What is Betting?
Betting is known as the odds offered by bookmakers based on the outcome of races, competitions, games and so many other unpredictable events across the globe.
As with Betting sites, the higher the odds, the higher the amount of money you can make. However, it is important to take note that the entity/side that is least expected to come out with a positive result attracts more odds than the entity/side that looks better on paper. This connotes that higher odds come with higher capital but with more risk of losing.
For instance, a team with a rating of 98 is to face a team with a rating of 47, based on the ratings it's clear that the team with the higher rating has more chance of winning whatever event involving them and the team with the relatively lesser rating. Due to this, bookmakers will attach higher odds to the team with the lesser rating knowing fully well that their chances of winning are very slim.
It is however important to take note that the team with the lesser rating can eventually win, and if by chance any individual placed a bet on the team with the lesser rating then the capital the individual will earn will be much more than what he/she could have earned if the bet was placed on the team with the higher rating due to higher odds attracted by the team with the lesser rating.
What is a Free Bet?
A free bet is a bet that you don't have to pay for as the expenses to stake have been covered by the bookmakers. This means that the player has nothing to lose as it doesn't involve the player's capital.
Bookmakers offer free bets as a means to encourage customers to bet more with them just as the ongoing free bets from Bet365. It is important to note that free bets don't necessarily mean that bookmakers will provide expenses for customers to make use of as some betting companies refund losing stakes as a free bet.
Free bets however come with certain terms and conditions as it is impossible for a player to win a free bet and also have a lay bet at his or her disposal. If your free bet wins at the bookmaker then you are guaranteed to lose your lay bet at the exchange and vice-versa.
What is Lay Betting?
Lay betting means betting on something not to happen, however, whatever the outcome is, the player has nothing to lose as whatever the result of the event staked on is, it will always be in favour of the player.
For example, if a player lays a bet on a football team to win a match, in football betting, it's the equivalent to backing the football team not to win the match which connotes that whatever the outcome of the match is, the player stands to lose nothing.
The majority of free bets are 'stakes not returned' which means that you only get the winnings back and not the free bet itself.
Different betting companies adopt different methods when it comes to awarding free bets to customers. As in the case of free bets from Bet365 you have to possess a minimum deposit of £10 in your bet365 account and then make sure you place your qualifying bets matching the deposit value of £50. Once the wagers are settled, then a customer can claim the free bets and then use the bet365 free bet credit for the next wager.
Finally, to get the most out of free bet offers, a player should stake on high odds because the free bet stake is not going to be returned. This allows players around the globe to maximize their profit.
It is not a bad idea to stake free bets on low odds but it is also important to know that the higher the odds, the higher the lay bet liability. This is the amount that is needed in a betting account to cover the lay bet loss in case a free bet wins.