The Dynamics of Sports Betting in Latvia
Betting as a hobby has been popular for more than 2,000 years now! If you don’t believe us, take a look into the history. The Greeks are thought to be sports lovers and they enjoyed betting on them too.
Fast forward to today, betting on both games of chance and sports are equally popular all over the world. Latvia is no different. In fact, the advancement in internet technology along with sports betting promotions have made it even more enjoyable.
On our online sports betting sites in Latvia guide today, we’re going to explore different types of betting, cover a few of the most popular sports, a few types of bets. Although it’s not possible to encapsulate the spirit of how sports betting works in 1 guide, we’ll try to cover all the basics.
What are Sports Bets?
They’re simply bets on sports. That’s all there is. Now, sports betting, on the other hand, is not that simple. There’s a whole process to it. You have to understand lots of different things about the trait if you want to be remotely successful.
If we have to do a sports betting review briefly, we’d have to say that it’s the real money you wager on the given odds on sports events and their outcomes. A “bookmaker” or “sportsbook” helps you meet the ends in exchange for a small commission, in the disguise of house edge.
The “odds” are the fundamentals of sports betting best sites in Latvia as well as for the rest of the world. If there were no odds, there would be no sports betting whatsoever. In online betting sites, you can enjoy various sports betting offers.
So, before we can move any further with our guide, you have to know how sports betting odds work. Let’s get to it.
Sports Betting Odds and How they Work?
In laymen’s terms, odds dictate probability. It’s certainly not something exclusive to betting. We can use the term “odds” pretty much in every context. For example, “odds are high I’m going to fail the test”. This is just an example. You can curate hundreds more if you want.
In sports betting, odds project 2 things. The likelihood of the event and the payout you can generate from it. Across the world, 3 formats of odds have gained mass popularity. There are, of course, sub-formats, but we’re going to stick to the 3 main ones for this guide.
The simplest to understand and the most widely accepted format. Asian, European (except for the UK and Ireland), Canadian, and Australian punters are fond of this format. As the name suggests, it’s denoted in decimal numbers down to hundredths (2 places after the decimal).
It directly projects your payout if your bet is successful. You can also think of it as a multiplier for your stake.
Let’s consider a football match between Real Madrid and Barcelona in La Liga. On one of your preferred sportsbooks, the projected odds are Real Madrid (3.50) – Barcelona (3.20). It simply means both teams have 3.50 and 3.20 odds respectively. The discrepancy is very low because both teams are somewhat equally capable.
So, if you wager $100 or equivalent in other currencies, you can win $350 for Real Madrid and $320 for Barcelona. It’s all there to it for decimal odds!
Before we move on to the next format, can you guess which team is the favourite among the teams? It’s Barcelona, of course!
If you look at the payouts, you can see that you win less if Barcelona wins for the same stake. It means Barcelona winning is the more likely outcome. Hence, the bookmaker is offering shorter odds. This is how you determine the favourite and the underdog in decimal format.
Mostly used by English and Irish punters, this format is denoted in fractions. It’s more of a ratio between your profits and your stakes. If a fractional odds project X/Y at the sports betting sites in Latvia, it means you can win X for your Y wager.
Let’s use the same match between Real Madrid and Barcelona but this time, with fractional odds. The projected odds are Real Madrid (5/2) – Barcelona (11/5). It indicates that if you wager $2 or equivalent on Real, you’ll win $5 in profits. So, the final payout is $7. And for Barcelona, you win an $11 profit for a $5 wager. The total payout is $16.
Can you see what’s interesting here? If you try to connect our example from the decimal odds, you can see that ratio of profits and stake are the same! It’s because we’ve converted the odds! It also means you can convert the odds to any format you want! There are odds calculators online that’ll do the job for you within moments.
American/Money Line Odds
If you haven’t guessed already, these odds are most popular in the USA and surrounding countries. Among the 3, this one is considered the most complex. But we believe once we explain it to you, you’ll find it quite easy to understand.
Using the same example, we get Real Madrid (+250) vs Barcelona (-220). American odds are calculated with the baseline value of $100. So, everything we do is going to be in relation to the $100.
The (+) and (-) indicates the underdog and the favourite respectively. So, Real Madrid is the underdog while Barcelona is the favourite.
Here’s the complex part. So, pay attention. For the favourite team, the projected odds indicate how much you have to wager to win $100 in profit. And for the underdog, the projected odds indicate how you can win for a $100 wager.
Using this formula, it’s apparent that you have to wager $220 to win $100 in profit for Barcelona. So, your final payout is $320. And for Real Madrid, you can win $250 for a $100 stake, making your final payout $350.
