Ok, its very hard to explain off the cuff as there are many different ways in which to bet.
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There are many betting lines that a punter can bet on. But these are the popular betting lines:
- Match Odds (aka 1X2) where you bet on which side to win.
- Over/Under where you bet on how many total goals in a match.
- Asian Handicap (AH) where you get better odds/chance (depending on how you look at it).
To explain each is beyond the scope here.
Generally, there are 2 major type of ways:
1. Punting, where a punter take up a position and hold on to that position until it win/lose.
2. Trading, where a punter takes up a position and sells that position a while down the road before the match ends.
Also, each punter has their own strategy. Some simple ones are like:
- Manchester United always win.
- Some use historical statistics of each team
- Some use historical statistics of Head to Head records
- Some use patterns (ie, after 2 wins, there will be a draw)
- Some people do arbitrage trades (guaranteed winning, but now is almost impossible to do).
- Some uses odds (payouts) to make decisions
The more advance ones uses Artificial Intelligence to detect patterns (ie, neural network).
The advance punters builds mathematical/statistical models. This is just an overview. Hope it can get you started.
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