Before we go in-depth on esports matched betting, here are some important esports betting terms that you should know:
Esports Betting Odds
Betting odds are a way to express the likely hood of an outcome happening. Odds also determine how much reward you will get if the outcome actually happens. There are several ways to represent odds, but the most popular one for esports betting is decimal odds.
For example, let's say you place a 10 U.S. dollar bet on team A winning with decimal odds of 2.4. If team A wins, you get 24 U.S. dollars, which is 10 times 2.4.
Esports Bookmaker or Sportsbook
An esports bookmaker (online bookmaker, esports sportsbook) is an online platform that offers betting markets for gamblers to place bets.
A back bet is a bet on a certain outcome happening. For example, if you place a back bet on team A that is competing in an esports event, you will win if team A wins. You will lose if there is any other outcome like the match ending with a draw or team A losing.
Esports Betting Exchanges
An esports betting exchange is a platform that allows other people to act as bookmakers, and it is also the only place where you can place lay bets.
Lay bets are bets on an outcome not happening. For example, if you place a lay bet on Team A, you will win if Team A does not win. You also win if the match draws because it falls under the category of team A "NOT" winning.
When you make a lay bet, you are liable to pay the extra amount if you lose. If you place a 10 U.S. dollar lay bet on team A with odds of 2 and team A wins, you lose the 10 U.S. dollars. However, you also have to pay the extra 10 U.S. dollars because the odds were 2.
For this reason, you have to keep 20 U.S. dollars at an exchange if you want to place a 10 U.S. dollar lay bet with odds of 2. You will need to keep 30 U.S. dollars if the odds are 3.