The sports betting world has a rich culture all its own, and it’s filled with interesting people doing interesting things. From the mafia’s involvement in sportsbooks to emotional stories of incredible wins and losses, this section tells the human side of sports betting.
As the name suggests, a sportsbet is a website or app Aussies can use to place wagers on…well, pretty much anything. This includes horse races and cricket matches, but also reality show contests, TV plotlines, and even political events. It’s all legal and can be a lot of fun.
Odds are a key component of sports betting, and understanding how to read them can help you bet more intelligently. The odds tell you the probability that a team will win or lose a game, and how much money you would profit on winning bets. They also indicate how many bettors are expected to place a wager on each side, which is useful for calculating the implied probability of an outcome.
Sportsbook odds are displayed in decimal form by default, but they can be converted to American or fractional format if preferred. Fractional odds are the more common format in Europe, and they’re easy to understand: The numerator shows how often the event is likely to fail, while the denominator indicates how often it is likely to succeed. Odds can be further broken down into probability and payout, but we’ll cover those topics in more detail in other articles on this site.