Some games are considered incomplete without betting (card games, craps, professional athletics). Some are not played at all unless wagering is involved (coin tossing, poker, horse racing, football pools). In some cases betting is intrinsic to the game and essential to its success and enjoyment (horse racing, football pools). In other cases, it is simply conventional and adds nothing to the gameplay (coin tossing, dice games).
Betting entails placing a bet on the result of a particular event. The aim of the bet is to win a sum of money equal to or greater than the amount wagered. The outcome of the bet is dependent on many factors including luck, knowledge and experience.
The odds for a given event or team are determined by the bookmaker. They are displayed as a ratio of the likelihood that the event or team will occur, expressed as a decimal or fraction. They can also be expressed as an over/under, meaning that the total points scored will be higher or lower than a specified number, plus the vig or juice, which is a bookmaker’s commission.
Developing an effective betting strategy requires time, effort and discipline. There are no shortcuts or magic bullets. The best bettors have a strong understanding of their handicapping system, which will help them to identify the most profitable bets. This is often based on tested systems, such as Ken Pom, Sagarin or Football Outsiders’ DVOA. It is also crucial to understand how odds are manipulated, and to be aware of the various betting options available.