How does sports betting work?

Updated

There are two variations in sports betting. First, where you give odds of winning where you wager on the player/team/animal that is more likely to win and they win. Let’s take a look at an example of horse racing to understand better. Each horse has its odds posted. The favorite for a chance might be 2-1 so if you wager on the horse for $20 and the horse wins the race, you get $60 ( Your $20 and 40$ winnings).

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