Are you new to sports betting? No worries! We are here to tell you everything you should know about sports betting! Sports Betting 101 lesson is about the start; take your seat and enjoy the article!
Table of Contents
What is sports betting?
Sports Betting is a system based on the prediction of the results of an organization (sports competitions like English Premier League, NBA, Champions League) by third parties, the outcome of which is not known in advance, but provides some gains according to the possible outcomes.
Here are some terms that you are going to see more in your betting career;
Action: Placing bet on a sports event or having wager or active wager on any sports event
Wager: A bet or amount of money placed on the outcome of an event.
Odds: The likelihood of a particular outcome occurring, expressed as a ratio, fraction, or decimal.
Stake: The amount of money placed on a bet.
Bookmaker/ Bookie: An individual or organization that accepts and pays out bets on sporting events or other outcomes.
Punter/ Bettor: A person who bets expecially on a regular basis.
Favorite: The participant or team expected to win the event. They have the lowest odds.
Underdog: Participant or team expected to lose the event. They have higher odds compared to the favorite.
Point Spread: A handicap applied to the favorite in order to even out the betting action. It adds or subtracts points to the final score to determine the outcome of the bet.
Moneyline: A type of bet where you simply choose which team or participant will win the event.
Parlay: A bet that combines multiple individual bets into one, with the winnings from each bet rolling over to the next one. All bets in the parlay must win for the bettor to be paid.
Over/Under: A bet on whether the total combined score of both teams or participants will be higher or lower than a predetermined number set by the bookmaker.
Handicap: A method of leveling the playing field by giving one team or participant a points advantage or disadvantage.
Accumulator: Similar to a parlay, it involves combining multiple bets into one, but unlike a parlay, the winnings from each bet are not rolled over. Each bet is considered independently.
Line: The current odds or point spread offered by the bookmaker for a particular event.
Return: The total amount of money a bettor receives if their bet is successful, including the original stake.
Push/ No action: A tied bet where neither the bettor nor the bookmaker wins or loses. The original stake is typically returned.
What are the tips about a wining bet?
- Set a Budget: Before you start betting, establish a budget for yourself and stick to it. Only bet with money you can afford to lose. This will help you avoid financial difficulties if your bets don’t go as planned.
- Understand the Odds: Take the time to understand how odds work and how they represent the probability of an outcome. Odds can be presented in different formats (decimal, fraction, or moneyline), so make sure you grasp how to interpret them.
- Research and Gather Information: Knowledge is key when it comes to successful betting. Research the teams, participants, or events you plan to bet on. Analyze their performance, statistics, injuries, and any other relevant factors that may influence the outcome.
- Be Selective: Avoid the temptation to bet on every available opportunity. Instead, focus on specific events or markets where you have expertise or access to relevant information. Quality over quantity can lead to more informed and successful betting decisions.
- Manage Your Emotions: It’s important to approach betting with a rational mindset and not let emotions dictate your decisions. Avoid chasing losses by making impulsive bets, and don’t let winning streaks lead to overconfidence. Stay disciplined and stick to your strategy.
- Consider Value Betting: Look for opportunities where the odds offered by the bookmaker are higher than the actual probability of the outcome occurring. This is known as value betting. Finding value bets can increase your long-term profitability.
- Utilize Bankroll Management: Determine the portion of your budget to allocate for each bet. It’s generally advised to bet a consistent percentage of your bankroll (e.g., 1-5%) on each wager. This approach helps protect your bankroll from significant losses and allows for better bankroll growth over time.
- Compare Odds and Lines: Don’t settle for the first bookmaker you come across. Shop around and compare odds and lines from different bookmakers to ensure you’re getting the best possible value for your bets.
- Keep Records: Maintain a record of your bets, including the details of each wager, the stake, the odds, and the outcome. This will help you analyze your betting patterns, identify strengths and weaknesses, and make informed adjustments to your strategy.
- Bet Responsibly: Betting should be seen as a form of entertainment, not a guaranteed way to make money. Always gamble responsibly and avoid excessive or compulsive betting behavior. If you feel that you or someone you know may have a gambling problem, seek help from professional resources.
Why Bet on Sports?
There are several reasons for betting on sports. Here are some reasons of African people for betting!
Betting Motives in Africa;
1. I want to win money – 68%
2. I like the excitement / experience – 36%
3. It makes watching/following a game more intersting – 44%
4. I like the competition – 37%
5. I want to try something new – 17%
6. I have extra money to spend – 15%
7. It’s a hobby – 17%
8. Someone I know encouraged me to try – 15%
9. None of these – 4%
The most important reason to bet a sports event is to win money. That’s why you will see the best odds in OYAWIN always! And also, from traditional sport to esports event, you will have many options to bet!
Betting Motives of Nigerian People
Sports betting makes me more interested in following sports – 78%
I want to be able to bet on sports in real time/as I watch – 81%
I am interested in learning how to become more succesful at betting on sports – 84%
Betting Motives in Africa;
1. I want to win money – 68%
2. I like the excitement / experience – 36%
3. It makes watching/following a game more intersting – 44%
4. I like the competition – 37%
5. I want to try something new – 17%
6. I have extra money to spend – 15%
7. It’s a hobby – 17%
8. Someone I know encouraged me to try – 15%
9. None of these – 4%
The most important reason to bet a sports event is to win money. That’s why you will see the best odds in OYAWIN always! And also, from traditional sport to esports event, you will have many options to bet!
