How To Bet: A Beginner's Guide to Gambling

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When I first placed a bet, I have to say that I was shaking. Surrounded by more experienced, even weathered, gamblers, I was afraid that I was going to make a mistake - what did the odds really mean? Was there an etiquette? Here's my guide to placing a bet, and what odds really mean - as well as how to maximise your winnings and reduce your losses.

1. Odds

Ever wondered what those strange folk at the race course are doing? It looks like sign language - in fact, it is. They're communicating to each other that their odds - the chances of each horse winning - have changed.

These days, more and more bookmakers are giving decimal odds - but the traditional fractional odds are still very popular.

The odds 5/1 mean that the bookmaker thinks the horse has a one in five chance of beating the competition. Equally, 10/1 means that the horse has a one in ten chance of winning.

More complicated odds, such as 100/30 mean that the horse has a 1 in 3.33 chance of winning.

Bookmakers are clever people - they calculate everything so that they very rarely ever make a loss on a race. It's up to you to do your research to ensure that you don't make a loss and give them all your money!

Decimal odds simplify everything, and are very popular in Europe, where fractional odds are practically non-existent. 4.0 is the equivalent of 3/1.

When you bet 1 at 3/1 in the UK, you will get 4. When you bet 1 at 4.0 in France (or anywhere in fact), you will get 4. The difference is that the money you stake on the bet is returned to you with the fractional odds system, but not with the decimal odds system.

2. Placing your bet

If you are at a bookmakers, take a slip, and write down your bet very clearly, like this:

Epsom, 2:50, Red Rum, 5 to win

You will automatically be given the odds at the time of your bet. This way, you secure the odds - as they will always change after your bet. If you want the very last price - and this is quite risky, as those odds could 'shorten' (i.e. they could bring you less money) - then you write "SP" for "Starting Price".

If you are at the racecourse, then you have to go to a kiosk, and ask for your bet. Simply say

"5 on number 3 (or the name of the horse) to win"

It's as simple as that.

If you are betting online, then the online bookmakers have made it very simple for you - simply select the event that you want, click on the selection, and an online betting slip will appear - you can then verify your odds, confirm them, and everything happens in just a couple of clicks.

3. How not to lose too much money

Gambling can be addictive, and you have to realise your limits. Set yourself an amount that you feel comfortable losing - it could be 10, it could be 100 if you are quite rich. Never exceed that limit, and plan your bets throughout the day if you are at the races or watching a race meeting on TV.

If you are betting on horse racing, read the racing papers in the morning, and analyse the performances of each horse in the race. Don't go picking by name, it might work once or twice but after that - never again.

Study the following things:

- what is the ground like today, and how has each horse performed on similar ground? - has the horse run at this distance before? - has the horse run on this course before? If so, what is his record? - is the horse doing well lately? - and, have any of these horses run against each other before? If so, what was the result?

If you are betting on the football, check the following:

- what is the history between these two teams? For example, does the away team often win at this ground? - which of the two teams really needs a result here? - what is your gut feeling? (often the best judge!)

So, if you are getting into gambling - be sensible, remember your limits, and never bet on something that you're not sure about. Gambling is not about having a hunch or taking a risk, it's about minimising your risk, and finding a bargain.

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