How to Bet on Chess: A Beginner's Guide.

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2023-05-27 09:52:55
How to Bet on Chess: A Beginner's Guide.

Chess is a game as old as time. It’s a game of skill, strategy, and logic, and for long it has managed to serve as a surefire way of testing one’s mental acuity. In this genre of games, being a skilled punter is as important as being a strong player, yet not everyone should be a high-ranking player in order to make smart betting decisions. 

Types of betting and markets.

It may not look like it, but chess is a sport, and like any other sport, it could be wagered upon through various channels.

Here are some guaranteed ways to bet on chess: 

-  Casual online betting.

-  Betting on the outcome.

-  Betting on the method of victory.

-  Betting on the number of moves.

-  Tournament betting. 

-  Win/Lose/Draw.

-  Double chance. 

It may seem easy, but some of these markets require some explanation: 

-  Method of victory is when you predict how a game will end. You can bet on whether it will result in a checkmate, resignation, stalemate (neither of  the players can make a valid move), draw by consensus, draw by repetition, draw by the 50-move rule (when no pawn has been captured in 50 consecutive moves), or draw by deficit (there aren’t enough figures to make a checkmate).

-  Double Chance is for the time when the game gives you two options to win: you either bet on a play to win or draw, or bet on both to not lose. Obviously, in the second type of betting the odds will be significantly lower than an individual bet, but the chance of having a winning wager will be higher. 

-  Win/Lose/Draw (or Outcome) bet is the easiest and most straightforward type of betting. You just choose which player will win or if the game will end in a draw.  

The odds are determined by the player’s elo and rank, as well as by the type of betting market you choose. 

How to bet on chess online.

1.  Find a platform that offers chess tournaments. Websites such as Megapari and Melbet have different betting markets for chess. 

2.  Register with the platform. Betting online requires you to have a verified account in order to make any betting decisions. 

3.  Make a deposit into the system before you proceed with any games. Online venues need some time to update your current balance, so first put some cash in the system and wait for another 40 minutes for it to refresh. Some casinos even operate with crypto coins for those interested in digital currencies. 

4.  Find your sports book. A sports book is a digital ticket where you save bets of all kinds. These are suitable not just for chess, but for every sport available on the platform. 

5.  Choose your tournaments and betting markets. You can select between the above-mentioned markets and make advance or in-game bets. 

The most lucrative chess tournaments. 

-  Above everything else, The World Chess Championship is the most upscale competition there is for chess. It features the most top-ranking players in the world, like Magnus Carlsen, and is the place where everyone flocks twice  a year to witness the making of the next world champion. With a prize pool of several hundred thousand dollars (210 000 for 2022), it’s the place for chess bettors to go.

-  The Sinquefield Cup is another lucrative competition held every year in St. Louis, Missouri, and also features the grandmasters of the game. The average prize pool is roughly $300,000 for each tournament. 

-  Next up is the Candidates Tournament, the pre-world championship tournament where challengers for the World Championship are drafted. The top eight players in the world compete in a double-round tournament, and the winner gets to challenge the previous year’s World Champion. 

-  Fourth on the list is the  Tata Steel Chess Tournament that takes place in Wijk aan Zee, Netherlands. It’s a tournament with some incredible history, spanning over 80 years. The prize money for this one is usually $10 000. Finally, The Grand Chess Tour is a series a selection of reputable tournaments held every year all around the world. The total prize money at stake is over  а million dollars. 

Responsible play.

It doesn’t matter if you are a seasoned chess player with years of experience under their belt or a total rookie that’s just about to enter the world of chess, each sport has its incredible turnarounds that no one can predict. For this reason, it’s crucial to remember that responsible betting, by staying away from alcohol or emotional decisions, is the only true way of fully taking in the pleasure of gambling.

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