A betting slip is a crucial part of the sports betting process. It allows you to formally place a wager on a sporting event and serves as a record of the bet. Understanding betting slips is important for anyone looking to get into sports betting.
In this comprehensive guide, we cover everything you need to know about betting slips, including:
● What is a betting slip and how does it work?
● The difference between paper and online betting slips
● How to fill out different types of bets on slips
● Calculating potential payouts
● Tracking your bets using the slip
What Is a Betting Slip?
A betting slip is a form used to place a bet. It records vital details about the wager:
● The event and participants
● The type of bet
● The amount staked
● The odds at the time the bet is placed
Think of the betting slip as a shopping cart – you browse odds from different bookmakers, choose your selections, and add them to your slip before confirming and placing your bets.
The slip allows you to precisely record fixed odds offered at the time. You can also take a bookie's starting price if preferred. Odds fluctuate depending on the volume of bets placed on each outcome. Recording them on the slip locks them in.
Once completed, the slip is submitted to the bookmaker for approval. If accepted, it acts as a binding agreement, and winnings must be paid out accordingly if successful.
The slip will also feature a unique bet reference number. This enables easy tracking of your wager.
Paper Slips vs Online Slips
There are two main types of betting slips:
Paper Slips
Traditional paper slips must be filled out by hand and submitted in person at a bookmaker's shop or stall. This involves more effort but allows you to discuss bets face-to-face with staff.
Online Slips
These are completed electronically via a betting site or app. Bets can be placed quickly, and you can easily track past and pending wagers. However, there is no human interaction.
The key differences:
● Convenience: Online slips save time and effort over paper alternatives. They can also calculate payouts automatically.
● Tracking: Digital slips make monitoring bets easier through account history and status updates. Paper slips rely on holding onto physical copies.
● Proof of bet: Both offer legal proof of placed wagers. However, paper slips cannot be edited once submitted, offering more integrity.
Now let's go over how to fill in the various bet types on slips…
Placing Bets on Slips
Several key pieces of information are required to place any sports wager:
● Date/time of event
● Competing teams or players
● Amount staked
● Type of bet
Let's use a fictional NFL game between the New York Jets and Green Bay Packers at 15:00 on 12/02/22.
Below we'll guide you through filling betting slips for different wager types – including moneylines, win bets, each-way bets, and parlays.
Moneyline Bets
A moneyline bet simply requires picking an outright winner. Here's how to place one:
Paper
1. Under match details write: "New York Jets vs Green Bay Packers – 15:00, 12/02/22"
2. Select the team you think will win
3. Write the amount you want to stake
4. Mark the current odds next to that team
5. Submit slip and pay the stake
Example: "New York Jets (+150) $50 to win"
This means a $50 bet on the Jets would pay out $125 if they win (initial $50 stake plus $75 profit from the +150 odds).
Online
1. Click on the match you want to bet on
2. The pop-up will display both teams along with odds
3. Click on your selection to add it to the slip
4. Type in stake amount
5. Click 'Place Bet' to submit wager
Win Bets
Win bets apply to horse racing or greyhound racing. They involve picking a selection to finish 1st.
Paper
1. Write the race details: "Ascot – 9:15, 04/05/22"
2. Add horse name & odds – "STANLEY’S HOPE 7/1"
3. State amount staked on that horse to win
Example: "STANLEY'S HOPE 7/1 to win $20"
A $20 bet at odds of 7/1 would return $160 if Stanley's Hope wins the race.
Online
1. Find the race you want to bet on
2. Click the horse you think will finish 1st
3. Stake amount into the 'Win' box
4. Hit submit to place bet
Each-Way Bets
With each-way bets, the stake amount is split evenly across a win bet and a place bet.
The place part pays out if the selection finishes in one of the pre-determined places (usually 1st, 2nd and sometimes 3rd).
Paper
1. Write race details
2. Select horse and odds
3. Write stake amounts for Win and Place bets
Example: "STANLEY'S HOPE 7/1 – $10 Win – $10 Place"
A $20 total stake split evenly $10 Win/$10 Place. The horse must win for the win part to payout. The place bet sticks if it finishes in a qualifying position.
Online
1. Find race and pick a horse
2. Enter amount to bet on Win
3. Enter amount for Place bet
4. Click 'Each Way'
5. Submit wager
Parlay Bets
With parlay (accumulator) bets, two or more selections are combined. The bets multiply together for a bigger potential payout, but all legs must be successful to receive any winnings.
Here's how to fill them out:
Paper
1. List the details for each selection
2. Write the odds next to each
3. State it's a parlay bet
4. Enter total stake amount
Example: "Jets +150, Packers -250 – Parlay Bet $20"
Online
1. Make first selection
2. Make second selection etc.
3. Click 'Parlay' to combine
4. Stake amount
5. Place parlay bet
The slip will automatically calculate potential parlay payouts based on combined odds and stakes.
Calculating Payouts
Odds determine the payout you stand to receive if your bet wins. The slip makes calculations simple.
After filling details in for any bet type, input your stake amount to see potential returns calculated automatically.
With fixed odds, the payout calculation is straightforward:
(Stake x Odds) + Stake = Total Payout
So $50 placed at +150 odds:
($50 x 1.5) + $50 = $125
Managing your bankroll is easier when you can instantly see possible losses and payouts per bet. Online slips add increased automation.
Tracking Bets with Slips
Slips provide bet tracking through the unique reference numbers generated per wager.
To track a paper bet slip:
● Physically hold on to the slip
● Quote ref number at bookies to check status
To track an online bet slip
● Login to account
● Visit 'My Bets' tab
● Filter history by ref number
● Live status updates
You can check whether bets have won, lost, or are still awaiting settlement after the event. It's an important part of monitoring performance and budget.
Key Takeaways:
● Betting slips formally record vital wager details and odds
● Online slips provide convenience and automation
● Slips enable you to calculate potential payouts
● Each slip holds a unique reference number for tracking
● Common bet types include moneyline, win, each-way, and parlays
● Learning how to properly fill out slips is vital for sports bettors
Understanding the betting slip process helps lead to responsible and informed wagering. Whether online or at a store, be sure to carefully check details before placing any sports bets.
