Sports betting is about picking what you think will happen in a game — like who wins or how many points are scored — and putting money on it. It’s popular across Australia, from footy and cricket to tennis and soccer.
Platforms like SpeedAU let you bet online in just a few clicks. You choose an outcome, check the odds, place your bet, and wait for the result. If you’re right, you win cash based on the odds. While there’s always luck involved, knowing your sport can help you make smarter bets.
How Sports Betting Works
Here’s how it works: you sign up with a licensed bookmaker like SpeedAU, deposit money, pick a bet, and place it. The bookmaker offers odds — numbers that show both how likely something is to happen and how much you’ll win if it does. Once the game ends, they settle the bet. If you got it right, your winnings land in your account.
Bookmakers aren’t guessing — they set odds using data and try to balance the bets. That means getting money on both sides of a match so they make a profit no matter who wins. They also add a margin (called the vig), which is how they make money over time.
Odds can shift before the game starts. If lots of punters back one side, the bookmaker adjusts the odds to protect themselves. So changes in odds can give you clues about what other bettors — or maybe sharp punters — are thinking.
Key Terminology for Beginners
If you’re new to sports betting, the terms can seem a bit confusing at first. But once you understand the basics, it becomes much easier to follow what’s happening on the screen and know exactly what you’re betting on. Here are the most common terms you’ll run into:
- Wager / Bet. The money you’re putting on a specific outcome.
- Stake. The amount of money you risk on a bet.
- Odds. A number that shows both the chance of something happening and how much you’ll win if it does.
- Payout. The total amount you get back if your bet wins — includes your original stake plus winnings.
- Bookmaker / Sportsbook. The company that sets the odds and takes your bets (e.g. SpeedAU).
- Favourite. The side more likely to win. Lower risk, lower reward.
- Underdog. The side less likely to win. Riskier bet but with a bigger possible return.
- Market. The type of bet you’re placing — like picking a winner, betting on the score, or how many points are scored.
These terms are your starting toolkit. As you place more bets, you’ll pick up extra lingo, but this set will help you hit the ground running.
Understanding Betting Odds
Odds are at the heart of every bet — they show two things: how likely something is to happen, and how much you’ll win if it does. Understanding odds helps you spot value and make better decisions when betting.
How Bookmakers Set Odds
Bookmakers like SpeedAU don’t just guess the odds. They use stats, team form, injuries, and even where the money is going to work out fair prices — and still make a profit. That’s why every set of odds includes a built-in margin called the vig. It’s their cut.
Let’s say two teams are playing. In theory, each should have a 50/50 chance. But you might see odds like $1.90 for both sides. That gap covers the bookmaker’s edge. To break even at $1.90, you’d need to win about 52.6% of your bets — not 50%.
Bookies also adjust odds based on where punters are putting their money. If too many people back one side, odds shift to even it out. That’s why watching line movement can sometimes tell you what the smart money is doing.
Odds Formats: Decimal, American, and Fractional
In Australia, most odds are shown in decimal format — it’s the easiest to use. But here’s a quick look at the three main types:
- Decimal Odds (e.g. 2.50). Multiply your stake by the decimal number to get your total return. A $10 bet at 2.50 returns $25 ($15 profit plus $10 stake).
- American Odds (e.g. +150 or -200). These are common in the US. A minus (–) means a favourite: -200 means you need to bet $200 to win $100. A plus (+) means an underdog: +150 means a $100 bet wins you $150.
- Fractional Odds (e.g. 5/1). Used in the UK. 5/1 means for every $1 you bet, you win $5. So a $10 bet would pay $50 profit plus your stake.
Different format, same result — it’s just how the odds are shown.
Implied Probability: What the Odds Are Really Saying
Odds also show the implied chance of an outcome. You can convert decimal odds into percentage chance using this formula:
Implied Probability = 1 / Decimal Odds
So if the odds are 2.00, that’s 1 divided by 2 = 0.5, or a 50% chance. If the odds are 3.00, that’s about a 33% chance.
The important bit? If you think something has a better chance than the odds suggest, you might have found a value bet.
Teasers: Adjust the Spread, Lower the Payout
A teaser is like a parlay, but you shift the line in your favour. You get better odds of winning each leg — but the payout drops.
- Say two AFL teams are -6.5 and -3.5. With a 6-point teaser, they become +0.5 and +2.5.
- That means they don’t need to win by as much — or at all.
All legs still need to win, like in a parlay. But with easier lines, the reward is smaller.
Proposition Bets (Props): Bet on Specific Moments
Prop bets let you bet on stuff that’s not just who wins or the score. It could be something a player does, or an event during the game.
- Player Props: Will a certain player score a try? Kick a goal? Get 20+ disposals?
- Game Props: Which team scores first? Will there be a sin bin? Will the total number of tries be odd or even?
Great if you know a team’s playing style or a player’s form — or just want a fun side bet.
Futures: Bet on Long-Term Outcomes
Futures are bets placed well before the result is known — often weeks or months ahead.
- Example: Betting on who’ll win the AFL Premiership before the season starts.
- You can also bet on Brownlow Medal winners, top try scorers, or total team wins over a season.
These bets often come with bigger odds — but you need patience. Your money’s locked up for a while.
Live Betting: Bet While the Game’s On
Live betting means placing bets while the game is in play. Odds update in real time, depending on what’s happening.
- You can bet on the next team to score, who’ll win from here, or if the total score will go over or under.
- Great if you’re watching live and feel the momentum shifting.
In Australia, live bets usually need to be placed over the phone, not online — due to local rules.
Same Game Parlays: Stack Bets from One Match
A Same Game Parlay (SGP) lets you combine multiple bets from a single game — like who wins, who scores, and how many total points.
- Example: “Melbourne to win + Petracca 25+ disposals + Over 160.5 points.”
- All legs must hit, just like a regular parlay.
It’s popular because it lets you build a high-payout bet with a single match — especially handy if you know one team inside-out.
Smart Betting Habits for Everyday Punters
If you’re looking to bet with a bit more purpose, start with a budget. Set aside a bankroll — money you can afford to lose — and stick to it. Flat betting (staking the same small percentage each time, like 2%) is a smart move. Never chase losses or double up out of frustration. Betting isn’t about quick wins — it’s about staying in control over the long run.
Before placing a bet, take a minute to check the basics: team form, injuries, location, and even the weather. Don’t bet just because you support a team. Look for value — where the odds seem off compared to what you think is likely to happen. Avoid common traps like emotional betting, overloading on too many bets, or ignoring better odds at other bookies. Stay sharp, stay patient, and think long game.
