are the different types of betting online?’ In this section, we are going to highlight the most common forms of betting. They include:
As the name suggests, pre-match betting usually takes place before the start of an event. This period before the event starts could range from a few minutes to a month. Pre-match betting usually involves successfully predicting or foreseeing specific outcomes before the start of the event, then betting on the event to happen or not to happen.
The most outrageous and unforgettable pre-match bet in sports betting history in recent times was betting on Leicester City to win the 2015/2016 EPL Cup before the start of the season. At the start of the season, the odds were a massive 5,000/1. This meant that a €20 bet would have won you €100,000 at the end of the season. Lucky players who went ahead and placed the bet managed to walk away with huge payouts.
Live betting, popularly referred to as in-play betting, is one of the most exciting and thrilling forms of online betting. And with the odds changing on the fly depending on how things unfold in the event, it can also be one of the most profitable forms of online betting. In case you are new to betting, here’s all that you need to know in order to do live betting right.
What is live betting?
Live betting simply means you are betting on an event as it is being played – as the action is actually happening. This form of sports betting gives you the thrill of betting as you closely follow your favourite sport. This makes it twice as thrilling and also potentially several times more profitable. Why more profitable? Because of how fast the odds of the events can shift during the live event.
If it’s a football match, each goal scored in the event makes the odds to shift drastically. It is an intense form of betting that can easily be compared to what forex and stock traders do, where the value of the outcome is frequently shifting and in the process creating opportunities to lock in a profit.
And it is precisely because of these factors – the change in odds alongside the adrenaline spike resulting from the variation of your winning opportunities – that makes in-play betting interesting and risky.
Gains and risks are two sides of the same coin. This is the reason why if you are interested in placing live bets, you need to master a few things.
·You’ll need to master how to interpret the information presented to you.
·Learn how to control your emotions, and…
·Fully understand the sports you are betting on.
The 4 Things You Need To Start Betting Live
Before you start placing live bets, you need to ensure you’ve observed the following important points.
·Use only the best betting sites: This is the basic principle for any rule and the only way to go for any punter interested in sports betting. By choosing only the best betting sites, you are always assured of the best odds, quality service delivery and most importantly, safe and secure services. Lucky for you, you don’t have to waste your precious time as you’ll find all the mentioned features at the Cherry Sportsbook.
·Plan your bets: Live betting doesn’t mean improvising as the events unfold, but rather, trying to imagine different scenarios that are bound to happen and the best bets to place when these events unfold. This way, you are always prepared for the worst. It’s also worth mentioning that you need to be quick when betting. This way, you can always get the best odds possible as the odds are constantly shifting.
·Take charge of your emotions: It’s important to bet using your head rather than betting using your heart. As a matter of fact, you need to have a cold heart and prepare yourself mentally in order to last through the adrenaline spike when losing or winning a bet.
·Keep track of the events live: This is basic and we assume it is common sense to all sports bettors. By choosing to bet live, you are doing so because you want to get the most out of the events as they unfold. It, therefore, dictates that you closely follow the event to get up to date information necessary for tweaking your bets.
The Perquisites of Live Betting
Live betting offers you plenty of advantages when you compare to pre-match betting. Just to list a few:
·Watching events: If you are a true sports fan, and more especially of the teams that you want to bet on, then live betting is the cherry on the cake. Some sportsbook platforms offer live streaming services to their patrons. Use this feature to watch as the events unfold and thus place informed bets.
·Covering pre-match bets: Whether the event is going in your favour or not, in-play betting means that you don’t have to wait till the end of the game or match to confirm the loss of the bet or make a profit. In fact, you can easily redeem yourself and make more money than you had anticipated in your pre-match bet.
For example, take a match between Arsenal against League Two’s Crewe Alexandra. Pre-match odds indicate 1.20 (1) 6.52(X) 17.32 (2). At half time, if Crewe Alexandra is one goal up, the odds of Arsenal winning the match are at 1.80. The odds for Arsenal winning or drawing the match are at 1.50. With Arsenal’s impeccable home record, this could be a chance to lock in a profit with either of the two bets.
*Please note: Cherry Sportsbook does not offer matched betting services. However, our sportsbook features the other forms of betting, which you can participate in if you are at least 18 years old. Please also note that the free bets and bonuses mentioned below are not offers at Cherry Casino.
Matched betting is a form of betting that you can use to guarantee a profit from the free welcome bonus and other sports betting promotions offered by the bookmaker. Several online sportsbooks offer their new and returning members free bets in the hope that they continue spending their money with the incentive of the free bet.
