Betting School: Learn How to Bet Like a Pro

A quick guide with all the information you need to place your first sports bet. Sports betting involves trying to predict what will happen in a sporting event.

When betting, it’s essential to always keep the principles of responsible gambling in mind. Sports betting is a form of entertainment, not an investment. The outcome of a sporting event is uncertain; any bet can be won or lost, even if there’s a high probability of one result occurring over another.

Topbets Nigeria Betting School Guide

What is Sports Betting?

Sports betting is an act of staking money on the outcome of a sporting event. These bets can be carried out on live games, before the games start, and even on long-term bets. Also, sports betting can be done on all sports in the world, like football, basketball, tennis, etc.

Odds and Markets

Sports betting odds indicate the amount the bookmaker pays for every naira wagered. Implicitly, the odds reflect the bookmaker’s view of an event. The lower the odds, the more likely the bookmaker considers the outcome.

Markets are the bets available on a sporting event. Each bookmaker has its own selection of markets. Some markets are available at all bookmakers, while others are only available at certain bookmakers, depending on their offerings.

For example, the “winner” bet of a match is a market that is present in all bookmakers; however, more specific markets, such as “fastest lap” in a Formula 1 race, may only be available in some bookmakers.

Example

Tennis match between Tennis Player A and Tennis Player B

Market: Winner of the match

The “winner” market in a tennis match consists of betting on which tennis player will achieve victory.

This market offers two betting options:

• Victory for Tennis Player A
• Victory for Tennis Player B

The odds for betting on a winner for the match are:

Tennis player A: 1.73

This means that the victory of Tennis Player A pays out at ₦1.73 for every bet.

Tennis player B: 3.45

In other words, for Tennis Player B to win, the payout is ₦3.45 for every bet.

How are Betting Odds Calculated?

By analyzing the odds, knowing that the odds implicitly indicate the probability of something happening (the lower the odds, the higher the probability of it happening), it can be observed that in this match, the bookmaker gives a higher probability of victory to Tennis Player A.

Bet on the winner of a tennis match:

A bet of ₦3 is placed on Tennis Player A to be the winner.

Potential payout of the bet:

Potential payout = Amount wagered x Bet odds

Potential payout of a ₦3 bet on Tennis Player A to win

₦3 (money wagered) x ₦1.73 (odds for Tennis Player A to win) = ₦5.19

• If the bet is won, the potential payout is ₦5.19.
• If you lose the bet, you lose ₦3 (the money wagered).

Types of Bets

There are three types of bets distinguished with respect to the time period in which they will be resolved:

Long-Term Bets or Outrights

These are bets on events where the outcome is far in the future. For example, the champion of a tournament that lasts a month or the champion of a season. These types of bets are opened before the start of the championship. The odds offered are updated as the results unfold.

Advance Betting

These are bets on events that haven’t started yet, but whose outcome is imminent. For example, the winner of this weekend’s race. The odds for these types of bets don’t usually change unless new information emerges that the bookmaker considers potentially decisive.

Live Betting

These are bets placed on an event that has already started. In live betting, the odds change very quickly, and new markets open up depending on how the event unfolds. The amount that can be bet live is limited to the player’s account balance before the match begins.

You can place single bets (betting on the outcome of a single event), combined bets (betting on several different sporting events), or “build a bet” (betting on several events of the same event).

Single Bets

A single bet (also called a simple bet) consists of betting on a single outcome of a single event.

For example, in a football match between Team A and Team B.

A simple bet would be to bet on who will win the game.

If you choose to bet on Team A, and Team A wins, the bet is a winner, and you receive the payment of the odds multiplied by each naira bet.

Accumulator/Combined Bets

A combination bet (also known as an accumulator bet) is a single bet that combines bets on different sporting events. To be considered an acca bet, there must be at least two selections. Each combination bet can only include one bet per sporting event. The odds are the result of multiplying the odds of the individual bets included, and the bet is won when all the selections in the accumulator are correct.

For example, in one football match, Team A plays against Team B, and in another match, Team C plays against Team D.

If you place a combined bet on Team A and Team C to win, and both teams win, the bet is a winner. You win the odds multiplied by each naira wagered.

However, if only one of them wins or neither of them wins, the combined bet is lost.

Create a Bet (Bet Builder)

Some bookmakers allow you to create a bet that includes multiple outcomes of the same sporting event. This is a single bet with different selections within it. For this reason, it’s often called a “multiple bet” or “bet builder.” To win the bet, you must correctly predict all the outcomes. 

As selections are added, the bookmaker displays the odds for the created bet. The odds will depend on the correlation between the included bets. The bookmaker adjusts the odds to reflect the overall probability of winning the bet.

For example, in a football match between Team A and Team B, a bet is created to bet on:

• Team A to Win 
• Both teams will score
• Player X from Team A will be one of the scorers in the game

If everything goes according to plan, the bet is a winner, and the payout is the odds of the created bet multiplied by the amount wagered. However, if only some or none of the choices are correct, the money wagered is lost.

On the other hand, it’s worth mentioning that not all bets on the same event can be combined to create a single bet. You cannot include contradictory bets or bets that are successful as a result of other bets already placed.

How Cash Out Works

Cash out is the option that allows you to close a bet before the event you’ve bet on has finished. By closing a bet before the outcome, you receive the payout offered by the bookmaker at that moment. This payout will always be less than what you would receive if you won the bet at the end of the event. 

