All You Need to Know About Online Bet Slips

Keen to experience the thrill of sports betting online? Then you’ll want to get up-to-speed with all the sports terms and tools before diving in – including everything there is to know about bet slips. 

See, step into any sports bookie (online or land-based), and you’re bound to run into a bet slip. Used to track all your bets placed on sports events, this handy little scrap of paper holds plenty of power – this is what can declare you a winner, after all! 

But don’t sweat it if you’re a rookie to betting on sports online. We’ve got all you need to know right here. We’re talking the basics of bet slips, the most popular types, and how to place your very own.

Go on, keep reading to find out more. 

What is a bet slip? 

Before we dive into the details, let’s set the scene. A bet slip is where all of your bets, odds, and potential returns can be found. 

Think of a bet slip as your shopping list – except it’s a lot more thrilling than a trip to a local supermarket. Forget listing fresh produce and shelf items; with bet slips, you’ll be listing all the awesome sports events you’re getting involved with, plus all the odds of making some bucks. 

The bet slip helps you place, add, remove or modify your bets, as well as keep track of your current choices and odds. It’s everything that you need to tell the bookie when asking to place a bet. 

And that’s not all. Bet slips also act as your receipt. These are your records of your bets placed, meaning, just like a lottery ticket, y’all will need to hold onto these when claiming your winnings! 

How to read a bet slip 

There’s a lot of information to be found on a bet slip. Here’s what to expect on each one: 

• Selections: This is your lineup. Every team or event you're rooting for is right there in black and white. 
• Odds: Next to your selections are the sports betting odds that tell you the risk and the reward for each one. Higher odds mean potentially bigger wins, but less chances of scoring them. 
• Stake: Your cash. Enter what you're betting and see what could come flying back your way. 
• Potential Returns: Here's the motivational poster section, showing you the potential cash if your bets pay off. 
• Bet Types: Feel like mixing it up? Bally Bet’s bet slip lets you switch between plenty of betting options, including singles, accumulators, and more. 
• Confirmation Button: Once you’re happy with your choices, it’s time to give the green light. Hit the ‘Place Bet’ button to confirm your bets and place your wagers. 

The difference between paper and online bet slips 

If you’ve ever placed a bet in a brick-and-mortar betting shop, then you’re sure to have come across a paper bet slip before. The OG version of the bet slip, this is what folks used to use before betting hit the world wide web. 

Sports bettors would make a note of their choices on paper slips before physically handing them to the bookie. If they lost the slip, then they lost the record of their bet – meaning they could lose out on their potential winnings. 

Fortunately, online betting slips mean everything is automatically saved, so y’all can kick back and enjoy the action without worrying about keeping scraps of paper under lock and key. 

And that’s not the only difference between paper and online bet slips! See, by taking the fun of betting online, bettors can wager without being limited by the bookies’ opening times. Nowadays, you can create a bet slip at any time of the day, while enjoying real-time updates on the latest news and odds.

Popular types of bet slip 

Remember we said y’all can choose from plenty of bet types? We weren’t kidding! Check out some of the most popular types of bet slip available: 

Singles 

As straightforward as it comes. A singles bet slip covers only one selection, like a football match or a horse race bet. Just pick who to back, or what you think will happen, then put your money where your mouth is. If your prediction is correct, then you get some bucks back. 

This type of bet slip is ideal for folks who are new to betting on sports – or those who just like keeping it simple. 

Accumulators  

Got a good feeling about a few different events? Then you might want to check out accumulators. This is one of the hottest sports bets in town and it’s easy to see why! 

With accumulator bets, you can add multiple wagers onto your slip for the chance to win bigger. But there’s a catch: all your wagers must win for your bet slip to pay out. Do your research before diving into this type of bet. 

System bets 

Place bets on a combination of selections, covering multiple outcomes, without the risk of acca bets. Even if some of your picks don’t go according to plan, you could still cash in on the others. To switch to this kind of bet, look out for ‘System bets’ on your bet slip. 

How to create your own bet slip 

Ready to jump into the action and start betting? Whether you’re a sports betting rookie or a seasoned punter, creating a bet slip at Bally Bet is easy. Here’s what you need to do: 

1. Log in. The first step’s an easy one. Head to the ‘Login’ or ‘Join Now’ button to step through the doors of our online betting site, then swing by the ‘Sports’ section. 
2. Explore and pick your bets. Here’s where the fun begins. Pick an event to bet on, then choose your odds and click ‘Add to betslip’. You'll find plenty of events to choose from - we're talking Premier league, Wimbledon, F1, and more, plus live bets - so the sporting world is your oyster.
3. Review your bet slip. Once you’ve chosen your bet(s), check your bet slip at the bottom of your screen to review all your current bets, odds and the potential returns. Feel free to edit at this point to add or remove selections. 
4. Choose your bet type. Remember those popular bet types we mentioned? Now’s the time to decide how you want to play. Keen to keep it simple with a single bet or would you rather go big with an acca bet? It’s up to you, bud. 
5. Set your stakes. Bet type chosen, you just need to decide how much you want to bet. You’ll see your potential winnings adjust in real time as you switch up the stake amount. 
6. Confirm and place your bet. Happy with your selections? It’s time to lock it down. Hit that ‘Place Bet’ button to get into the game. 
7. Sit back and enjoy. With your bet slip crafted and bets placed, all that’s left is to enjoy the thrill of the game. 

Get started today 

Now y’all know all there is to know about online bet slips, it’s time to dive in. 

Become a member of Bally Bet and you’ll get to enjoy an epic variety of betting opportunities. In-play football betting? We got them. Big-name horse racing events? You bet. 

We even have virtual events and all the awesome American sports from across the pond. The list is endless, buds. 

And just to turn up the thrill of your betting experience, we’ve got plenty of sports betting offers designed to boost your potential returns, too. Step in and you could find bet builders, free bets, bet boosters and more.

Just sign up to see for yourself. 

Online Bet Slip FAQs

Can I edit my bet slip?

You sure can. To remove a bet, just click on the 'X' on the left-hand side of the individual bet. If you want to remove all the bets, then click 'Clear Betslip'. You can also change the stake, and bet type - up until your bets are placed.

Why does my bet slip show two different odds?

This means that the odds of that live bet have changed while you placed the bet; you would need to approve the change in odds before your bet is accepted by clicking 'Approve Odds Change'. Any odds which are no longer valid are crossed out. 

How will I know if I can cash my bet slip out?

The betslip will show a 'Cash Out' indicator to confirm if the option to Cash Out is available.

What happens if I lose my bet slip?

Good news, bud. When you bet online at Bally Bet, your bet slip is digital, so you won't lose it.

Will I receive confirmation of my bet slip?

Yes, once you've confirmed your bets, you will receive a confirmation of it being placed, along with a receipt number. The confirmation will show your total stake, the total odds, and the potential payout, along with details of the individual bets, event information, and individual bet odds.

From here you can choose to retain those selections on your bet slip by ticking the checkbox, or you can close the bet slip.

Learn more about the world of online sports betting over at the Bally Bet blog, where you’ll find tips and insights from the top writers in the business.