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Sports betting is on the rise in Nigeria, with a steady increase in the number of active bettors on an annual basis.
On a basic level, bettors must understand the meaning of betting terminologies in order to successfully place bets and make informed decisions when they place bets.
Football betting terms
However, it is a two-way market in some sports, such as basketball and tennis, which means there is no possibility for the game to end in a draw.
Overs and unders are applicable across several betting markets.
5 goals simply means two goals or more must be scored in the game for your bet to win, while under 1.
In football, for instance, you may give the perceived weak team a 1 to 3 goal lead; the other team would then need to beat the weak team with a difference that is more than the lead in order to win the bet.Asian handicap
Whether you win or lose your bet is dependent on the outcome you have placed your bet on.Accumulator bet
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We want players to trust our listings and be transparent about how we evaluate the best newest betting sites.
We consider a bookmaker as new if it started services within the last three years.
Hopefully, we made the correct predictions and it's time to withdraw.
A high satisfaction rate among bettors shows that the betting site follows high standards and commits to providing the best service.
Players' feedback: Another valuable tool is what other players think about your chosen bookie.
The best representatives of the above trends are STSBet and Mr Play.
New bookmakers often give enormous welcome bonuses to attract new players.
Q : Are new bookmakers legitimate? You should always check our reviews first.
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If you win money betting on the Super Bowl this weekend, don't spend it all at once - you'll have to pay taxes on those earnings.
The fair market value of non-cash prizes is taxed, too.
Typically, when you win $600 or more, gambling businesses will send you and the IRS tax forms, commonly a W-2G, but sometimes a 1099-MISC for raffle or sweepstake prizes.
The IRS can use these forms to verify your total income when it processes your tax return.
If the winnings are $5,000 or greater, the business that processed your bet might withhold up to 31% of the proceeds for federal income tax, according to the IRS.
You're still responsible for tracking and reporting all income won through gambling.
Fortunately, many gambling and casino sites have a downloadable record of your bets.
Once you have your records together, you'll need to report your winnings as "gambling income" on line 8 of your Form 1040, Schedule 1, which is used to report types of income not listed on the primary 1040 tax form.
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