A sportsbook is a website or app that allows Aussies to place wagers on all kinds of events. That includes everything from horse races and cricket matches to reality TV contests and even political elections. But how do you know whether you’re getting a good deal? That’s all about knowing the profit potential of each bet you place.
Profits are based on the odds at the time of placing your bet and your stake. Using various methods, you can calculate the profit possibilities of each bet to help whittle down available wagers that work best for your budget and strategy.
As a general rule, odds reflect how confident a bookmaker is that a particular side will win. They also show how much money you must risk in order to win a specific amount (that is, the potential payout). Odds with plus signs in front of them are called positive odds. Odds with minus signs in front of them are called negative odds.
The good news is that it’s not impossible to turn a profit betting on sports. The key is to keep track of your bets (a standard spreadsheet works fine) and only bet on sports you’re innately more familiar with. You should also consider the level of risk you’re willing to take when deciding on each wager, as profits can vary dramatically depending on the size of your stake.
Matthew Tripp, the former CEO of Sportsbet, had the foresight to anticipate a massive boom in online and mobile betting. His company was one of the first to offer a mobile-friendly sportsbook, and its savvy marketing techniques—like money-back specials and “justice” refunds in case of unlucky outcomes—helped propel it to a massively successful position in the industry.