Complete Guide to Sports Betting Odds and Markets

South Africa has a rich love affair with gambling and an equally rich love of sports like rugby and cricket. With the licensing and regulation of online sports betting, local gamblers can now show their support for their favourite team by betting on them.

If you are new to online betting and want to back the Boks or the Chiefs next time they play here is our handy beginner's guide to all things sports betting in South Africa. Join us to learn more about the markets offered by local bookmakers, how odds work, and how to make the most of your budget!

Types of Sports Bets

Sports betting offers a variety of wager types, each with different risk and reward profiles. Here are some of the most common types of bets:

1. Moneyline Bet - This is a simple bet on which team or player will be the winner. For instance, betting on Arsenal to beat Manchester United.
2. Point Spread (Handicap) Bet - This is when a team must win by a specific margin set. This margin is set by the sportsbook. Example: Arsenal -1.5 means they are favourites and must win by 2+ goals.
3. Over/Under (Totals) Bet - This bet is about wagering on whether the total points/goals will be over or under a certain number. Example: Over 2.5 goals scored in total in a football match.
4. Parlay or Accumulator Bet - This is a combination of multiple bets. In order to win, all bets must result in a win to receive a payout. A good example is when you bet on Arsenal, Barcelona, and Bayern to all win.
5. Proposition Bets - This form of betting is on specific players or game events, such as yellow cards. For example: "Kai Haverz to score first" or "Number of corners in a match".
6. Futures Bet - This is a long-term bet on term events like league winners or eventual tournament champions.
7. Live or In-Play Betting - This includes placing bets during a game as the odds fluctuate in real time.
8. Each-Way Bets - This is a split bet most often used in horse racing. The wager includes one for the win and one for a top finish (e.g top 3).
9. Asian Handicap - This eliminates the possibility of a draw as your stake is refunded, giving teams fractional handicaps for more equitable odds.

Each bet type suits different wagering strategies, so choose wisely based on your knowledge and risk tolerance, as choosing a different bet type could mean coming out a marginal winner versus losing your stake.

Understanding Sports Betting Odds

Betting odds determine how much you can win from a bet and reflect the probability of an event occurring. Understanding how odds work is extremely important for making bets that are smart and work for your pocket!

Odds indicate both the likelihood of an outcome and the potential return on a bet. The lower odds mean there's a higher probability of winning. But lower payouts, while higher odds indicate a lower probability but bigger potential rewards.

Sportsbooks usually offer decimal odds in South Africa, but fractional and moneyline odds are also used.

Here are examples of the formats odds are shown:

• Decimal Odds (e.g. 2.50): At odds of 2.50, your $100 bet can return $250 for a profit of $150.
• Fractional Odds (e.g. 5/2): Fractional odds are less frequently used and are always presented in this form in horse racing. At odds of 5/2, it means you will win $5 for every $2 wagered. Your $100 bet at 5/2 odds will return $250 for a profit of $150.
• Moneyline Odds (e.g. -150, +200): Used mainly in the US; negative values show favourites and positive values show underdogs. At odds of -150, you would need to bet $150 to win $100. At odds of +200, a $100 wager would return $300 for a profit of $200.

Always compare odds across different sportsbooks to find the best options! Understanding odds formats and probability will also go a long way to help you make better choices.

Sports Betting in South Africa

Sports betting revenue has grown impressively, and it is thriving in South Africa! With an estimated R700 billion of a total R1.1 trillion in total bets attributed to sports betting in the fiscal year 2023/24.

This indicates that sports betting has become the dominant segment within South Africa's gambling market, accounting for approximately 60.5% of the total market revenue.

Over 60% of South Africans' wagers are placed via mobile apps, and the online betting market is projected to grow at a steady 8% year-on-year. Long may the sports betting segment continue to prosper.