Betting
A bet is a gamble in which a player stakes money on the outcome of an event, for example, who will win the World Cup or a general election.
Bets can be placed either off-course, away from the event itself (either online or in the bookmakers shop), or on-course, for example at a horse or dog race track or football ground. The forms of bets available fit broadly into two categories:
fixed odds – in a fixed odds bet, the money you could win back is fixed, or depends on, the odds at which your bet was accepted.
the tote – in the tote, bets are placed in a centralised pool by the ‘Horserace Totalisator Board’. The amount of money you could win back depends on the number of other people in the pool, and the number of winners.
In a betting exchange, bets are matched between people with opposing views. Betting exchanges allow players to bet that an outcome will happen (back) or that it won’t happen (lay) at the odds they wish to play at. Unlike more traditional forms of gambling, players are able to bet on negative outcomes, such as a horse losing.
Remote Betting takes place through using the internet, interactive TV and mobile phones. This allows players to bet 24 hours a day wherever they are.