Types of Sports Betting Latvia
Now, when we say betting on sports, we’re referring to a massive umbrella that contains a lot of factors underneath. We can further break down the activity into different areas where different punters excel. Let’s take a quick look at the common types of sports betting.
This is the default. When you hear or see sports betting, this is the type of betting being referred to. Pre-match bets are exactly what they sound like. You place the stakes before the match or the tournaments go live. The bookmaker will stop taking bets a few hours or a few days before the event.
Pre-match bets usually offer the best odds. It’s because they come with the highest risks. Once sports betting companies stop taking the bets, you can’t make any changes to your bet slip. So, if your predictions start to go wrong, you have to incur losses.
We can further break pre-match bets down into short-term and long-term betting. Short term is simply short lived bets. Betting on 1 particular match, for example. Long-term betting is when you go for the entire tournaments or seasons at a time.
Pretty much all the sports you can find on online sports betting sites in Latvia have pre-match bets.
Also known as in-play betting, live betting has changed the online sports industry a lot. As the name suggests, you can bet on events when they’re live! It’s a great way for punters to recoup the losses they may suffer from the pre-match bets.
Live betting is a completely different genre and you work with a different bet slip in most cases. You cannot change anything on your pre-match bet slip. But you can add new markets from the live market as the match unfolds.
It allows the punters to make informed decisions after overseeing the progress of the event. The odds are usually shorter when compared to pre-match bets. The interesting thing is that you can go for in-play betting only if you want.
Virtual Sports Betting
Although not a different kind of sports betting, virtual sports deserve their own category. It’s very much like the betting we’ve discussed so far but on virtual sports. Whether it’s football, cricket, ice hockey, racing, or any other sport, the matches are going to be computer-simulated.
The markets you find for traditional sports are all carried over to virtual sports betting. They look a lot like video games. The difference is that you’re not the gamer for the matches. No human is. The games are backed by the software that controls the game. And there’s no way to determine what the outcome of the match is going to be.
How to Bet on Football?
We’re jumping right into football because it’s one of the most prominent sports in Latvia. In fact, it’s immensely popular all over the world for its entertainment value as well as diverse betting markets.
If you’re not familiar with the concept of markets, it’s individual events that you put your real money on. For example, when you picked sides for the Real Madrid vs Barcelona match, that’s one market.
Football betting starts with understanding the sport. It goes for all other sports for that matter. You can’t expect to know nothing or know very little about football and succeed in betting.
It’s primarily because unlike casino games, sports betting is not entirely based on luck. Your understanding, knowledge of the odds, analysis of the previous matches can help you determine the outcome of future matches. So, it’s more of a game of skill rather than a game of chance.
In football betting, you get all the major common markets like Outright, over/under, points spread, and handicaps. Worry not because we’re going to discuss what they are in this very guide. At the same time, there are many exclusive markets that you’ll find for football. Let’s take a look at some of those.
- Highest Goalscorer
Although it applies to all the sports that have a goalscoring system, football is the most prominent among all. As the name suggests, you can place bets on which player will score the most number of goals. The odds are offered on individual players instead of the team.
It’s up to the bookmaker about which players they want to include in this market. In most cases, the star players who have global recognition make the list. As for the odds, you now know to read them so it should be easy for you to project the potential winnings.
- First to Goal
Another market that offers odds on the players instead of directly on the teams. You have to predict which player is going to score the first goal in the match. Similar to the other market, the sports betting companies will enrol different players and offer odds on them.
- The Kick-Off
Before the match starts, you can place money on which team you think will kick the match off. Or, win the toss. Both are the same thing. It’s an outright market with only two outcomes. So, both outcomes have a 50% probability of happening.
Biggest Tournaments for Football Betting
Thanks to the widespread popularity of football, there are a number of high-voltage tournaments for betting. In this section, let’s shed light on some of them so you can easily start your football betting adventures.
- English Premier League
It might be the domestic league for English football lovers but it has fans from all over the world. Teams like Chelsea, Manchester City, Manchester United, Aston Villa, etc. have gained a worldwide fanbase for their mesmerizing performances.
As a result, the English Premier League has become a prime target for bettors. Every year, punters flock to the sports betting sites Latvia to find the most competitive markets on the go.
- La Liga
The crème de la crème of Spanish football. The example we used to explain the odds consisted of 2 Spanish teams, Real Madrid and Barcelona. La Liga is the biggest showdown of strength and tactic between Spanish football clubs.
