Scratchcards
A scratchcard is a small piece of card where an area has been covered by a substance that cannot be seen through, but can be scratched off. Under this area are concealed the items/pictures that must be 'found' in order to win.
The generic scratchcard requires the player to match three of the same prize amounts. If this is accomplished, they win that amount. Other scratchcards involve matching symbols, pictures or words.
Scratchcards are a very popular form of gambling due to their low cost. However, the low cost to buy a scratchcard is offset by the smaller prizes, compared to casino jackpots or lottery wins.
Other types of betting
One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly-held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.
Betting Exchanges allow consumers to both back and lay at odds of their choice. Similar in someways to a stock exchange, a better may want to back a horse (hoping it to win) or lay a horse (hoping it to lose, effectively acting as bookmaker)
Arbitrage betting
Arbitrage betting, is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage Betting, as the name implies, is a combination of the ancient art of arbitrage trading and gambling which has been made possible by the recent explosion in online bookmakers. The large numbers of bookmakers create the marketplace within which, theoretically, this form of Arbitrage can be practiced.
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
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