Betting Slip: What It Is and How to Fill One In

A betting slip is used for recording and tracking wagers placed on sporting events. Betting slips represent a crucial element of sports betting, and understanding how they work is paramount for any prospective bettor.

There are two types of betting slips: the traditional paper version and the online version. The traditional one is filled out by hand, while the online slip is filled out and submitted electronically.

In this article, we will discuss how to fill out both types of betting slips.

How Does a Betting Slip Work?

Think of a betting slip as your shopping cart: you select the sports event and choose a bet type after shopping around for the most favorable odds. Fixed odds or those offered by the sportsbook at specific times should be written down. You can leave the odds off the sports betting ticket if you take the starting price.

The odds are not static. They change depending on how other bettors place their wagers until the event starts. If the odds are 5/1 when you place a bet on a specific team a couple of days in advance, they might change to 7/1 just before the game gets underway. The slip shows you exactly how much you stand to win.

The slips are available at brick-and-mortar bookies or online and list the different bet types. For each type of wager, there is a corresponding set of odds. The bettor fills out the sports betting slip by selecting the type of bet and the amount of money they wish to wager before submitting it to the sportsbook.

It’s paramount to double-check that the wagers and odds are correctly entered. If the bet is approved and wins, the sportsbook pays out the winnings to the bettor.

The bet slip also includes a unique reference number, which is used to track the bet and determine whether the punter has won or lost. Bettors save the betting slip picture on their phones to keep the reference number. In order to track a bet, the sportsbook will need to know the reference number on the slip. This number is assigned automatically when the bet slip is filled and is located in the top-left corner of the sheet.

The Difference Between a Paper and an Online Slip

The most obvious difference between these two types of slips is that one is a piece of paper and the other is a digital copy of your bet. The paper slip must be submitted to the sportsbook for approval, while the online slip is submitted electronically. Of course, in order to protect yourself from scams and unfair betting terms, you should stick to legal and regulated sportsbooks.

Another difference is that digital slips allow you to track your bets and see how much money you have won or lost. For this reason, many bettors prefer to use online slips. They bring automatization and better accessibility to wagering sheets, including the more complex ones, such as the American football betting slip.

Placing a Wager

For any sports wager, you will need to provide the following information: the date of the game, the teams or the individuals playing, the amount of money you are wagering, and the type of sports bet you are placing on a football betting slip or a slip for any other sports.

If you’re betting on a match between the New York Jets and the Green Bay Packers, the bet slip should read: “New York Jets vs. Green Bay Packers – 15:00, 02/12/2022”. Some bettors add the date and time of the sports event to avoid any confusion.

The next thing you have to select is the sports betting type. The most common types of sports bets include moneylines, each-way bets, and parlays.

Placing Moneylines on a Paper Slip

A moneyline bet is a simple wager where you choose the team you think will win the game, and it’s fairly common in NFL football. The betting slip, in this case, simply requires you to pick a winner.

Moneylines are similar to spread betting in that both are concerned with the outcome of a particular event. But payouts with point spreads are based on accurately predicting the margin of victory and not just picking the winners and losers. Meanwhile, a parlay bet groups multiple wagers where all of the predictions need to be accurate for the bet to payout.

Once you have selected the type of sports bet you wish to make, you will need to enter the amount of money you are wagering. Teams that the sportsbook labels as favorites will have a minus next to their odds, while teams that are labeled as underdogs will have a plus next to their odds.

The amount of money you win or lose is determined by the odds of the bet on the sports betting ticket. If you bet $100 on a team with odds of +200 and they win, you will receive $300 ($100 stake + $200 winnings).

If you bet $100 on a team with odds of -200 and they win, you will receive $50 ($100 stake – $50 winnings). Let’s return to our example of the New York Jets and Green Bay Packers. If you want to win betting on the Jets that are labeled as the underdogs in this game, you’ll write down on your slip how much you’re wagering and at what odds.

