It is certainly mind-boggling how enormous the gambling industry has gotten in the last few decades. Betting areas the likes of Las Vegas or Macau generate billions upon billions of dollars annually due to the sheer number of players, each one of them desperate to get their gambling fix. Spurred by the success of the giants, smaller brick-and-mortar establishments have been popping up everywhere it is legal to, becoming a fine alternative for those who couldn’t enjoy the big names. Nowadays, thanks to the advent of online casinos, you don’t even have to leave the comfort of your home in order to play a game of chance.
Despite the immense popularity gambling enjoys these days, there are still many things that a lot of players either ignore or forget about. One of them is gambling-related terms. In fact, there are several gambling terms that any bettor, veteran or not, should always remember to maximize their chance of winning, including house edge, draw no bet, return to player (RTP), handicapper, oddsmaker, railbird, the difference between the favorite/the underdog and proposition bet. Explore the info below and increase your chances of winning with this new knowledge!
House Edge
This is the concept behind why, no matter how good your skills as a player are, you will never ever be able to beat the house, at least not for long. You see, the house edge is a small but essential part of what makes gambling possible. It is a percentage that is subtracted from each bet and is given to the casino as a form of profit. Due to the fact that it is a number that is always the same – no matter what the game or the rules – it can help you to determine whether or not it is worth playing.
Draw No Bet
What is Draw No Bet? Due to its low risk, it’s one of the first betting methods newcomers get to know and use. It allows you to wager on the outcome of a match or game while also taking out any type of risk involved with that same event, namely the draw. In other words, if you place a Draw No Bet on a team that is up by two goals in the final quarter of a soccer match, you will automatically get your money back if the match ends in a draw. This helps to minimize risk considerably and is an often-cited technique for reducing the house edge.
RTP
RTP stands for return to player, which is the amount of money a gambling machine will pay back to the players over time. On average, this is around 97% but ranges from 90% to 99%, depending on the game or casino involved. The difference between RTP and house edge is that the former works in the interests of the player, while the house edge’s main purpose is to generate profits for the casino.
Handicapper
Handicappers are individuals who try to predict the outcome based on such variables as the perceived skill level of players, their prior performance, and their overall track record. They may use an algorithm or simply rely on their own gut feelings on players and teams—there are no rules governing their methods in most cases. It is worth noting that not all handicapping methods are created equal, so it is always a good idea to reach out to more than one person before you make your bets for any given event.
Oddsmaker/Betting Line
An oddsmaker is someone who sets odds for a given event based on how they perceive the chances of each side winning to be. The oddsmaker does not necessarily have to be affiliated with an actual gambling establishment—they may be employed by an online sportsbook or another third party altogether. However, even those who work for a gambling establishment do not necessarily have the deciding vote on what odds are posted for an event—the house has the final say on all bets and is free to change them at any time, usually due to issues with liquidity or player demand. Oddsmakers change their lines constantly in order to attract additional bets—if they didn’t do so, then they would be losing out on a lot of money!
Railbird
Railbirds are people who take pleasure in watching other people place wagers on their favorite sports and games. They are interested in gambling but do not partake in it—that’s why they are called railbirds (they watch from the sidelines). You will find them at designated areas at casinos called railbirds’ rails or just rails for short. They can be a good source of information for newcomers looking for guidance on how to play the games.
Proposition Bet/Prop Bet
Proposition bets or prop bets are a very specific type of wagers made on a given sporting event or game. These bets often come with very high payouts but also carry very high risks. An example would be betting on whether or not LeBron James will score one point in any given game. All prop bets should be considered high-risk gambles because their payouts can be astronomical compared to other types of bets but are often based on extremely difficult scenarios to achieve and therefore carry very high house edges. As such, these types of wagers are only made by experienced gamblers with deep pockets—they should never be attempted by new players!
Favorite vs. Underdog
The terms favorite and underdog are very specific to sports betting. Favorites are teams or individuals considered to be better than their competition, while underdogs are those with less skill or perceived skill than the other competitors. For example, if Germany is playing Brazil in soccer and Germany is the favorite, then it is expected to win more often than not—in fact, it would be a huge upset if Brazil won that match! For all intents and purposes, you can use the term “favorite” interchangeably with the term “favored” and it will usually mean the same thing.
Conclusion
Betting terms are important for a number of reasons. Not only can they help you understand the meaning of each bet you make, but they also help you to understand why your favorite team is so successful or why they lose every time they play. It is always better to understand what you are doing and why you are doing it so that you can make the best possible decisions when it comes to gambling. Good luck!