With matched betting, you can capitalize on these free bets and make a guaranteed profit. But isn’t this illegal? On the contrary, this concept has been around for a few years and it is 100% legal as it is based on simple mathematics.
In matched betting, you are most likely bound to come across two types of bets that are associated with the concept. These are the lay betand back bet.
·When you place a back bet, you are simply backing or supporting that the outcome of the event will happen. For instance, you might want to back Arsenal beating Manchester United. Should this come to pass, your bet is a winner. However, should the match end as a draw or Arsenal lose the match, then you lose your bet.
·When you place a lay bet, you are simply betting that the event won’t happen. For instance, if you were to lay Arsenal in the match above, then you win your bet if the match ends in a draw or Arsenal loses. You can only place a lay bet on the betting exchanges online.
With matched betting, you are canceling out the risk of the back wager by betting against yourself. Once you’ve done this, you shall have placed the all-important ‘first qualifying bet’ and can, therefore, claim the free bet.
What are the risks of matched betting?
The beauty associated with matched betting is that anyone interested in it can try it out. Some of our readers and new punters may be worried about the level of risk surrounding it, which is understandable. However, when used correctly, there are zero risks associated with matched betting. This is because you will be covering yourself whether the team you are betting on loses or wins.
The only notable risk associated with matched betting is failing to correctly execute the procedure as it is supposed to be done when betting. This is the reason why, especially if you are new to the practice, you are advised to take it one step at a time. Furthermore, you also need to read and understand the free bet terms and conditions.
Once you’ve understood the ins and outs of matched betting and built up your betting confidence by successfully executing a number of bets, you can start betting and earn a significant balance with virtually no risk.
Important In-Betting Features
At the Cherry Sportsbook, it’s never been simpler and quicker to place your bet! We have included a string of features to our platform aimed at helping you place your bets – stress-free. In this section, we are going to look at the popular in-betting features including:
·The cash out feature.
·Live streaming feature.
Cash Out in Sports Betting
Cash out is a feature offered by some of the best sports betting sites. It allows you to immediately take an assured amount of cash in exchange for closing your bet before it is finalized. This is a feature that has been embraced by the majority of the sports bettors as it lets you lock in a profit – if your selection is going well – or evade a potential loss – if your selection is going sideways. There are two forms of cashing out in sports betting.
·Full cash out: This is the most common form of cash out on sports betting sites. With this, you get to fully cash out the available balance.
·Partial cash out: This form of cashing out was only recently introduced at some sports betting sites. Unlike the full cash out feature, you get to cash out part of your bet and let the remaining balance to ride on till the end. This option is widely used when your selection is going right but you are not 100% guaranteed of the outcome.
For example, the match between Arsenal and AFC Bournemouth ended with a 1-0 scoreline. So for example, you’d wagered €100, with a potential return of €180. At half time you have a cash out of €150, and you decide to partially cash out €150. This means that you will have a balance of €30 riding until the end. This way, you’d have at least locked in a profit of €50 and recovered your initial stake and play with the €30 profit.
*Take note that we haven’t included the partial cash out feature yet. However, we do offer a very responsive full cash out feature. Whether you are using your PC to bet or mobile device, our full cash out will ensure you can quickly cash out your bet to suit your needs.
How is The Cash Out Determined?
Regardless of the sports betting platform that you choose to bet on, cash out is determined using the same formula. It is determined using the prospective winnings from your bet and the current odds you are being offered at the current instance.
For instance, if you’ve wagered €100 on Arsenal to win the match at odds of 3.68 and they are trailing against Manchester United at half-time, the new odds on them to win the match might be 6.0. Ignoring the fact that the sportsbook’s margin has already been added to the odds already, then the ‘fair’ cash out value will be calculated using the formula:
The “Fair” Cash Out Value = The potential returns ÷ The current odds
Why Should You Use The Cash Out Feature?
There are two main advantages of using the cash out feature. They include:
·Improve your winning opportunities – If your selection is going as predicted, you can easily cash out your bet and lock in a profit.
·Minimize loses – If your selection is going sideways, you don’t have to lose your entire stake. Simply use the cash out feature and save some of the money for a later bet.
Important Points about Cash Out
·The cash out feature is usually offered on a number of betting markets.
·In order to show the events with the cash out feature, the majority of the sports betting sites will include a cash out icon on it.