The payout offered for cashing out is based on the events that have occurred up to that point, and you receive it as soon as the cash-out is confirmed. Once a bet is cashed out, there is no option to re-enter it.

For example, in a football match between Team A and Team B, the odds of “winner” for Team A are 2.00.

If you bet ₦10 on Team A, the potential payout is ₦20. Team A is winning 1-0 in the 65th minute. The payout for the “cash out” option on Team A winning in the 65th minute is ₦12.45.

Possibility of closing the bet:

If the bet is closed at that moment, the payout of ₦12.45 is received. It doesn’t matter if the match ends in a draw or a defeat for Team A; the bet is closed the moment the “cash out” is made.

Bet closed, lost:

Similarly, if the match ends with Team A as the winner and the bet has been closed before, there is no option to get the original ₦20 bet payout.

Live Betting

Live betting refers to bets placed while a sporting event is in progress. Live betting is the most dynamic and constantly changing type of betting. As the event unfolds, the bookmaker offers new markets and updates the odds. 

These odds change continuously because the sporting event is ongoing. Live betting is only possible with the available balance in your account before the event begins; you cannot deposit funds to place live bets on an event that has already started.

For example, in the match between Team A and Team B, the odds of “win” for Team A are 2.00, and for Team B they are 3.00.

Team A scores the first goal. At that moment, the odds for the win are updated. The odds for Team A to win drop to 1.30, as they are now more likely to win the match. Conversely, the odds for Team B to win rise to 5.00, as they are now less likely to win the match.

Where Can You Place Sports Bets in Nigeria?

Sports betting in Nigeria can be done online and in betting shops, gaming halls, and casinos.

Online Bookmakers

You can bet online at bookmakers through their website or app. A computer, smartphone, or other device with an internet connection is required. Online betting is characterized by offering a wide variety of sports, markets, promotions, the option to create a bet that includes different predictions for the same match, and the ability to cash out the bet.

How to Place Your First Bet at Online Bookmakers

The steps to place your first online bet are:

• Choose a licensed bookmaker.
• Register and verify your account.
• Make a deposit by choosing one of the payment methods available at the betting site.
• Check out the different betting options it offers.

Place your bet. The bet will be saved to your user account. If you win the bet, the payment will be automatically credited to your user account.

Betting Shops

Some betting companies, in addition to offering their services online, also have their own physical locations in Nigeria. To place a bet, you must go to the establishment. However, it is important to note that In-person betting does not offer the option to create or cash out a bet.

The Most Popular Markets in Sports Betting

Sports betting offers a wide variety of betting options, from basic markets like the popular 1X2 to the number of times a specific action occurs during a match. Here are some of the most popular betting markets:

• Winner: This involves betting on who will be the winner of an event.
• Competition winner: This involves betting on the final winner of a championship.
• Double Chance: This is a market type available when a match can end in a draw. This bet involves wagering on two of the three possible outcomes (home win, draw, away win). For example, Team A wins or draws.
• Over/Under: As the name suggests, this involves betting on whether more or fewer certain events will occur. For example, over 2.5 goals.
• Handicap: These are bets in which athletes/teams are assigned an advantage or disadvantage depending on whether they are the underdog or favorite.
• Asian handicap: This is a type of handicap bet in which the tie result is eliminated.
• 1st/2nd half or quarter or half bets: Bets intended only for a specific part (time) of the sporting event.
• Number of points, goals, baskets, etc: Bets on the score of the sporting event.
• Player bets: Bets on the actions of a particular athlete.

It is advisable to know the sport you are betting on and analyze the athletes involved, as well as factors that may be relevant, such as field conditions, weather, etc.

Top Sporting Competitions for Betting

Bookmakers offer a wide variety of sports to bet on. These include football, basketball, tennis, motorsports, golf, table tennis, horse racing, greyhound racing, eSports, and more.

In Nigeria, three sports stand out: football, basketball, and tennis.

Football

Arguably, the most popular sport in Nigeria has the largest betting catalog. You can bet on a wide range of leagues and world competitions. There are bets on almost every aspect of the game, from the winner to the number of corners or yellow cards.

Basketball

It offers a wide range of markets. Regarding aspects of the game, you can also bet on almost every action in the match. The selection of leagues is smaller than that of football.

Tennis

You can bet on ATP Tour, WTA Tour, and Challenger matches. The variety of bets is more limited, since fewer things can happen in tennis than in football and basketball, but there are markets for almost every action in a match, including the number of aces.

Welcome Bonuses from Online Betting Sites

Online betting sites offer welcome bonuses for new users. Registration and an initial deposit are required to receive the bonus. The offer typically consists of bonus funds for placing bets. All welcome bonuses are subject to terms and conditions.

Frequently Asked Questions

Can you place live bets?

Yes, you can place live bets on various sporting events on all bookmakers in Nigeria.

Can you get your money back if you close a bet?

If you close your bet either by bet completion or cash-out, the cash-out amount or the won amount will be credited to your account, but in the case of a loss, you can’t get your money back.

Do users who are already registered receive promotions?

Yes, many bookmakers in Nigeria offer various promotions to their existing customers. These promotions can be in the form of free bets, cashback, and others.