Betting

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Betting

Betting (pronunciation: /ˈbɛtɪŋ/) is the action of gambling money on the outcome of a race, game, or other unpredictable event.

Etymology

The term "betting" originates from the Old English word "bætan," meaning "to stake or wager."

Definition

Betting is a form of gambling which involves placing a wager, often referred to as a bet, on the outcome of an event or process. The primary intent of betting is to win additional money or material goods.

Types of Betting

There are several types of betting, including:

  • Fixed-odds betting: This is the most common form of betting where the payout is agreed at the time the bet is sold.
  • Spread betting: This is a type of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome.
  • Exchange betting: This form of betting allows people to make lay bets against a certain outcome, essentially acting as the bookmaker.

Related Terms

  • Bookmaker: A person or organization that accepts and pays off bets on sporting and other events at agreed-upon odds.
  • Odds: The ratio between the amounts staked by the parties to a bet, based on the expected probability either way.
  • Stake: The amount of money gambled or invested in a game or bet.
  • Wager: Another term for a bet, particularly money bet on a gambling game or horse race.

See Also

External links

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