·The cash out feature can sometimes be unavailable in instances where there’s low liquidity in the given selection. For instance, if you are betting on Arsenal to win against Liverpool and they are trailing 4-0 at the 70th minute, there will be no cash out.
·Cash out amount is usually not guaranteed. This is because they are subject to the live betting markets where the prices keep shifting. This implies that you may cash out more money than indicated, or in some instances, you can only partially cash out.
·In the event that your cash out is partial successful or unsuccessful, then the sportsbook will only offer you a new figure, based on the current odds and prices of the market.
Live streaming on sports betting sites has revolutionized the way punters watch sports in recent years. Furthermore, it has made live betting very easy and effective. Thanks to this feature, you can now easily stream and bet on hundreds of thousands of sporting events every year. Betting sites offer live streaming services on tennis, hockey, basketball, football and a variety of other sports.
Why should you use the live streaming feature?
·If you intend to bet through live betting, you will definitely need to use this feature. Stream live as the events unfold, and only get to make informed decisions on your bets.
·Betting sites will stream games from some of the biggest leagues across the world including Australia, Brazil, the United States, and Europe. You can, among many other things, watch football events unfold from the English Championship, Bundesliga, Serie A, and La Liga. Also covered in the live streams include tennis events, golf events, basketball events, cricket matches among many others.
Live streaming comes with a caveat!
While the live streaming feature is readily available for all the players at respective betting sites, not everyone can access this service. This means that you can only access it if:
1.If you are only logged in to your account.
2.If you have money in your sportsbook account.
3.If you don’t have any balance, you can still access this feature, but only if you have wagered at least €10 in the last 24 hours.
Top Three Best Sports To Bet On at Cherry Sportsbook
Ask any accomplished sports bettor and they’ll tell you that you should bet on sports that:
·Offer you two potential outcomes (win-lose).
·Offer you decent odds, and;
·Are popular among bettors.
Provided that you are a big fan of the sport and it interests you – you’ll realize that you’ll be more motivated to invest time and effort to ensure it works out. Personal preferences aside, the sports listed below are considered as the ‘best value sports’.
This is undoubtedly the king of sports betting for the majority of bettors online as it combines physical effort, tactics, a whole load of emotions and surprise capability. While there are other sports have only two outcomes, football has three outcomes, which include a draw. This makes it somewhat difficult to bet on.
Nonetheless, it remains as the popular sport of choice as far as betting is concerned as there is an overwhelming number of matches to bet on across different leagues daily. Some of the best betting sites such as Cherry Sportsbook offer more than 100,000 football matches daily. This combined with the perks of betting on them live, you are left with a remarkable number of markets to pick from. While betting online, some of the popular markets that you can bet on football include:
·Winner of the match.
·Number of goals (Over/Under).
Basketball is such a spectacular and attractive sport to watch, with the EuroLeague and NBA being the most popular leagues in the world. As such, these two leagues see the most money invested in terms of betting.
In basketball, a draw is not likely to happen, which makes it very easy to conclude the team that has the best chance of winning. In fact, it’s easy to do this such that you can only take a quick look at the season’s scoreboard. Basketball also tends to offer some of the best sports betting odds, especially if you choose to use the live betting feature.
If you’d like to bet on basketball, some of the most popular bets you can place include:
·Match to go into extra time.
·Bets per quarter.
·Winner of the match.
·3-way handicap betting.
This beautiful sport is also a major event in the sports world, attracting plenty of money in bets, with the four major Grand Slams – Wimbledon, the US Open, the French Open, and the Australian Open – usually doing the best. In tennis, draws don’t exist, making it easy for you to predict the outcome. Also worth mentioning is that placing trade bets is pretty easy as tennis sees massive odds fluctuations during live matches.
If you wish to place a bet on tennis, some of the popular markets that attract the bigger share of bets include:
·Winner of the match
·Winner of the tournament
Other sports worth betting on include:
It does not matter how much of a gambling expert or football fanatic you think you are, it is never possible to successfully predict the outcome of all the betting events you choose to wager on. However, this does not mean it’s not possible to find any success in your bets at the end of the day! And if you are to find this success, there are a few basic points that you need to remember:
·Research on the teams or events that you wish to bet on.
·Compare odds involved.
·Have a proper bankroll management plan.
·Most importantly, enjoy yourself. If you are in it, hoping to make some serious cash without having some fun, there’s a high likelihood that you will not get far!
If you need any assistance or advice on sports betting, give our able customer support team a shout and we will gladly offer the help that you need.
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