It is very simple.
You choose a sporting event. It can be a tennis match, a football match, a cycling race … and bets for a result:
• The victory of Rafael Nadal in 4 sets against David Ferrer in the Wimbledon final.
• The tie between Manchester United and Chelsea in the 24 th round of the English First League.
• The victory of Alberto Contador in the Vuelta 2018.
Not all results have the same value, and that is called the quota. For example, a Nadal victory would not be a big surprise, and therefore his share would be 1.2. That means you have 1 chance between 1.2 to win (or better said, 10 chances among 12). However, a victory by David Ferrer is much more unexpected and its share is 4. This means that the bookmakers believe that Ferrer has 1 chance among 4 to win.
The fees usually vary until the start of the event. For example, if there are rumors that Rafa Nadal has back pain, his quota could rise and Ferrer’s down to 3: the bookmakers have become more optimistic about a possible victory for David Ferrer.
I think you have it clearer now, right? It is about betting on a result, and this bet is characterized by a quota, which represents the probability that the result will occur.
But…. What is bet?
Well, money, of course. This is specifically called the bet. You can bet from 1 euro. It is often said that you bet a certain amount of money for a result, for example 10 euros for the tie between Madrid and Sevilla, or 5 euros for the first place in Spain in the qualifying group of the next World Cup.
If you win, your bet is returned, multiplied by the fee.
Once the match is over, the winnings are distributed to the winners of the affected bets.
For example, suppose you have bet 10 euros for the victory of Madrid against Sevilla. The quotas are the following: 1.4 for Madrid, 2.6 for Sevilla, 2.3 for the tie.