What is a Bet Slip?
A bet slip is the digital or paper form you use to place a bet with a sportsbook. It shows everything about your wager — the event, your chosen outcome (selection), the odds, how much you’re betting (stake), and what you could win (potential payout). Think of it as your “shopping cart” for bets: you add picks, review the details, and confirm when ready. Once submitted, it becomes your official record of the wager.
Types of Bet Slip
Bet slip type | Definition | Example |
|---|---|---|
Single | One selection | Bet $10 on the LA Lakers to beat the Golden State Warriors |
Parlay | Multiple selections grouped | Bet $10 on the LA Lakers to win, Lebron James to score over 15 points and Luca Doncic to have over 7.5 assists |
Multiple singles | Multiple single selections | Bet $10 on the LA Lakers to win while also betting another $10 on Memphis Grizzlies to win its game against the Miluawkee Bucks |
Exchange slip (back) | Bet slip created on a betting exchange where you are betting on something to happen | Bet $10 on the LA Lakers to win on a betting exchange |
Exchange slip (lay) | Bet slip created on a betting exchange where you are betting on something not happening | Accept a $10 back bet on the LA Lakers to win, if it wins you payout but if it loses you keep the $10 stake |
How to read a Bet Slip
Paper versus online bet slips
Paper bet slips are still used in betting shops and casinos. You fill out a physical form with your selections and stake, then hand it to the cashier who prints a ticket. The slip acts as a binding contract; you must keep it to claim winnings. Online bet slips, by contrast, are entirely digital. They update odds in real time, let you add or remove selections with a click and show the potential payout instantly. Digital slips can also support live betting, allowing you to place wagers during an event with constantly changing odds. Both types serve the same fundamental purpose, but online slips offer more flexibility and speed.
Tips for using bet slips responsibly
- Double‑check your selections before confirming the bet; mistakes can’t be undone once the event starts.
- Understand the odds format (American, decimal or fractional) so you know what you stand to win.
- Avoid over‑reliance on parlays or teasers; while the payout is tempting, the probability of winning drops sharply as you add legs.
- Set a bankroll and stake limits. Never wager more than you can afford to lose.
- Keep your tickets (paper or digital) until the bet is settled. You’ll need them to verify and collect winnings.
- Use reputable sportsbooks with clear rules and transparent payout procedures.
Bet slips are the vehicle through which all sports bets are placed. Understanding how they work and how to read them equips you to make more informed wagering decisions. Whether you’re scribbling on a paper slip at a betting kiosk or tapping selections into an app, the principles are the same: know what you’re betting on, know the odds and manage your risk wisely.
Frequently asked questions
What is the purpose of a bet slip?
A bet slip records your selected wagers before confirming a bet. It shows your chosen events, odds, stake, and potential payout — whether you’re betting online or in person.
How do I fill out a paper bet slip?
Write down the event, market, selection, and stake clearly. Double-check the odds and details before handing it to the bookmaker to avoid errors.
Can I edit or cancel a bet slip after placing it?
Once submitted, most bookmakers don’t allow changes or cancellations. Always review your selections carefully before confirming your bet.
What does “potential payout” mean on a bet slip?
This is the total amount you could win if all selections are correct — including your original stake. It’s calculated by multiplying the odds by your stake.
Why did my bet slip odds change?
Odds can shift quickly as markets react to new information or heavy betting on one side. If odds change while you’re submitting, most sites will alert you before confirming.
What’s the difference between a single and multiple bet slip?
A single bet slip covers one outcome. A multiple (or accumulator) combines several selections into one slip for a higher payout, but all picks must win.
Is a digital bet slip safer than a paper one?
Yes. Online bet slips are automatically stored in your account, reducing the risk of loss or disputes over winnings.