Now that you have a perfect example of what betting is, it’s time to relate those childhood games you used to play to the big multi-billion dollar business that is sports betting. It’s also very likely that you’ve also had to do a few chores too for getting it wrong yourself. If you’re at least in your early teens, then chances are you already know what a bet is, and it is very likely that you’ve already won a few stakes yourself, with the loser doing a few of your chores as a result of you being right. How Sports Betting Works Sports Betting Basics: What Is Sports Betting? Sports Betting Basics: What Is Sports Betting?.