Betting is making a wager on the outcome of a game or event, such as a horse race. It differs from gambling because you risk something and have a chance of winning something, and in many cases, if you win, you’ll get back more than your original stake. There’s a lot of work that goes into betting, and it requires research.
You can place a bet on one side of a match, or a parlay that involves multiple selections that pays out only if all bets in the bet win. Parlays are riskier and offer lower payouts than single bets, but they can still lead to a substantial payoff if your picks win.
Vigorish is the bookmaker’s fee, and it plays a big role when calculating EV. It’s why it’s a good idea to have accounts at a few different bookies and compare odds to find the best deal.
Prop bets are wagers on a specific aspect of the game, not necessarily the result of the match, but it can be anything from how many goals a particular player will score in a soccer match to which team will have more hits or yards in a baseball game. The odds of these bets are not set in advance and can vary depending on the situation.
Favourite: The team or athlete that the oddsmakers expect to win a game/match/competition. Also known as the chalk.