Updated: Mar 28, 2021
Welcome to our first article in the Introduction to Betting series. Here we will go through the very basics of how odds work, and how to place a bet. If you already have some familiarity with betting then you can skip to our other introduction articles, or dive straight into How to win money on Eurovision.
The vast majority of Eurovision betting happens online through a bookmaker (or on an Exchange - more on details on Exchanges here). You will need to register with an online bookmaker before you can start placing bets, but you can do this fairly easily through their website.
Most betting sites look similar, but with slightly different layouts. You can find our recommendations for all the best Eurovision betting websites here, but for the screenshots below we will use bet365 as an example.
Signing up to a bookmaker website is generally fairly intuitive. You will need to enter your payment details, and will sometimes be asked for proof of address and/or ID. This is standard procedure for regulation/security in many countries, so nothing to be concerned about.
Many of the betting sites will also offer free bets or bonuses for registering. If you want to take full advantage of these, then there are sites that help you do this. Profit Accumulator and Oddsmonkey are the best sites for this - they are also useful for matched betting, so it’s worth checking them out.
On betting websites you will be presented with pages of odds. The odds of a bet are the numbers displayed next to the selection that you want to bet on. These determine how much you will get paid if you win the bet. For decimal odds:
returns = odds x stake
profit = returns - stake
Odds will either be displayed in ‘decimal’ or ‘fractional’ form. Examples of both are displayed below
Decimal Odds = Fractional Odds + 1
You can choose whichever odds type suit you, and change between fractional and decimal odds in the website settings.
Placing a Bet
Once you have signed up and deposited money, you will be able to place a bet. In order to do this you simply need to:
Click on the odds (this will load up the 'bet slip')
Enter the amount you want to bet (your ‘stake’)
Click ‘Place Bet’
Hopefully this is a suitable introduction to the world of betting. If you have any questions or there is any aspect you want to know more about then please let us know.
Gamble responsibly: BeGambleAware