What is ‘handicap betting’?

Handicap betting means that special conditions are provided to the winner, regardless of the actual outcome of the game.
3-Way Handicap

In a triple bet the line is set so that the outcome may also be a draw, giving you 3 potential bet outcomes.
Example: Standard – KAA Gent – ‘KAA Gent with handicap 0-1’.
If the score is 1-0, the result of the betting is a draw, 1-1;
If the score is 2-0, the result of the betting is a win for Standard, 2-1;
If the score is 1-1, or 0-1, the result of the betting is a win for KAA Ghent, 1-2 or 0-2.
Asian Handicap

The underdog gets a fictitious lead at the start of the game, to balance out the contest.
Example: Club Brugge – Anderlecht – ‘handicap Club Brugge +0.5’ the match starts with 0.5 – 0 in favour of Club Brugge instead of 0-0. This means that the betting will be won if Club Brugge achieves at least plays a draw. 
Line Handicap

If you have put a wager on the event Anderlecht -1,5 vs. Lokeren +1,5 and the score at the end of the match is 3-0, the following applies: wagers on Anderlecht are paid out; even though Anderlecht gets penalty points, Anderlecht counts as the winning wager, because 3 minus 1,5 equals 1,5, which is tantamount of profit with 1,5 goal.