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Basics of betting

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  • 14-05-2008 7:16pm
    #1
    Lorrs33
    Registered Users Posts: 690 ✭✭✭


    I have an interview for Paddy Power tomorrow and I need to know at least something about betting, so could anyone give me just the basic keywords of betting, and what they mean of course?


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    #2
    delta_bravo
    Registered Users Posts: 4,567 ✭✭✭delta_bravo


    http://www.online-betting-guide.co.uk/school/betting_terminology.php


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    #3
    punchestown
    Registered Users Posts: 660 ✭✭✭punchestown


    You have a two horse race. Horse A v Horse B. For this instance, they have the same chance of winning the race. That would equate to a 50:50 chance for each horse or in betting parlance even (1/1) money each of two. i.e. €1 on each you would get €2 back on the winner €1 win and €1 return of winning bet but you would have lost €1 on the losing horse, so in effect you cant lose but the bookmaker offering you the odds could not realistically win on the race unless he took a stance and laid Horse a for a bigger sum than horse B and hoped horse b won.
    Where the bookmaker makes his money without such risk is by taking a percentage of 50:50 so instead of laying 50 for fifty he will lay 50 but at a cost to the backer of 54. Odds wise he will offer 5/6 on each of horse a and b. Therefore you might fancy horse a and back him €6 to win €5 but I fancy horse b and I back him €6 to win €5. The bookmaker has taken in €12 in bets but only has to pay out €11 giving him a win of €1 on every €12 taken (if all bets were equal)


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