Sports betting quiz

This quiz tests your knowledge of sports betting, to see how whether you know your laying from your overround.


  1. 1 What are the two parties involved in fixed odds betting?

    1. The bookmaker and the bettor
    2. The bettor and a friend
    3. There is only one
    Correct!
    Wrong!

    FOB

    Fixed-odds betting, or SP betting for Australians, is where the player places a wager against the bookmaker, with odds set by the bookie determining how much they will win if successful.

  2. 2 If a bet is described as ‘odds on’ are you likely to win more or less than you bet?

    1. Less
    2. More
    3. It depends on the odds
    Correct!
    Wrong!

    Odds-on

    A bet is odds-on if the probability of it being successful is more likely than not. For these bets, the odds will have a smaller number before a larger one (ie, 1/2 or 1.20). However, as the punter has their stake returned they’ll still make a profit from these bets - though not as much as they would do if the odds were not in their favour.

  3. 3 What are you doing if you ‘lay’ a team in a bet?

    1. Betting against the team
    2. Betting on the team winning
    3. The same as an each-way bet
    Correct!
    Wrong!

    Lay betting

    Lay betting is a bet on an exchange where one player effectively takes the role of a bookie, by placing a bet based on another player NOT being successful in their wager. You’re effectively selling a bet, just like a bookie, only without a major corporation and (more often than not) extensive trading experience. Also called matched betting, arbing, and or double betting.

  4. 4 Which of these examples shows decimal odds?

    1. 1/8
    2. 3.5
    3. +300
    Correct!
    Wrong!

    Decimal odds

    Decimal odds are expressed with a decimal point. Hence the name. Even something as complicated as sports betting has to be logical.

  5. 5 What is an accumulator?

    1. A bet against a specific outcome
    2. A bet with which you will win a certain amount if the outcome almost comes to pass
    3. A bet made up of a set of outcomes, all of which need to occur for the bet to win
    Correct!
    Wrong!

    Acca

    An accumulator, or acca, if you want to sound knowledgeable, is where the player selects a series of outcomes, all of which must win for the bet to pay out. These tend to have much longer odds - and much less chance of winning.

  6. 6 What is an odd-even bet?

    1. The number of bettors that have placed a wager on a single market
    2. A bet based on whether the final score will be odd or even
    3. A special type of bet on whether a team finishes with an odd or even number of players
    Correct!
    Wrong!

    Odd-even

    Again, it’s all logical - it’s a bet on whether an odd or even number of points, goals or whatever other scoring system is in place is accumulated during a match.

  7. 7 What is an exchange bet?

    1. A bet placed against another player, who has staked on the opposite outcome
    2. A bet placed at least a day ahead of an event starting
    3. A bet where you can’t lose as your stake is refunded
    Correct!
    Wrong!

    Exchange bet

    If a fixed odds bookmaker is a betting shop, then a betting exchange is a farmer’s market for bets. It’s similar to a stock exchange, in that customers can either ‘back’ an outcome (betting on a result) or ‘lay’ an outcome (a bet against that result).

  8. 8 What is a recreational bettor?


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    1. A bettor that makes their living from gambling
    2. A gambling addict
    3. A bettor that only bets for fun
    Correct!
    Wrong!

    Only fun!

    A recreational bettor is what the vast majority of bettors should be - someone who’s having a flutter as a form of entertainment, rather than a way to make money or pay the bills.

  9. 9 What is a balanced book?

    1. An event on which the bookmaker will pay out exactly the same of money as is bet by customers
    2. An event for which the bookmaker stands to make a significant profit
    3. An event for which the bookmaker stands to make a significant loss
    Correct!
    Wrong!

    Balance!

  10. 10 What is overround?

    1. The loss made on an event by a bookmaker
    2. The percentage taken off amounts staked on an event by bookmakers as commission by reducing odds from their true probability
    3. The percentage won by bettors as profit
    Correct!
    Wrong!

    Almost over!

    This is the amount taken off by the bookie to keep the lights on, as referred to in the previous question. As we say, it’s how the bookmaker makes their money, so don’t feel as if they’re cheating you.

  11. 11 What is the optimum stake to bet on a sporting event?


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    1. At least €10, but only if the odds are 3/1 or higher
    2. At least €15
    3. Only as much as you can afford to lose
    Correct!
    Wrong!

    Optimise this!

    Remember, you’re doing this for entertainment, not to make some quick cash. There is no such thing as a guaranteed winner when it comes to betting (even if an outcome appears to be odds-on), so if you can’t afford a flutter, or if you’ll have to spend money intended for something else to have a bet - don’t.

Sports betting quiz

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  1. Quiz result
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  2. Quiz result

    Rank outsider

    You scored
    Correct!

    Oh dear.. Might be worth brushing up on your betting terminology!

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  3. Quiz result

    Outside chance

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    Correct!

    Definite room for improvement

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    Lucky punt

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    Correct!

    Good, but not great. Well, you didn't get full marks did you?

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  5. Quiz result

    Odds-on favourite

    You scored
    Correct!

    Well done! Your betting knowledge is seriously impressive.

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Sports betting quiz