11 April 2019

NEWS: Understanding Modern Betting Platforms

For much of the world, internet-based betting is on its way to becoming a regular source of entertainment. It’s been available for quite some time in the UK and some other major markets abroad, and real-money wagering is now in the process of being legalised across much of the United States - for example. some of the best Iowa Sportsbooks have been legal since 2019. 

In the next few years, as this sort of activity becomes more widely available and regulated, and the sites presenting it expand their offerings and make themselves all the more appealing, it’s reasonable to expect that betting will be as common to some as, say, gaming, or watching sporting events. For this reason, it pays to understand the modern platforms at the forefront of the industry. Here, we’ll go over some of the key points that factor into gaining that understanding.

Assessing Reliability

Even in a world in which sites for esports betting and apps are becoming more commonplace, it’s still vital to assess a given platform’s reliability before placing a bet there. There are still some less-than-reliable sites that will be careless with bettors’ money, or which are vulnerable to hacking or other forms of digital trickery. Fortunately, it has become easier to tell when you’re dealing with a reputable company, such as the completely free pick7 competition for instance.

For starters, you’ll want to look for security services and regulatory compliances, which are typically listed on or near the footer of a website. Looking into these can tell you if a platform is adhering to appropriate, modern practices to enable a safe and fair experience. Additionally, to some extent, you can go by reputation. If you notice a betting site or app advertised prominently - say, on a football team’s jersey, on regular television, or even in live-read ads on your favourite sports podcast - it’s generally a good sign that it’s a legitimate site or app that you can trust.

Different Forms Of Betting Media

Not too long ago people who wanted to place bets on sports (and other things) basically had two options: go online, or visit an in-person sportsbook. Both options still exist in most places where betting is legal, but there are now other, more modern forms of betting media as well, and those who are just now getting interested would do well to take note of them. For instance, betting apps are now extremely popular - possibly more so than the sites that support them. Betting on the go is a very accessible practice, and allows you to check in and act on the events you’re keeping an eye on no matter where you might be (even if you’re at the event in question).

There are also still newer forms of betting emerging. “Live” or “in-play” betting has grown in popularity, for instance, and refers to the practice of wagering on events as they’re occurring (often with an attached live stream) as opposed to before they begin. Additionally, VR should be considered. It’s touching all sorts of different forms of entertainment - possibly even Netflix, as has been discussed here before - and betting companies won’t be left out. Many expect a sort of combination of live betting with VR or AR tech, such that one could virtually attend an event and place informed bets on it during the action.

Different Types Of Betting

Typically a bet is an either/or prospect based on the odds that a given outcome will occur. This can be presented in different forms. For example, if you bet on Arsenal to finish in the Premier League’s top four at 3/1 odds, you’re set to win £3 for every £1 you bet. Similarly, if you bet on Manchester City to win the league at 1/12, you’d need to bet £12 to make just £1 for being correct. The same situations can be presented as whole numbers as well, such that “+300” means the same as 3/1 odds, or “-1200” is the same as 1/12. Aside from straight-up bets like these, however, modern sites and apps offer alternatives as well - typically in the form of various types of parlay, or accumulator bets.

An accumulator bet is basically one that combines four individual bets (or more) into a single one, such that you only win if you’re right about all of them - but winnings are amplified. Options like these are widely available, and are typically meant for more experienced bettors. Though because of their inherent risk, some sites offer accumulator bet insurance to make them more appealing. 

Side Businesses To Know

In addition to offering different forms of media and different types of bets, this industry is also expanding to include various side businesses that are more and more closely associated with betting. The most noteworthy example if daily fantasy sports (often denoted “DFS”), which has become a multibillion-dollar industry. Research has actually indicated that fantasy sports largely depend on skill rather than luck, so some consider this more of a gaming venture than a betting one. There are many places to set these bets live, and sites like JBO offer a wealth of info and opportunities.

Regardless, however, real money is being gambled on the performance of athletes, which links the two industries closely. Indeed, the most prominent DFS providers appear to be among the companies that will have some of the greatest early influence on legal U.S. sports betting. Another side business of sorts that has emerged is politics-related betting, though this is somewhat less new. Political races have long been included among the offerings at betting sites; we’re just seeing some independent sites on the rise with different twists on how to wager on the same sorts of events. Hopefully this gives you an idea of the scope of the modern industry and what to expect from the platforms within it.

Betting is only going to be getting bigger, and anyone interested would do well to have a firm grasp on all of the above.

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