If the game ends with Liverpool 0 Arsenal 0, a handicap bet on Liverpool to win at +1 would win, it would add that goal to the final score. For your bet's purposes, the final score would be Liverpool 1 Arsenal 0. Make sure to check other interesting handicap bets for football, such as a corner handicap, for example.
What's my golf handicap if I shoot 100? If we make the assumption that you typically play a par 72 course, a player that shoots 100 every time they play would have a golf handicap of approximately 28.