A process of placing an amount on the outcome is called as betting. Betting is the method of earning money without work. Betting is the process of selection of an event which occur first place. There are many betting strategy followed. A bookmaker is the person organized for betting. A bookmaker is also called as bookie or turf accountant. A bookmaker is an organization responsible for sports betting, horse racing and football match. In some cases they are also responsible for election and award ceremony. In some countries bookmaker are legal and are permitted by government. The countries which allow betting legally are Singapore, Sweden, Canada and Japan. In some countries the government is not permitted to run bookmaker organization. Without the government knowledge if the organization run then it is called illegal act. The United States does not permit bookmakers due to Las Vegas. Members of IBAS, an industry standard organization are trusted organization which settles disputes. There are many strategies and practice followed in betting. The types of betting are fixed odd betting, pari-mutuel betting, sports betting and arbitrage betting.
Fixed odd betting is the type betting which form of gambling where bookmaker offers odds. The fixed odd betting is also known as SP betting. Fixed odd betting is the process of betting on the television channels like reality shows sometimes election result. Odds are the pair of numbers used in gambling. There are different type of odds they are fractional odds, decimal odds and money line odds. There are many method followed for converting fraction into decimal, decimal to money line, etc.,. To convert fraction into decimal then do division and add one. For converting decimal into money line then need check whether the money line is positive or negative. Pari-mutuel betting is the process of betting on horse racing. Consider person a bet on a horse if it wins then person A take all the money from opponent. Horse race betting had become popular around world. If two or more bet on same horse then they share the winning money.
Sports betting are the process of betting on sports industry such as football. Many people in United Kingdom weekly bet on football. There are both legal and illegal activities followed by sports betting. Arbitrage betting is an ancient art betting on trading and gambling. It is the combination of trading and gambling hence bookmakers created a large organization in the market for arbitrage betting. Other type of betting is statement betting. Statement betting is held between two people. A person says the event will occur and other says will not occur. It the event occurred then A will take the asset else the other take the assets. Will occur is represented as back bet and will not occur refers to lay bet. Common betting strategy includes card game, sports, roulette, martingale, split martingale, anti martingale and Kelly criterion. There are different type of bet they are single bet, multiple bet, full cover bet and full cover bet with singles. Betting should be played legally.