As enjoyable as playing golf really is, it is possible to find other ways to enjoy this great game if you don’t fancy playing the game yourself for whatever reason. For instance, watching it on TV is OK, but not like being at the venue itself and witnessing, real-time, as they happen strokes. You could of course also play golf computer games to your heart’s extent. Challenge yourself against the sophisticated software, or challenge your friends and family. There is however another way you can get more involved with an actual game or tournament as it unfolds and, if you’re lucky, profit in the meantime. I am of course talking about golf betting. Well, to be more precise, you could partake in straightforward betting, or you could look to reduce or limit your financial exposure by trading instead.
What is the difference between the two? In this article we will talk about the more straightforward, bet, or wager, or gamble. We will discuss an alternative method, better known as trading, in another article.
Well, as the name suggests, betting is what it is. A bet. A gamble. For straightforward betting you would probably choose one of the many high street bookmakers, or the wide range of online bookmakers. Of course for the online bookmakers you will have to open an account and provide a variety of information to provide, and if you’re lucky to be in a position to withdraw winnings, comply with a sequence of security erquests to enjoy your winnings.
So, what would you need to do to place a typical bookmaker bet? In simple terms, say you fancied (or were following the “advice” of one of the many tipsters abound in the marketplace) Rory McIllroy to win the British Open. You would either walk into your high street bookmakers or log in online and see what odds were available for him to win. As it happens, Rory McIllroy is in a rich vein of form at that particular time, so he is installed as favorite at odds of 5/1 to win the tournament. What do these odds mean? Well it means that for every one monetary unit you gamble, you will receive five times that back if he wins, plus your original monetary unit stake.
In practical terms, you place a $10 bet on McIllroy at odds of 5/1 and he wins. Your return therefore is $60 (5 times $10=$50+$10). Simple enough to follow and very nice if he wins. But if he doesn’t, then tough, you’ve lost $10. This is a typical, simplified, straightforward bet or gamble. Let’s look at an alternative. As the game of golf is very competitive and the number of competitors large, you may still fancy McIllroy to win but to be on the safe side you want to cover the possibilities that he does well but not quite well enough to win. You therefore place what is called an Each Way bet.
Using the same monetary unit of $10, this entails placing two bets and two amounts of $10. The first bet at $10 is for McIllroy to actually win. The second bet, or wager, is that he finishes in either the second, third, fourth, fifth….etc placings. This means he has been placed. For a place “win” your winnings will be something like one quarter, or maybe one-fifth of what the winnings would have been for finishing first. Different bookmakers have their own different rules or offers. For instance, one bookmaker may only “place” down to fourth, while others may be happy to include a fifth place. Some bookmakers may offer a quarter of the win odds for the each way element, others may offer a fifth. Shop around and check what bookmakers are offering and choose the most attractive option.
For our each way wager therefore, let’s explain the outcomes in monetary terms. Consider the following scenarios:
1. You place a $10 Each Way wager on McIllroy to win the British Open. Your total outlay is $20 – $10 for the win part of the bet and $10 for the place part of the bet (i.e. to finish anywhere from 2nd to 4th, or 5th – some may be really generous and go as low as 6th, but very rarely though).
2. The bookmaker is willing to pay a quarter odds for the place, down to four places.
3. McIllroy wins the British Open….Yippee!!!! You will receive then $60 for the win (see above) and $22.50 for the place (a quarter of odds of 5/1 is 1.25, so $10 x 1.25 + $10 (your original stake of $10).
4. Total received $82.50, less original outlay of $20 = Profit of $62.50. Nice little return!!!
5. If McIllroy finishes 2nd, 3rd or 4th, the returns will be $22.50 (see 3/ above). Your profit therefore will be $2.50 ($22.50 less original outlay of $20). Not as attractive obviously but a profit nevertheless.
6. If McIllroy finishes outside the top four placings then sadly, there is a $20 loss. Sorry!!! Maybe you should consider leaving betting alone. Change your choice of “expert tipster”. Maybe change your sport, or maybe consider trading rather than the riskier straightforward gambling. Look out for our article on trading to be posted soon. Watch this space!!!
Hopefully, you can understand how simple it is to place a bet on the outcome of a golf tournament or match. Please note, we are not advocating that everyone jump on the betting bandwagon. No, not at all, but as betting is a huge attraction to sports enthusiasts and has such a huge marketplace, it is worth a mention so that you know what is out there.
Be sure to look out for our upcoming article on golf trading coming soon.