Can someone explain gambling to me?

Sport
1

Not being from a gambling background and having only won desultory amounts on very infrequent bets, I have a very rudimentary knowledge of betting. But I’d like to know more. Some of the terminology you boys use is completely beyond me. KIB Man once tried to explain laying off to me, but it was KIB Man and therefore unintelligible.
Who will take me through a gambling apprenticeship?

2

I recall @KIB man boasting that an Aston Villa -1 bet of his had been successful after they won a game 1-0. He didn’t have a clue but was good for a laugh.

3

Speculate on an event or outcome by placing money down as to how you foresee that event turning out. If you win, you get more money.

Betting.

4

[QUOTE=“Fitzy, post: 1014064, member: 236”]Not being from a gambling background and having only won desultory amounts on very infrequent bets, I have a very rudimentary knowledge of betting. But I’d like to know more. Some of the terminology you boys use is completely beyond me. KIB Man once tried to explain laying off to me, but it was KIB Man and therefore unintelligible.
Who will take me through a gambling apprenticeship?[/QUOTE]

If you lay you basically take the bookies side of the bet, so if it loses you win.

5

[QUOTE=“Fitzy, post: 1014064, member: 236”]Not being from a gambling background and having only won desultory amounts on very infrequent bets, I have a very rudimentary knowledge of betting. But I’d like to know more. Some of the terminology you boys use is completely beyond me. KIB Man once tried to explain laying off to me, but it was KIB Man and therefore unintelligible.
Who will take me through a gambling apprenticeship?[/QUOTE]

Laying

  1. Mac gives a tip for a horse
  2. Instead of going to a website like Paddy Power to back the horse you go to betfair
  3. On betfair you can “lay” the horse. That means that you basically become the bookmaker. It works like a stock market/exchange.
  4. You offer to lay/take a bet on that horse for €10 at odds of 2/1
  5. If the horse wins you have pay out €20 + €10 stake = €30 in total (you are down €20)
  6. If the horse loses you keep the €10 (you win €10)
  7. Come back on TFK and call Mac a mug