What is Sports Betting? You are here: Home >> Beginner’s Guide >> Introduction >> What is Sports Betting? Sports betting is a form of gambling that entails placing a wager , also known as a bet , on the outcome of a sporting event. The primary intent of sports betting is to win additional money. With the exception of spread betting, ‘draw no bet’ wagers and a few other examples, a bet will have two possible outcomes. Either you win a profit based on the bookmaker odds, or you lose your wager.