Thanks to the infamous clubs in the country, the league has gained a massive following all over the world. You get some of the highest odds from bookmakers in Latvia for this tournament.
- FIFA World Cup
If you possess interested in football, you’re most definitely aware of the FIFA World Cup. The biggest competition between the national football teams of 32 countries. The fact that it only happens every 4 years has made it a must-not-miss event for bettors.
As a result of this craze, the markets, the odds, and everything else about this tournament is special. You can expect some of the longest odds on football you’ve ever seen!
How to Bet on Basketball
Basketball might be played all over the world now but this sport is very near and dear to Americans. After all, it originated in the heart of New York. Tournaments like NBA (National Basketball Association) in the USA, Basketball World Cup, European Champions are all results of the craze for the sport.
Just like any other sport, betting on Basketball starts with you having the passion to understand the game. It’s surely not as widespread as football or cricket but Basketball is still considered one of the major sports in the world.
So, it’s a great source of entertainment for both viewers and bettors. If you’re still not well-versed in the sport but possess a massive interest, we recommend that you learn the trait a little better before you get into betting.
Speaking of betting, you might be wondering what are the exclusive markets. Let’s see if we can dig some out.
- NBA Totals
This is the totals or over/under market but for NBA (National Basketball League). We’re going to go deep with this market in one of our upcoming sections so stay tuned.
- Game Props
Props are mostly the side-betting market that may apply to more sports along with basketball. But the versatility you can find in this sport is massive. From MVP bet to who might get the sixth man award, anything and everything is possible with props.
- Alternate Points Spead
If you’re familiar with sports betting sites, there’s a chance you already know what points spread betting is. If not, we’re going to cover it anyway. Alternate spreads are different from the original spread offered in the game. It’s the discrepancy between the spreads that’ll determine your profits.
Yes, the same bookmaker will do both.
Biggest Tournaments for Basketball Betting
Let’s take a quick look at some of the best tournaments from across the world for betting on basketball.
NBA is undoubtedly the most popular basketball tournament. It even undermines the basketball world cup. NBA is the USA’s national-level basketball league. 30 teams participate every season and fight for the title.
- Basketball World Cup
Just like FIFA hosts a world cup for football or the ICC hosts world cups for cricket, FIBA hosts the Basketball World Cup. 32 teams from 32 countries participate in it for the title of the champion.
Needless to say, it takes place every 4 years as well. So, the craze is always crazy (!) during the matches. If you’re looking for a seasonal betting adventure on basketball, the FIBA Word Cup might be just what you need.
How to Bet on Tennis
Tennis as a sport has broken all boundaries. It’s equally loved in pretty much all parts of the world. Sure, it might not be played as extensively due to different weather and expensive court upkeeps, but the bettors from all over the world and Latvia share the same profound love.
If you have to think of the drawbacks of this sport, we’d have to go with the scoring system. Sure, it’s easy to understand for people who’re already well-versed in Tennis. But do you know what “love” means?
“Love” is essentially the zero in the game, the point where a game starts. So, if you want to truly enjoy tennis betting and hopefully make profits from it, you must understand the sport from the ground up.
The odds on tennis are offered directly on the players. Because tennis is not a team sport. Also, the odds are going to vary for different tournaments and court types. Tennis is played across 4 types of courts and even the best players are not efficient across all of them.
Do you see how the odds can change for the same player based on which court he/she’s playing? This is why your first instinct should always be to get a handle on game mechanics and lingo.
Exclusive Tennis Betting Markets
For this section, let’s focus on the unique markets you’ll find in tennis betting.
- Set Winner
If you don’t know yet, tennis is played in sets and 6 games make a set winner. So, between 2 players, you can bet on which player is more likely to win the set. The odds may be shorter when compared to the game winner odds. Because, you know, the duration is shorter.
- Individual Totals
A subgroup of the famous totals or over/under bets. Instead of putting your money on the total game score, you’ll be placing your trust in individual players. Essentially, you have to guess how much a player will score.
Biggest Tournaments for Tennis Betting
The Grand Slam events are unanimously the biggest tournaments in tennis. Let’s gather a little knowledge about each of them.
- Australian Open
The season kicks off with the Australian Open, most commonly held in Melbourne. This is a hard surface tournament with a massive prize money of A$71,000,000! The games all take place during January and February when the weather is nice and warm in Melbourne.
- French Open/Roland-Garros
The city of Love a.k.a Paris hosts the 2nd Grand Slam of the year. It typically happens during May-June and the games are played on clay courts. If you have an interest in tennis, you may know Rafael Nadal, the highest Grand Slam winner at the time of writing. He’s also arguably the best clay-court player of all time!
