Betting academy
The Betting academy is SpinsPilot's series of lessons on how sports betting works in practice: how your winnings are worked out, where the sportsbook's commission (the margin) hides and what the numbers on your bet slip actually mean. We have arranged the lessons in sections and in order, so you can read them one after another, like a short course. If you are new to betting, start with the three lessons just below. And if you are already a seasoned pro, remember: a refresher never hurts.
The lessons are written for people who have placed their first bets, or are about to, and want to understand the bet slip before they risk bigger sums. In every lesson we do the maths with real odds and the rules of the sportsbooks open to players in Latvia. There are no predictions here - only how things work and the numbers, so you can make the decision yourself, knowing everything you need to.
Start here
These three lessons are the foundation for everything else:
Sports betting basics - bankroll and odds, honestly
There are three things you can control in sports betting: your stake size, what the odds mean, and the bonus terms.
Single, accumulator and system bets: how they are calculated
How single, accumulator and system bets work, how a system bet is calculated, and what each extra selection costs you.
Handicap betting: how it works in football, hockey and basketball
How a handicap works, why the same -1 line can win, be refunded or lose, and what the rules of Latvian bookmakers say about it.
The basics
This is knowledge you cannot do without: here you will learn what the odds mean, how much to stake on one bet and what counts as regulation time. If a term on your bet slip is unclear, the answer will be in this section.
Sports betting basics - bankroll and odds, honestly
There are three things you can control in sports betting: your stake size, what the odds mean, and the bonus terms.
Bet types
Every bet type has its own settlement rules, and that is where most surprises hide. We work through them with examples, from the single bet to handicaps, totals and live betting. For example, if the favourite wins by one goal, a -1 handicap bet is refunded in a two-way market but lost in a three-way market.
Single, accumulator and system bets: how they are calculated
How single, accumulator and system bets work, how a system bet is calculated, and what each extra selection costs you.
Handicap betting: how it works in football, hockey and basketball
How a handicap works, why the same -1 line can win, be refunded or lose, and what the rules of Latvian bookmakers say about it.
Live betting: how it works
How live betting works: why the odds move while you watch, why a bet gets rejected or re-priced, and what cash-out really does.
By sport
The lessons cover betting in general, but every sport has its quirks. In football a bet is usually settled on 90 minutes plus stoppage time, in hockey on regulation time, and in basketball overtime often counts. More on each sport: football betting, ice hockey betting and basketball betting.
Good to know
Some questions are not about the bet itself, but sooner or later you will have them: whether you pay tax on winnings, why a sportsbook asks for documents and how to get your winnings into a Latvian bank account. You will find the answers in these articles.
Tax on gambling winnings in Latvia
Do you have to pay tax on gambling winnings in Latvia, and how do you declare them correctly to VID?
Casino verification (KYC) - documents and how long it takes
KYC (Know Your Customer), or casino verification, is the process through which an online casino verifies a player's identity, address, and payment methods.
Getting your winnings into a Latvian bank account
Six out of the 48 casinos on our list are able to pay out money directly to a Latvian bank account - Swedbank, SEB, Citadele, or Luminor.
Responsible gambling tools
Let's talk about every tool in your arsenal to make sure gambling brings joy, not debt.
Self-exclusion in Latvia - how it actually works
PIPARS is a state-maintained register that lets you put an official stop sign on gambling - both in person and online.
Before you use a risk-free bet, find out how it really works. And if betting starts taking more time or money than you planned, visit the “Responsible gambling” section.
Where to bet
Once the mechanics are clear, all that is left is choosing a sportsbook. Before you sign up, check its licence and withdrawal terms. Below are three from our list; the full list, the comparison table and tips on choosing are on the “Sportsbooks” page.
- The fastest registration in the industry
- No account verification needed to withdraw winnings up to a certain amount
- Sports betting
- VPN friendly
- You can withdraw winnings to Revolut
- You can deposit with VISA from the second deposit onwards
- Risk-free spins
- Standard 40x wagering requirements on the bonus
- The fastest registration in the industry
- No account verification needed to withdraw winnings up to a certain amount
- One of the most popular casinos across Europe, Canada and the UK
- Sports betting
- VPN friendly
- You can withdraw winnings to Revolut
- You can deposit with VISA from the second deposit onwards
- Risk-free spins
- Internationally trusted casino (available in the UK market too)
- All the newest and classic games in one place
- Lower payout limit for new players
- The best choice for sports betting fans
- Lightning-fast registration
- Wide range of live casino and sports betting
- Quality 24/7 support
- You can withdraw winnings to Revolut
- You can deposit with VISA from the second deposit onwards
- VPN friendly
- Risk-free spins
- Relatively slow payouts of winnings
