Everything you need to know about sports bets and bonuses

Planet Sport writer
14 August 2024

Sports betting is an art, bettors need to be able to process a number of variables to help them predict the outcome of a sporting event.

The weather, a player's health, the mood of the coach and the competitiveness of the opposing side all play a role.

Many online casinos have taken sports bets and added them to their platforms, alongside traditional games such as slots, poker and black jack.

This allows online casino operators to offer sports bettors the same bonuses that regular casino visitors have become used to.

Welcome, referral and free spins on sign-up bonuses are the most common forms of rewards for online casino visitors.

This article is tailored to those new to sports betting and online casino bonuses, and to those needing a refresher.

Read on to learn more about what kinds of bets and bonuses are out there.

Understanding the odds

Sports betting is typically about the odds. A bookmaker or online platform would usually employ the services of an odds compiler or trader to help them set the odds on an event.

The odds compiler must have a sense of which sports require statistical analysis and which need more intuition.

The trader might also help the bookmaker or online platform decide on which bets to take and which might end up being too risky for the enterprise.

Similar to house prices in real estate, odds compilers will also adjust their odds to match consensus among other industry participants.

In essence, odds are a probability of a certain outcome happening.

Depending on where in the world you are, you will see your odds represented as American odds, fractional odds or decimal odds, the idea behind them is very similar though.

One of the most popular forms of odds in the world is the decimal odds system.

Decimal odds are also known as European odds, digital odds or continental odds and are widely used in Europe, New Zealand, Australia and Canada.

Online odds converters will help those bettors interested in betting on international sports using one of the other two odds systems.

Odds will let bettors know probabilities of a win, but also who is touted as the favorite and who is the underdog.

Adding the odds, industry tips and your own intuition and knowledge together, is the best way to improve your chances of winning.

Decimal odds

Decimal odds represent the total return for every 1 Euro or 1 AUS Dollar wagered and include the original bet amount.

So odds of Scottie Scheffler beating a rookie golfer in a major might be 1.25 for Scheffler and 4.1 for the rookie.

Meaning that in case of a Scheffler win, you would receive 25 cents back for every Euro spent.

And a rookie win would give you 3.1 Euros back for every euro betted. The lower number (1.25) indicates the favorite and the higher number (4.1) the underdog.

The nice thing about decimal odds is that your original bet is already included in your winnings, so there is no need to add it in.

If you put 100 Euros on the same golf championship, using the same odds, you would receive 125 Euros for a Scheffler win and 410 Euros for a rookie win. The final amount always includes your original bet of 100 Euros.

American odds

American bets differ in that they show only the profit amount, without the initial bet.

The above example would give you odds of +310 for the rookie, the + symbol indicates that he is the underdog and that a $ 100.00 bet would win you $ 310.00 ($ 410.00 total).

The American odds for the favored Scheffler win would be, -400, letting the bettor know that they would have to bet $ 400.00 to win $ 100.00 (or $ 100.00 to win $ 25.00 in this example).

Good to Know: American odds are also known as Moneyline odds

Fractional odds

Fractional odds are used predominantly in Great Britain, and are therefore known as British odds, U.K. odds or traditional odds.

Fractional odds are listed and read as (potential winning)/(stake). Using the Scheffler vs rookie example above, the odds would be 31/10 for the rookie and 1/4 for Scheffler.

Sit down with a piece of paper and a pen, and see if you can make sense of all three odd styles.

Sportsbook bonuses

Sportsbooks tend to offer bonuses just like online casinos, some of the most popular sportsbook bonuses are:

Bonus Bet. Sportsbooks will offer bettors a fixed amount for bets placed. Five Euros of real money bet might get you a bonus bet of 150 Euros to spend on the platform. Just bear in mind that the additional bet amount cannot be withdrawn as cash, it needs to be played on the sportsbook.
No-Deposit Bonuses. These bonuses are tailored to those signing up for the first time. Sportsbooks will place a set amount of money onto a bettor's account for play online, free of charge and without the bettor having to make a deposit.
Second-Chance Bet. Operators will cover any loss, up to a certain maximum limit, for the first bet placed.
Deposit Match Bonus. Sportsbooks match the bettor's deposit amount, up to a certain limit. Allowing the bettor more bets and higher chance of success.
Enhanced Odds. In this type of reward, sportsbooks will offer gamblers improved odds.

Responsible gambling

Responsible gambling is an important part of the sportsbook world, players should ensure that:

The online sportsbook they choose is licensed. This is one of the most important criteria as it guarantees that funds are not instantly lost on deposit and that winnings are actually received by the player. Licensing information must be made available by the operator upon request, gamers can also access this information through governmental websites and gambling regulators in their region.
Online gambling addiction, as well as underage gambling, should be avoided. Ask for help if you are under pressure or uncertain about your gambling habits. Proper online sportsbooks will always offer advice, information and resources to gamblers at risk. There are many organizations dedicated to aiding those with gambling addictions, do not be afraid to ask for help. Underage gamblers can be actively barred from sportsbook sites by requiring facial recognition and identity verification on sign up.