Any paper betting slip template for football or another type of sport simply requires you to write all of this down and hand it over along with the money.

Once you palace the bet, the slip serves as a receipt. Some bookmakers will give you the option to pay to customize the line.

A similar procedure applies to European football. The only difference is that you may get to pick between the different betting odds: decimal, fractional, or moneyline.

This depends on the location of the sportsbook that offers betting on football. Our betting slip tips are to keep in mind that most European sportsbooks stick to fractional odds and to go for single or two-way moneyline bets.

Placing Moneylines on an Online Slip

Start by logging into your account on the online sportsbook and click on the match you wish to bet on. A pop-up window will appear with all the information about the match, including the teams playing, the date and time of the game, and the betting odds.

To place a moneyline bet, you’ll need to click on the team you think will win the match when you’re filling out a betting slip online. Then, enter the amount of money you want to bet and click on the “Place Bet” button.

Once you’ve placed your bet, you can check the status of your wagers by clicking on the “My Bets” tab. Here, you’ll be able to see all the bets you’ve placed and whether or not they have been settled.

Win and Each-Way Bets on a Paper Slip

To place a win bet on a paper slip, you’ll need to provide the following information: the date of the race, the name of the race track, the name of the horse, and the amount of money you want to bet.

An each-way bet consists of two separate wagers, a win bet and a place bet. You’ll also need to specify how much money you want to bet on the winner and how much you want to bet on the selection to finish in one of the predetermined places.

Your written paper slip should look something like this:

“Ascot – 9:15, 04/05/2022

STANLEY’S HOPE 7/1

£20 Each-Way/Win.”

The cashier will then give you a printout with your bet or a horse racing betting slip template to take to the window.

Win and Each-Way Bets on an Online Slip

Online sportsbooks provide all the information about the race, including the name of the race track, the date and time of the event, and the betting odds. You’ll need to click on the horse that you think will come in the first place. Then, enter the amount of money you want to bet and click on the “Place Bet” button.

If you want to place an each-way bet, hit “Each Way” on the horse betting slip. Enter the amount of money you want to bet on the horse coming in first place and the amount of money you want to bet on the selection to place.

Parlay Bets on a Paper Slip

A parlay bet is a single wager that’s made up of two or more bets and combined odds. If you win all the bets that are part of your parlay, you’ll win a larger payout than if you had placed each bet separately. But if one of the selections is incorrect, the entire bet is lost.

To place a parlay bet or an accumulator on a betting slip, you’ll need to provide the following information: the date of the event, the name of the sport, the betting odds for each team or horse, the wagers you’ll combine, and the amount of money you want to bet.

Parlay Bets on an Online Slip

Find the event you want to bet on the betting site and click on it. To place a parlay bet, you’ll need to select the two or more teams that you want to bet on and fill the betting slip, meaning, click on two or more participants to unlock the parlay wager and enter the amount of money you want to bet. Then click on the “Place Bet” button.

Once you’ve placed your bet, you can check the status of your wagers by clicking on the “My Bets” tab. Here, you’ll be able to see all the bets that you’ve placed and whether or not they have been settled.

Calculating Odds on Your Bet Slip

The odds on your sports bet slip determine how much money you win if your bet is successful. The online betting slip serves as a calculator to help you figure out the odds.

Once you insert the amount you’re placing on the line, the odds are automatically calculated. You’ll be able to check what you might lose and what you might cash out, which is handy for more complex bets such as parlays and, of course, managing your bankroll.

Conclusion

Bet slips are an important part of the betting process because they provide a written record of your wagers. This allows you to track your bets and see how much money you could potentially win or lose. One of the more common questions among new bettors is, how do I calculate my odds on a betting slip? Luckily, online slips make it easy to compute the odds on your bet since they calculate the odds and potential winnings for you.

Knowing how to fill out a betting slip correctly before you head to a land-based or online sportsbook platform can help you place winning bets and avoid making costly mistakes.