When it comes to the world of betting and gambling, few things are as important as your bet slips. From keeping track of your betting history to even being able to bet in the first palace, so many parts of the whole process would be a nightmare to keep track of, if not impossible, without them.
So it’s strange to see that so many people in the world of betting, whether in-person or online, seem to disregard them. They’re an incredibly informative part of the world process, and very few people pay them a lick of attention. In this article, we’ll discuss why bet slips are important and how to use them.
What Are Bet Slips?
So, we should probably explain what exactly a bet slip is in the first place if they’re so important!
To keep things simple, a bet slip is what you use to keep track of any wagers that you have made, as well as where you can compile bets that you have made that can be used to create other moneymaking opportunities, such as parlays, teasers, and plenty of other types of bets.
Not only that, but a bet slip also allows you to be able to make and track those bets individually, or whether you want to bet on multiple different bets with one wager. This keeps your records in one easy-to-follow place.
Why Betting Slips Are Important
As it should be starting to become clear, bet slips are vital for pretty much any kind of bet that you may want to make on a betting site, or any physical bookmakers you are in. Without it, you’re incredibly restricted in what you can put money on.
They’re also vital tools for understanding how much you stand to win or lose with any particular bet, so you can’t afford to lose track of it if you have made a bet with it!
Think of a betting slip in the same way that you would think of a shopping cart in any online or e-commerce store.
It helps keep track of what you’re intending to buy, and whether or not any one of the items can be linked with others for a better overall deal. So, it’s a pretty helpful piece of information, for sure!
How To Fill In/Read Bet Slips
So, now that you know how important these bet slips are, you’re probably curious as to how to use them yourself, exactly. Or, at the very least, how to read and understand them. The details on them can give new betters and players a little information overload, after all!
There are 3 key details that every type of bet will have on a bet slip:
- Describe the variable or the object/person you are betting on, and what you’re betting on them doing
- As an example, what position a particular horse may come in in a horse derby race?
- The odds that are offered for that particular bet.
- Your wager for that bet (i.e. how much money you’re betting on those odds).
Depending on the bookmakers you are making this bet with, you may also want to specify the event that you’re making the bet on. As an example, the 2023 Kentucky Derby, the Soccer World Cup, or Eurovision, as well as the time the event takes place and the date.
There are two types of bet slips.
- A specialized betting slip with tick boxes for the different bets you can make, and spaces to state your wager.
- A blank slip that you would fill out all the necessary information for your particular bet.
The former is pretty simple to understand, but the second type can be a little more confusing for newcomers.
Betting Options On A Bet Slip
As we’ve already mentioned, there are multiple ways that you can make wagers and bets on a bet slip, many of which even experienced betters may not be familiar with.
This list includes the most common types of bets and features that you’ll be able to make on a normal bet slip. Some bookmakers and casinos may have others, but this list will cover the ones that everyone has.
When you are filling in a bet slip, and you are writing out what type of bet that you want to make, these would be the names that you would write on your blank slip.
(If your betting slip has actual different sections or tick boxes, simply tick the bet that you are looking to make.)
One of the easiest places to start when it comes to betting, Moneyline bets are perfect for beginners to understand.
To do this, you would write down that you were making a moneyline bet (or tick the appropriate box), and select the outcome of the game that you’re betting on.
To continue with our horse racing example that we’ve been using, you would bet that a particular horse (for our sake, we’ll call the horse ‘Red’.) is going to come 1st in a race.
With your bet slip and wager made, you would then check the odds to see what the odds are for your moneyline bet is correct.
The information for the horses being raced would look something like this:
- Red: 300+
- Green: 200-
Negative numbers usually refer to individuals/teams that are likely to win a given bet, and the payout will be generally lower after a given amount is bet (let’s say $10).
Positive numbers indicate that this team/individual is an underdog, and the payout will be larger if your bet is correct, as it’s less likely. In this case, Red is the underdog, with a higher payout. In this case, $40 (you are refunded the $10 original bet that you made on top of your winnings).
Point Spread is quite similar to moneyline and is also pretty easy to understand. However, as the name suggests, it spreads the odds out a little more, giving a little more leeway to a given bet. Bookies, after checking the odds, will give a potential spread of points for how close the result is to your prediction.
Using our example from before, we’ll say that the point spread for an average horse race winner is 50 points, 25 for 2nd place, 12 for 3rd, and so on. Here, the closer you are to your original prediction, the greater the total payout will be.
Totals are a good bet to make if the overall winner is unclear based on the odds and stats given.
Once again returning to our horse racing example, you would bet on the two horses, red or Green, scoring or not scoring more than 60 points collectively.
If Green comes first, winning 50 points, and Red comes third, winning 12 points, then the overall total would be 62, winning the bet if you bet higher.
A parlay is a type of bet that is offered to you if you have made between 2 and 15 different bets on a wage slip. You have the option to combine the many different bets into a single bet.
It means that you can potentially win big if your bets are all correct. And because you have already put the betting money down, you won’t lose anymore.
Final Notes on Bet Slips
So, as you can see, you can’t bet to your maximum potential without bet slips. So, keep it on your person, and get those bets written or typed down!
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