Hundreds of online bookmakers like Bet365.com, Sportingbet.com, Oddschecker and Ladbrokes are offering punters an array of propositions.

Hoes does online sports betting work?

Online betting is quite similar to the way betting stores or casinos operate - only much more convenient. Bettors can have their pick of several bookies and bets at one go. Registration is required in order to open an account with an online bookie; and sites like Sportingbet.com offer accounts with currency options of US dollars, pounds, Japanese yen, Swiss francs, etc.

After registering, the next step is transferring money to the online sportsbook account. This is usually done either by credit card or debit card, or through money transfer services like PayPal and NETeller. Most sites also have bank transfer options. All transactions are done using encryption and secure servers, and most top sites have account management options that record all bets placed.

There is a minimum deposit that generally ranges from 30 to 50 dollars. Winnings get transferred to the account and money can be withdrawn anytime, in any denomination and sent to the bettor by cheque or bank transfer.

The odds are displayed either as fractions (6/4, 2/1, 5/1, etc) or decimals (2.50, 3.00, 6.00, etc). They could appear confusing at first, but sites like Sports.com have guides to help you understand the odds. Sportingbet.com also helps new bettors understand how football bets are placed.

The kind of bets offered differ: When it comes to football in the US, there are Straight bets, Parleys, Teasers, Totals Over/Under and Money Line Wagers while fixed odds betting is more popular in the UK. There's also a type of bet called the Asian Handicap, offered by some sites like Asian-Odds.com.

In addition, there are 'exotic bets' like correct score, halftime/fulltime, first goal scorer and last goal scorer, as well as multiple bets where you can choose a combination of sports to bet on. Bet365.com, a top bookmaker having alliances with several smaller bookmakers offers special bets such as 'Predict the Finalist', 'Winning Continent', and 'When Eliminated'. The demand is so high that certain bets close weeks before the matches start.

Bookies fix the odds after consultation with experts. Bets are usually offered on the outcome of a game and based on calculation of statistics of the teams, players, etc.

Seasoned punters rely on their experience and a bit of luck to help them take home the winnings. As FootballPredictor says: "In order to profit you need to gain an 'edge' over the bookie. You must have a thorough understanding of betting and a good understanding of both football and statistics."

Thus veteran bettors usually take into account the type of bet (fixed odds betting or spread betting) and the player/team stats. Football Data or Soccer Stats offer news and stats, while software like Oddsplus and Odds Wizard help calculate the odds. Some punters are known to play three or four accounts at a time in a bid to 'beat the bookie'.

Go to Soccervista and Sporting Odds for picks, tables, results, stats and predictions on who's going to win. The Net also has its share of tipsters offering help to amateurs for a fee. Betting forums and discussion boards promote interaction among punters, who discuss bets and tip each other off. But chances are, you won't find anything of value on a public forum.

Other resources like the Good Gambling Guide and GambleGnome help amateurs understand the sports betting process and offer guidance.

And in case you're breaking your head over gambling lingo like 'bankroll', 'drop', 'lay', 'vig' or 'juice', check out Sportingbet.com's glossary.

Bet swapping sites

Don't want the bets offered by bookie? A host of 'bet swap sites' let you set your own bet (no matter how outrageous) and put you in touch with people all over the world who'll take you up on it. Betfair.com, Flutter.com and Play121.com act as 'brokers' by posting your bet online. Surfers view these posts and may accept your bet. A sum of money is deducted from both accounts and held until the outcome of the match. The site takes a small percentage of the money.

Legal Issues

Betting is legal in a few countries. But worldwide, grey areas exist, and governments are not to keen about giving online betting a free rein.

Most international sportsbooks operate from countries like the UK where betting is legal and regulated. In the US, it's legal to place a bet but illegal for an American to be taking wagers. Thus, most American sites host their servers outside the US. In India, betting on any sport other than horse racing is illegal.

Many sites like Sports.com have a stringent registration process and don't accept bets from countries where it's illegal. But 'offshore' betting sites have sprung up in the Caribbean to cater to people in whose countries bookmaking is illegal.

And to help users decide which sites are reliable, TheFutureBook has reviews of online bookies, and also a list of countries where you should avoid placing bets.

Online sports betting is growing rapidly worldwide. According to a survey conducted by Christiansen Capital, online sports wagering is projected to grow into a $6.3 billion industry by 2003. Though the US accounts for approximately over 50 per cent of the betting market, the Internet is opening up new markets in East and South-East Asia, which are growing to be one of the world's most lucrative online sports betting markets.

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