Before choosing a bookmaker and placing your first bet, try to familiarise yourself with the rules and terminology employed.  Different bookies sometimes over different types of odds, operate to different rules, and trade in different currencies. 

ODDS TYPES

Odds, or prices, may be presented in any of three formats - UK, US and European.  Some books will enable the client to choose between them.  Others work only with one.  It is worth getting to know how to convert a price from one format to another.

UK odds, or fractions, are presented as two numbers divided by a dash.  The figure after the dash is the amount which needs to be staked in order to win the amount before the dash, which is net (does not include the stake).

For example, if a selection is quoted as 5/6 this means that the client will wager 6 units of currency in order to win five more.  If the selection is successful the return will be eleven units, including the six staked.

To convert the fraction into European (or decimal) odds, divide 100 by the amount staked (6), then multiply by the projected win amount (5) to reach a figure of 0.833.  Then add 1 (the stake) to reach a figure of 1.833.  This is the decimal equivalent of 5/6.

Decimal odds indicate the total anticipated return from a stake of one unit.  In other words, where the price is 1.833 then a successful result would pay 1.833 times the original stake.  If 1.00 GBP is wagered then the total return would be 1.83 GBP, including the stake.  If a selection is priced at 5/1 then the decimal price would be 6.00, which takes into account the amount staked.

US odds are presented as plus or minus figures.  +100 is evens and a price of 2/1 would show as +200.  Where the price is odds-on (less than evens) it is shown as a minus figure, which is obtained by dividing 100 by the quoted figure.  In other words a price quoted as -120 would be 100 divided by 120, which is 0.833.  Add the unit stake and, again, you have 1.833 - or 5/6. 

Many betting sites include conversion tools, so if you can't get your head around the above don't worry.  Just find yourself an odds calculator and you're away!

BET TYPES

Many sites offer a wide range of alternatives to the conventional 1x2 bet in popular sports.  Here are just some of them:

OVER/UNDER - where the customer bets on whether a total score will amount to a higher or lower figure than a given number - in soccer usually 2.5.  Over/Under bets are also popular in US sports, where punters can bet on how many points or goals will be scored throughout a match.

HANDICAPS, ASIAN HANDICAPS - where one side in a game is given an artificial advantage over the other in order to level a contest and to make the outcome less predicatble.  Hence a soccer team which has a handicap of +1 would deliver a handicap win in the event either of a win or a draw.  However if that team were to lose by a one-goal margin then the match would be void as it would be a "draw".  The formula is more complicated in the case of split lines, euch as +0.5, +1.0.  For an explanation of all the different formulations which exist you should consult the Asian handicap guide which is usually provided alongside the bookmakers' rules.

CORRECT SCORE: Particular in soccer or tennis, the customer can predict the correct score at the end of the match.  In soccer there are even other options available, such as the correct score after the first half.

SPORTING SPECIALS: Soccer in particular attracts a multitude of markets, from who will score the first goal and after how many minutes, through to how many corners or sendings-off there will be during in a match.  Similarly in events such as the Superbowl there is an almost endless list of things you can bet on. 

SPECIAL/NOVELTY BETS: Bookmakers and betting exchanges are becoming increasingly imaginative in the choice of special or novelty bets that they offer.  Popular examples include the outcome of Reality TV shows, who will be the next UK Prime Minister or US President, Miss World, Oscars and BAFTAs.  One German book recently offered odds on what would happen first - Germany winning the World Cup or a German walking on the moon.  Don't expect a payout anytime soon.