Betting Motives of Nigerian People
Sports betting makes me more interested in following sports – 78%
I want to be able to bet on sports in real time/as I watch – 81%
I am interested in learning how to become more succesful at betting on sports – 84%
Is Sports Betting Legal?
Yes, OYAWIN is a licensed betting company in Nigeria. Oyawin is licensed by National Lottery Regulatory Commission (NLRC) so you can bet with peace of mind in OYAWIN.
Also all your personal information is being protected by For more information; please read our terms&and conditions.
Sports Betting History
Betting has a long history that dates back thousands of years. The act of placing wagers on the outcome of events can be traced to ancient civilizations such as the Greeks, Romans, and Chinese. Throughout history, people have engaged in various forms of gambling and betting, often for entertainment or as a means to win money.
Here are some key points about the history of betting:
Ancient Origins
The earliest evidence of gambling activities dates back to around 2300 BCE in China, where tiles were used for a form of lottery. The Greeks and Romans also had a strong gambling culture, with popular games like dice and board games.
Middle Ages and Renaissance
During the Middle Ages, gambling was generally frowned upon by religious authorities. However, games like dice and card games were still played in private settings. In the Renaissance period, lotteries gained popularity as a means to fund public projects.
- The Rise of Casinos: The 17th and 18th centuries saw the emergence of formalized gambling establishments, known as casinos. The Ridotto in Venice, Italy, is considered the world’s first public casino, opened in 1638. Casinos became centers for socialization and entertainment.
- The Development of Sports Betting: As organized sports gained popularity, betting on the outcomes of sporting events became increasingly common. Horse racing, in particular, has a long history of betting associated with it, with the first recorded horse race believed to have taken place in ancient Greece in 680 BCE.
- Modern Betting: The 20th century witnessed significant developments in the betting industry. In the United States, the introduction of legal gambling in Nevada in 1931 led to the growth of Las Vegas as a gambling destination. The introduction of online betting platforms in the 1990s revolutionized the industry and allowed people to place bets conveniently from their homes.
Today, betting encompasses a wide range of activities, including sports betting, casino games, poker, lottery games, and more. It has become a multi-billion dollar industry worldwide, with both traditional brick-and-mortar establishments and online platforms catering to the demand for gambling and betting entertainment.
It’s worth noting that regulations and laws regarding betting vary across countries and jurisdictions, and it’s essential to understand and adhere to the legal requirements in your specific location.
Online Sports Betting
The history of online betting can be traced back to the early 1990s when the internet started gaining popularity and technological advancements allowed for the development of online platforms. Here’s an overview of the history of online betting:
- The Emergence of Online Casinos: The first online gambling platform was introduced in 1994 when Antigua and Barbuda passed the Free Trade and Processing Act, allowing licenses to be granted to organizations that wanted to offer online gambling services. Microgaming, a software development company, launched the first fully functional online casino, providing a variety of casino games that could be played for real money.
- Sports Betting Online: In the late 1990s, online sports betting began to gain traction. Companies like Intertops started offering online sportsbooks, allowing users to place bets on various sports events around the world. This opened up new opportunities for sports enthusiasts to engage in betting from the comfort of their homes.
- Regulatory Challenges: The rapid growth of online betting posed regulatory challenges, as different countries and jurisdictions had varying approaches to online gambling. Some countries banned or heavily restricted online betting, while others established regulatory frameworks to control and license online gambling operators.
- Technological Advancements: The advancement of internet technology and secure online payment methods played a significant role in the expansion of online betting. As internet speeds improved, online platforms became more user-friendly, offering better graphics, faster gameplay, and real-time betting options.
- Mobile Betting: With the widespread adoption of smartphones and mobile devices, mobile betting became increasingly popular. Online betting platforms began developing mobile apps and optimizing their websites for mobile use, allowing users to place bets on their favorite sports events or play casino games on the go.
- Live Betting and In-Play Wagering: The introduction of live betting and in-play wagering further enhanced the online betting experience. Users could now place bets during ongoing sports events, reacting to real-time developments and adjusting their strategies accordingly.
- Expansion and Global Reach: Online betting has expanded to reach a global audience, with numerous international betting sites catering to customers from different countries. The globalization of online betting has allowed users to access a wide range of sports and casino games from around the world.
It’s important to note that the regulations and legality of online betting vary across jurisdictions. Some countries have embraced online gambling and have established regulatory frameworks to govern the industry, while others have imposed restrictions or banned it altogether. If you’re interested in online betting, it’s crucial to understand and comply with the laws and regulations in your specific location.
Can I bet on more than one sport at a time?
Yes, you can bet on more than one sport at a time. For example; while you are betting a football match over 2.5, you can bet also a tennis event same time. The important thing here is to set up your betting strategy correctly and to bring together the odds you think will win.
What sports can i bet on?
OYAWIN has a wide range of options from football to basketball, from tennis to esports. You can place pre-match or live bets on sports in OYAWIN sportsbook.
In pre-match bets, you can take desicions according to the previous statistics of the sides of the match, and you can choose the odds that come to your mind among hundreds of markets.
In live betting, you can bet according to the situation on the match and select the best odds to win a bet!
Here are some sports that you can bet on OYAWIN;
- Soccer
- Basketball
- Volleyball
- Tennis
- Ice Hockey
- Motorsports
- American Football
