An Accessible Guide to Sports Betting via OKbet and GCash

OKbet is an online sportsbook that allows you to bet on sports-related bets. It’s different from Bingo Plus in which bets are more catered to chance, and it’s different from e-sabong which is mainly played by gut feel as you don’t know which cock is better.

Successful sports betting relies on the careful study of both teams. If you really know the teams or the players within the sport you are betting on, you most likely have better odds than 50/50.

Basic How-to’s of Sports Betting

What are the different ways you can bet on sports?

There are a lot of different variations of bets. You can bet on a team to win or lose before a match, or you can also bet on individual players based on the points they will score. Basically, you can bet on an outcome before the game ends as long as the bookie supports those types of bets.

What are the decimal notations for betting odds?

Usually, bets have a decimal notation beside them and these describe both the odds and the multipliers of that specific bet if you win.

For example, the odds of 0.94 will net you Php 94 if you bet Php 100 and you win. Also, if you win, you also win back your bet, meaning you also get your original Php 100 bet, totaling Php 194 in winnings. If you lose, you lose everything, including your original bet.

What are some types of betting for sports?

The types of betting here are mainly based on basketball, however, the principle also applies to many other sports, once you understand how the basics work.

Moneyline Betting

This is the simplest type of bet as it’s simply betting on the winner of a game. Often bookies don’t offer this type of bet as outcomes can be pretty lopsided. However, for some evenly matched teams/players, they can offer this type of betting.

An example for basketball is:

  • Portland Trail Blazers 1.32
  • San Antonio Spurs 3.43

This means the higher the number, the lesser chance the team would win that game. If I wager Php 100 to Portland and they win, my payout would be 1.32*100 = Php 132 and this already factors in the original stake of Php 100. This also means that if San Antonio won, my payout would be higher at 3.43*100 = Php 343.

Handicap Betting

This type of betting is common among most sports and is the most visible. The bookie has set handicaps for each team to ensure that betting on an underdog is worth your while as a bettor.

For example:

  • Charlotte Hornets -2.5, 1.92
  • Indiana Pacers +2.5, 1.96

The team with the negative points is the favored one to win the game. In this example, the Hornets are expected to win, and the bookie has set a -2.5 point handicap, meaning you win your bet if they win by more than 2.5 points than the Pacers.

If you bet on the underdogs, in this case, the Pacers, you can still win the bet even if the team loses as long as the points reach or go over the Hornets’ score even after adding the +2.5 point handicap. If the Pacers win, you also win the bet.

To explain simply:

  • If the Hornets win 120-117, Hornets cover the 2.5 points and the Hornets bets win
  • If the Hornets win 120-118, Pacers cover the 2.5 points and the Pacers bets win
  • If the Pacers win 120-119, Pacers bets win outright
Why is there an added 0.5 to some handicaps?

This means that the favored team needs to go over one more point to win the bet, and conversely, the underdog can win with one point less.

For example, with these odds: Lakers +3.5, Raptors -3.5

This means that the Lakers must win the game outright or lose by 3 points or less for their bets to win. The Raptors conversely must win by at least 4 points for theirs to win. The 0.5 difference makes this possible.

Over/Under Betting

This type of betting involves the combined score of both teams or players. You can bet on the total points per game, and also the total points per quarter or half.

For example, for basketball:

O 247.5, 0.68; U 247.5, 0.92

The 247.5 points here can go different ways, like 115-114 or any variation of the score. The 0.5 difference makes it so that there can be no draws.

Odd/Even Betting

Odd/Even type of betting is based on whether the total points for both teams or players are odd or even, similar to Over/Under. You can bet per quarter or in total after the game depending on the sportsbook offering those.

Parlay Betting

This type of bet has high-risk high-reward because you bet on a consecutive series of wagers tied up to the same bet. This would result in a higher payout, but if one wager loses, you also lose the bet.

Usually, this means that you are betting that a specific team will win or lose in combination with at least one of the bet types I mentioned here.

Outright Betting

This type of bet has high-risk and high rewards because it allows you to bet in the long future — usually wagering on which team or player becomes the champion of the current season or tournament.

