Betting on sports is an entertaining way to immerse yourself in your favorite games, but the rules can be intimidating for beginners. Understanding the underlying betting rules in different sports helps you to mitigate your risks and reduce your losses. However, nothing guarantees you’ll win your bets due to the unpredictable nature of different sports.
In this sports betting guide, we’ll walk you through the most important terms and rules you must familiarize yourself with before placing a wager on the Betway sportsbook online.
General sports betting rules
Every game at the Betway sports betting site will have a particular set of rules that dictate the odds, bet settlements, and other options. Here’s a closer look:
Bets Settlements
– All sports bets are settled based on the final results given by the sport’s governing body. That includes the likes of the National Basketball Association, National Football League, National Hockey League, and other professional leagues.
– Once the final results are confirmed, any corrections or disqualification after the confirmation will be ignored.
– In betting markets where no draw or tie option is available, dead heat rules come into play where necessary.
– For events that are not completed (postponed or abandoned), all wagers not confirmed are classified as void and the stake is returned.
Dead Heat Rules
Dead heat betting rules apply to games where two or more participants can finish in the same position. These betting rules state that for each player in that position, the sake is divided by that number. For instance, if a horse race is deemed a dead heat after two horses cross the line, you’ll get half the payout.
Change of venue
In the rare event that there’s a venue change, all bets places still stand. The only time that bets are made void is if the venue change results in the home team being the away team. It’s also worth noting the same case applies even when the change results in a neutral venue.
Related Contingency
Related contingency pertains to bets that feature more than one selection which directly influences the other wager. For instance, if you try to place a bet on a draw for a football game and wager on a 1-1 correct score. Most online legal sportsbooks don’t allow these types of bets, but whenever they’re accepted, they’ll be deemed as an error and voided. The related contingency rule also applies to multiple wagers on the same team.
Ante-post
Ante-post bets are different from the standard betting market. Any ante-post bets you place will be settled regardless of whether your selection takes place. For instance, let’s say you wager on a particular horse to win the Cheltenham Festival in February. But by the time the race comes up, your horse is scratched or injured for whatever reason, your bet will count as a loss.
There are exceptions, but your bookmaker must mark the market as a Non-closer/ Non-runner. When that happens, all the bets that didn’t take place will be voided and you will get back your stake.
Cash-out betting
Some leading online sportsbooks have a cash-out option where players can choose to close their bets before the market closes. However, several rules apply for these types of bets, including:
– You can only cash out your bets if your sports bookmaker has this option. Every bet will feature live odds/ returns for you to claim the cashout.
– Bets can only be cashed out once the sportsbook sets the confirmation. In most cases, that’s instantaneous, although it might take a few minutes for live or in-play betting markets.
– When you cash out a bet, it means that you accept your wager is settled. It then qualifies for all sports betting rules pertaining to settled bets on the bookmaker.
– Cashouts don’t apply to all sports betting markets.
– Any incorrectly cashed out bets are reversed when there’s an error on the bookmaker’s end.
Ready to place your first sports bet?
Whether you’re betting on the NFL, MLB, UEFA Champions League, or any other sports betting market, it’s crucial to understand the rules and guidelines before you place your first wager. Understanding the sports betting rules and staying updated with the terminologies can reduce your chances placing losing bets.