ports betting is an extremely popular hobby worldwide and many of the bookmakers that offer sports betting will also offer odds for other events, such as televised music or dance competitions, political elections and the weather.
The advent of modern inventions such as computers, mobile phones and the internet has made sports betting easier than ever before, and it has also changed the way we bet on sports. Earlier, organized sports betting would typically take place before the start of a sports event. So, if you wanted to bet on a football match, all your wagers had to be placed before kick-off. Today, live betting gives you the option to wager even after kick-off, either through your computer or directly in your mobile phone. (Provided of course that your equipment is connected to the internet.)
Betting sites that offer live betting will typically churn out a wide range of short-term bets throughout the course of a sporting event, e.g. “who get’s the next yellow card?”,”what will be the result in half-time?”, “will anyone receive a red card within the next 5 minutes?” and so on.
Fixed odds betting
Fixed odds betting means that the odds are fixed when you make your bet. The odds may change later, but that will only effect wagers placed after the change.
Example: If the odds is 10:1 when you place your $1 wager you will be paid $10 if you win. It doesn’t matter that the odds was changed to 5:1 or 15:1 one minute after your bet was placed.
Parimutuel betting (totalisator)
In parimutuel betting (also known as totalisator or simply tote), all wagers of the same type is placed in a pool. The bookmaker will then subtract a certain percentage (his profit) from the money, before the rest is payed out to the winning players.
Parimutuel betting does not offer fixed odds and since you do not know how much money that will end up in the pool, or how many and how large the winning wagers will be, you can not know in advance how much you will win on your wager if you win.
Parimutuel betting is popular when it comes to races, such as horse racing and greyhound racing. There are however a number of human sports with strong ties to parimutuel betting as well, including the ball game jai alai.
The modern and organized form of parimutuel betting was introduced by Joseph Oller in 1867. Eventually, an Australian engineer named George Alfred Julius invented a mechanical counter that would keep track of incoming wagers and calculate the pay out for winning bets. This counter was named totalisator, which is why parimutuel betting is sometimes referred to as totalisator betting or simply toto. The first racecourse in the world to install a totalisator was the Ellerslie Racecourse in New Zealand, where a totalisator was installed in 1913.