Betting
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
- Medical encyclopedia article on Betting
- Wikipedia's article - Betting
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