The Important Terminology Associated with Gambling and Betting

  • Canarian Weekly
  • 25-01-2024
  • Business
  • Photo Credit: Pexels
The Important Terminology Associated with Gambling and Betting

Just the same as when you are learning a new language, practising playing the piano, or any other extracurricular pursuit you could name, half the battle is working out what the wide array of terms and phrases are associated with your chosen subject.

When it comes to the weekend and for once or, indeed, as part of your regular relaxing downtime, you fancy placing a small amount of money on an online slots game, your favourite team to win, or even heading to your nearest casino, knowing the key terminology associated with gambling will certainly help!

How Does Gambling Work?

Although you may feel as if you are more than familiar with the basic concept of gambling, it can help to break the process down and know exactly what happens when you put a dollar into the machine, or else click ‘spin’ on your smartphone.

Many people, often those who are possibly slightly addicted to gambling, wrongly feel as if, once they have bet and lost a certain amount of money if they just keep going, then they will win the bonus and get their money back.

It is crucial to remember, then, that even with the most reputable and established online and physical casinos, the house will always win, and if you do happen to get lucky and win more than you initially deposited, withdraw the money and stop playing.

Important Responsible Gambling Terms

Whether you are sipping a cocktail in front of a retro slot machine in Vegas or snuggled on the couch under a blanket playing an online game with an online casino Australia, either way, it can be easy to get slightly carried away with how much you are spending.

This is why you need to familiarise yourself with the important terms that are put in place to protect you from spending more than you budgeted for, which are as follows:

1. Deposit Limit:

Set your own limit as to how much you can deposit each day/week/month

2. Time-Out:

A short break from the casino, either a couple of weeks or several months

3. Self-Exclusion:

Either temporarily or permanently bar you from the casino long-term

4. Time Reminder:

Set an alert to notify you on the screen after a certain period of time

The Different Types of Sports Bets

As you would expect, the world of sports betting is more complicated than simply picking a match, choosing a side, and clicking deposit, but even though the very first time you place a bet it can feel intimidating, you will quickly get into the swing of things.

For the vast majority of sports betting on team sports, there are going to be four different types of basic bets, which are as follows:

1. Totals

2. Parlays

3. Moneylines

4. Spreads

Totals (or over/unders), are bets which decide whether the combined total score in a particular match will land under or over the sportsbook set line.

When betting on a parlay, this will allow you to combine at least two separate bets at one time, which inevitably leads to higher payouts should your bet be successful, whereas moneyline bets are the simplest, whereby you simply bet on one team, winning or losing.

Finally, spread betting in the context of sports betting is when, should you be backing the underdog (which is decided by the bookies), their score will receive a boost that matches the spread number.