Side Bets

There are also side bets occurring for some sportsbooks that you can bet on a specific game. Some examples are:

  • Most 3-Point Shots Scored (Team)
  • Most Points Scored (Player)

How to Open an OKbet Account

Currently, you can either open the OKbet site using a browser on your phone or download the OKbet app. Take note that you should be 21 years old or above to play as they are regulated by PAGCOR.

You also don’t need an ID to open an account if you top-up initially, but you will need to undergo KYC once you plan to withdraw your winnings.

Creating an Account on the OKbet Site

  1. Go to the OKbet website or download the app. Confirm that you are 21 years old or above.
  2. On the main page, click on Sign Up.
  3. On the first sign-up page, input your username and password, and agree to the terms and conditions of the site.
  4. On the succeeding pages, you need to input your personal information. Currently, there is no KYC verification yet, so you don’t need to put out any IDs.
  5. Once registration is done, click on Deposit now to go back to the main page.

How to Deposit Funds in Your OKbet Account

Funding your OKbet wallet is easy as it supports multiple payment methods including GCash. You can alternatively use GrabPay, Maya, FortunePay, BPI Direct BanKO, and Cebuana Lhuillier Rural Bank.

Take note that initial deposits need to be Php 1000 and above. Subsequent deposits are a minimum of Php 100 onwards.

Depositing Funds in your OKbet Wallet using GCash

  1. Go to the OKbet site or app and log in. Click on the My Profile on the bottom part of the screen.
  2. On your profile page, click on the Deposit button.
  3. Once on the Deposit page, select GCash, input your GCash number under Account, and also the amount. The amount needs to be Php 1000 and above as this is the first time you are depositing.
  4. Go through the GCash webpay payment process. Once paid, your OKbet balance should reflect the deposit.
  5. You can also check the status of your deposit in the Funds Details under the profile page.

How do I Bet Using the OKbet Platform?

You can easily look for your favorite sports from the main page, and filter based on what league or even the sport is on. As of this writing, the World Cup is ongoing, so a popular selection is Football. Some other sports are Basketball, Tennis, Volleyball, Boxing, Billiards, Ice Hockey, Rugby, and American Football.

Selecting Games to Bet on in the OKbet Platform

  1. Go to the OKbet site or app and log in. Click on Sports on the bottom part of the screen.
  2. Select which relative time the sport you are planning to bet on, and the sport itself. “In-Play” means the match is ongoing right now. “Soon” means it’s going to happen in an hour or less.
  3. You can also filter the leagues or events you plan to bet on. A popular one for basketball is the NBA as the season is ongoing as of this writing.
  4. Once you’ve selected the game you plan to bet on and the type of bet, enter the amount you wish to wager and press “Betting”.

How do I withdraw my funds in OKbet?

Withdrawal of funds needs you to verify your account with a valid ID first, as well as a video chat to confirm your identity. You also need a bank account to withdraw your funds, and the minimum amount to withdraw is Php 1000. Currently you cannot withdraw your funds using GCash.

How to Verify your Account in OKbet

  1. Go to the OKbet site or app and log in. Click on the My Profile on the bottom part of the screen.
  2. On your profile page, click on the Withdraw button. A pop-up will show that you need to finish verification first to continue. Click on the Verify button.
  3. On the verification status page, select your ID Type, and ID Number and upload a picture of the ID. Click on Submit. The page will mention that the verification will be up for review.
  4. The review will take less than an hour or so, once the review is done, the last step is to initiate a live call to validate the ID.

Summary

I explained how sports betting works and what the different types of betting are. You can bet on many different types of wagers, from the outcome of a game to the outcome of a season or tournament. There are different types of sports, hence also a lot of different betting options to pursue.

Sports betting is fun if you are a fan of the game you are betting on. To be successful, you need to study and know your players or teams.

OKbet is a popular sports betting platform here in the Philippines, and now you can easily deposit funds using GCash. However, withdrawals are still via bank transfer, so you will need a bank account to be able to cash in your winnings.

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