- Wimbledon/The Championships
The 3rd leg of the season takes place in London during June and July of every year. This is a grass court tournament. If you know Rafael Nadal, you may also know Roger Federer. He’s currently dominating the grass court.
- US Open
The final Grand Slam event of the year. It’s another hardcourt tournament but the courts are made of DecoTurf instead of the Plexicushion. It takes place in New York City in the months of August and September.
How to Bet on Hockey
Hockey doesn’t get as much traction as the other sports we’ve covered so far. But it doesn’t mean that it’s not a good sport to bet on. Especially for Asian punters, hockey is a major betting market because it’s the national sport of India, one of the largest populations in the world!
Markets You Can Find for Hokey Betting
In addition to the common markets already discussed, you may find the following markets in the sports betting apps or sites in Latvia.
- Puck Line
One of the most common markets for hockey. Apparently, it’s a form of points spread and it’s always fixed at +/-1.5. The interesting thing about this market is that it doesn’t matter who wins the match. The punters can utilize the points spread to make a profit either way. You’ll understand why when you read what points spread is in an upcoming section.
Hockey can have lots of props bets thanks to all the rules and different dynamics in the game. You may get a chance to bet on multiple future events as futures bets or any other side bet the bookmaker may be offering.
Biggest Tournaments for Hockey Betting
In different parts of the world, different types of hockey games and tournaments have gained popularity. Here are a few of those.
The National Hockey League is one of the major sports events in the USA and Canada. 25 teams from the USA and 7 teams from Canada fight for the title every season. When the season is ongoing, you can expect some very good markets and odds on the matches.
The Kontinental Hockey League is the 2nd largest event for hockey lovers. It’s a relatively new tournament starting back only in 2008. The major group of talent comes from Russia. But players from all different backgrounds are welcome in this tournament.
Types of Bets (Markets) in Latvia
Finally, we’re at the section of our sports betting websites guide where we talk about the types of bets or markets. These apply to pretty much all the sports you can find for sports betting 2022.
1 market with lots of different titles. All of them refer to the same thing. A bet that “outright” points out the winner. Or, the loser. If you place your money on 1 team to win a football/hockey/basketball match, it’s an outright bet.
These bets usually have to longest odds because the risk factor is often the highest. You either win or you lose. In case of a draw, the bookmaker returns the money to the punters.
You may see this bet as totals at some bookmakers while as over/under at other bookmakers. Both are the same thing. The betting site determines a score for the match in advance. The punters get to bet either “over” it or “under” it. Hence, the name of the market is over/under.
Some operators offer individual totals for sports like tennis, table tennis, or golf. In all cases, you’ll notice that the total score is a fraction. For football, it might be 2.5/3.5 goals.
It’s because the score of the games is never a fraction. It has to be an integer. So, it’s easy to determine whether the “over” punters won or the “under” punters won.
This is considered one of the most complex markets in betting. Rather than calculating the game outcome, points spread deals with the margin of the discrepancy between the two teams.
If it’s a (-2.5) spread, it means the favourite team you bet on must win with 3 scores (goals/points) lead. If it’s a (+2.5), the underdog can lose by less than 2 scores (goals/points) and still win the bet.
Handicaps are a great way to make your mark on the betting. As the name suggests, it’s a way of neutralizing the skill difference between 2 teams. The underdog is given a handicap before the match starts. The amount of handicap is calculated by the analysts at the sportsbooks.
If it’s a +0.75 handicap, it means the underdog’s score will get a 0.75 addition with the final result. It might change the outcome of your bet even though it doesn’t change the outright result.
1×2 markets are available for sports where you get to place wagers on 3 different outcomes. “1” refers to the home team or the host of the game. “2” is the away team, the team visiting the country or the camp. “x” is for the draw.
Is it possible to place bets on more than one sport at a time?
Of course. You can target as many sports as you want as long as you have the bankroll. The bet slips at online sports betting sites are practically a 4D space for you to list your bets.
How much research is needed for sports betting strategy?
In one word, intense. If you don’t analyze the sport as well as the past incidents, you won’t develop the insights necessary to place informed bets. So, before you move on to sports betting Latvia online, do the research.
What are the most popular markets/bets in Latvia?
Both in Latvia and other parts of the world, outright (match winner) is the most popular market. Totals, handicaps, and points spread come follow closely behind.
What is ACCA bet?
ACCA is referring to accumulators, one of the very common bet types in sportsbooks. An accumulator is nothing but at least 4 selections in 1 bet. You lengthen the odds by adding more events against your stake.