What is Sports Betting? An Aver Explainer
An introduction to sports betting.
Are you new to sports betting? Need a refresher on the basics? This introduction to sports betting has everything you need to get started.
What is Sports Betting?
You might have heard the term “prediction markets”, where participants wager money on the outcome of events. This can be a wager on anything from an economic statistic, election results, to even the weather.
Sports betting is a subcategory of prediction markets, where participants wager money on the outcome of a sporting event. There are countless types of sports betting markets for all kinds of bettors - you can wager on who will win, lose, or tie a game/match, the total points scored in a game/match, the win and loss record of a team over an entire season, and much more!
Unlike a traditional sportsbook, Aver facilitates peer-to-peer sports betting where a participant’s wager is matched with another participant taking the other side. Participants can make wagers at app.aver.exchange.
What are the Benefits of Sports Betting?
Sports make for a great prediction market outcome because of the exciting and chaotic nature of live sports, the diversity and volume of sporting events around the world, and the reliable start time, statistics, and reporting to base wager resolution on.
But why should you wager on sports?
First and foremost, sports betting is fun. It gives you a reason to watch a game you might otherwise have no rooting interest in. This is why so many people around the world bet on sports. It’s also another way to allocate crypto assets in a transparent protocol that could potentially lead to returns.
For those who want to build on top of the Aver protocol, Aver’s Software Development Kits (SDKs) offer countless opportunities. This can be anything from building new applications to interact with the protocol, creating new trading strategies and ways to participate in platform liquidity provision, implementing solutions for existing operators, or offering opportunities to tap into a universal liquidity layer.
Make your sports betting experience your own!
Who Should Bet on Sports?
Anyone can bet on sports! You don’t need to be an athlete, expert, or even watch sports at all. On Aver, all you need is a Solana wallet with some USDC and SOL to get started.
How do I Choose What to Bet On?
Every week, upcoming events are posted on the Aver twitter account (@averexchange). If you have a favourite sport, we recommend you start there, and then explore other markets listed on the exchange. Or you can start with whatever the biggest upcoming event is, which will likely have the most on-chain liquidity.
If it isn’t listed, participants can suggest their favourite sports/markets in the #market-ideas channel on the Aver Discord or by tagging @averexchange on Twitter.
What are Some Tips for New Bettors?
If you’re new to sports betting, there is plenty of information out there, including Aver’s documentation. The best way to get up to speed quickly is by joining our Discord community. You’re welcome to share your questions or concerns, and Aver community members will be there to guide you along the way.
It’s always best to start small and increase the size of your wagers over time. Try a variety of different games/markets and see what you enjoy the most.
What are Some Common Mistakes?
It’s okay to make mistakes! Here are some common ones that we’ve seen:
- Not understanding the difference between decimal, probability, and American odds before betting.
- Not understanding the terms for market resolution. For example, some football markets can be based on Full Time (FT) score and exclude AET / penalties. Please see the market terms section under the trading modal for details.
- Not being aware of the difference between unmatched (open) and matched orders. Wagers are only placed or executed when they are matched with other participants.
- Not getting your orders in on time (please follow our twitter account for friendly reminders).
Please see the Aver FAQ page for common questions from Aver community members.
Can I Bet on Something Other Than Sports?
At the beginning of this article we mentioned “prediction markets”. Prediction markets are the more ‘academic’ cousin of sports betting. Instead of wagering on the outcome of a sporting event, participants wager on the outcome of events such as an economic statistic release or an election result.
Prediction markets have grown in popularity in the last few years for a number of reasons. Participants often feel that they have an advantage in these political, economic, current event markets and there is an opportunity to profit from their insights.
An additional benefit is the ability to offset risk exposure. For example, if a participant has a picnic planned for tomorrow, they can bet on the chance of rain. If the weather takes a turn for the worse, they can profit.
Win — Win!
You can find a wide range of prediction markets, from interest rates to election results, on Aver Exchange. We continue to expand our prediction market offerings with new events listed daily.
How Can I Get Started?
Go to app.aver.exchange to place your first wager today!