The world of betting has many terminologies. While many punters place their wagers almost every day, a majority of them do not even understand specific concepts in betting. From accumulators to alternative lines and arbitrage, many get confused about what some of these terms mean. Some phrases are straightforward and easy to understand. But others require a further explanation from your bookmaker. One word familiar to many bettors is betslip.
A betslip is a fundamental instrument of betting. If you want to join the world of punting, you must understand it well, whether you will be placing your wagers online or offline (from traditional betting shops). You will come across it every time you place a bet. But what is a betslip, and how does it work?
What is a betslip?
A betslip is a ticket that helps a punter to create a bet or a series of bets. It is the same as a receipt for all the wagers you place. In the online world, bookmakers present it in electronic form. Traditional betting shops present it as a physical paper.
A betslip has all the information about your predictions for a specific event. Anytime you choose your winning bet, you must submit the slip to the bookmaker. In turn, the bookmaker will calculate your payout based on your stake amount, odds, and the list of selections on it. Ideally, it is from a betslip that you will know whether you have lost your bet or won it, and by how much.
What are the contents of a betslip?
A winning betslip contains several details from a punter. These include:
- The total number of selections you are wagering. You can have one or more picks.
- Your stake amount and its corresponding currency. The bookmaker will deduct the money from your betting account.
- Your possible payout or the return amount you will receive once you win the bet.
- The value of odds. If you have more than one selection, the bookmaker will multiply the odds together from all the events.
- Type of bet (trebles, singles, Trixie, patent, etc.)
- Date and time when an event in your selections will begin.
- Terms and conditions, depending on the bookie.
Understand that the contents of a betslip can vary depending on the bookmaker. Also, paper bet slips are different from electronic once. The latter can have many more features, including tax deductable, the option to remove a selection, and bonuses, among others.
What can you do with a betslip?
You can do several things with a betslip, depending on the bookmaker. Most online betting websites have bet slips that serve almost the same functions. Thus, you can:
- Add a selection with odds.
- Remove a selection
- Enter the amount of money you want to stake
- Review your bets before submitting your selections
- Apply any bonuses
- Check your estimated winnings for bets placed on fixed prices
Other services allow you to reuse your selections. The purpose is to give you more room to add more bets to the bet slip, boost your odds, or increase your stake amount.
How a betslip works
Before you can place a bet, the first thing you must do is to add a selection of the games or events you think will occur. To do that, you must click or tap on the odds given by a bookmaker. The odds are usually next to the event on which you want to bet. When betting on a jackpot, the games are usually chosen for you.
After making the selection, the system will add it together with its corresponding odds to your betslip. On your ticket, you can see the number of choices contained in it. You will also view the games that you have made, your stake amount, type of bet, and their potential returns. Ideally, this is how you create a betslip on any bookmaker’s website.
Some bookmakers also have an option that allows punters to accept price changes on their betslip. These changes usually occur between the time you create a bet and the time you place it. That way, your bet will remain on rather than getting errors, or your wager rejected because of the constant price movements.
When everything is right, you can decide to cancel all the selections on your betslip or confirm your bets. You only do that by clicking on a “Place Bet” button. And that is how a betslip works.
How to check a betslip
You can check your betslip in various ways, depending on your bookmaker. Generally, whenever you place a bet, your bookie will generate a code for that particular ticket (whether online or from a traditional betting shop). What you need to do is to copy the code and enter it into a betslip ID space bar or similar on the bookie’s website.
After entering the code, the bookmaker will display your betslip and allow you to view betslip details. It includes the event wagered, start date, type of bet, odds, the result (if any), and the outcome. The layout will be different depending on your betting website.
Can you cancel a betslip?
Depending on your bookmaker, you can cancel your bet even after placing it. Some websites only allow you to recall your bet within 20 minutes of submitting it. Also, you can cancel your betslip before you place a wager on an event.
But many bookmakers do not allow cancellation of bets. In that case, you will have to confirm your selections before placing a bet. Ensure to read the terms and conditions before signing up or staking.
Before placing a bet, the first step is to select events you think have a high possibility of occurring. When you pick the event and the type of bet, your bookmaker will add it to your betslip. Your betslip is a receipt for all your wagers. It will store your predictions, your stake amount, and the possible payout if you win. The ticket also has a randomly generated code that allows you to track your bet or view details of your betslip.
Yen.com.gh reported that a 35-year old Ghanaian man who was in the news after winning GHC 1,000,000 disclosed that he stole the money from his wife to place the bet. The man, who is identified as Michael, made the revelation in front of his wife as he received the prize money.
However, he revealed that his wife has been supportive even when he lost previous bets. Michael made history as he walked away with the huge amount after betting ¢60 cedis only.