- Over the past few months, we’ve posted quite a few articles on sports betting. We posted three guides to cover the basics on handicapping baseball, basketball and football, but these didn’t nearly cover everything a beginner would need to know. We’ve also posted articles that cover basic terms, as well as other assorted betting tips.
- Sports Betting Explained: The Basics. Benefits of Sports Betting. Sports betting is one of the more.
- If you are new to the sports betting scene, you will want to get acclimated with all of the different types of betting odds you’ll see. Whether you're looking for NFL odds, NBA odds, NCAA Basketball odds, or the odds for any other sport, there are a whole host of different types of betting options.
Start By Asking Yourself Some Personal Questions. Is Sports Betting Right For You? If you’re looking. The Basics of Sports Betting. Dave Schwab 07:21 Jul 15th, 2018 101 Sports Betting. One of the only things more popular than sports themselves is betting on the games.
What is sports betting?
Sports betting revolves around placing a wager on the outcome of an upcoming game or event.
Bettors attempt to forecast the results and make their best guess on what the outcome will be.
Bettors typically wager with a sportsbook. Oddsmakers at the various books will set lines or odds for the available wagers.
Essentially, the odds show the likelihood of a particular event occurring. Also, they point to the potential return for those who bet successfully.
Sportsbooks offer a wide range of markets.
From major sports such as NFL betting and NBA betting to niche offerings such as cricket and rugby, you’ll find plenty of wagering opportunities available.
The same applies when it comes to bettingtypes.
The most standard wager merely involves choosing a winning side. However, there are plenty of other ways to bet and factors to consider.
Sports betting is a popular pastime that is attracting even more attention due to legalization in several US markets.
Why do people bet on sports?
The answer varies from person to person.
Some folks bet for entertainment purposes, while others wager based on the profit potential.
Plenty of bettors have their specific reasons. So, let’s take a look at some of the more common answers to the question:
- Entertainment: Quite simply, betting on sports is fun. While games and events can be entertaining enough, adding a little money into the equation can enhance the enjoyment.
- Profit Potential: If you’re correct on your bets, you’ll win money. Naturally, that applies in reverse, too. However, the chance to earn a profit keeps folks engaged and leaves them coming back for more.
- The Challenge: While the concept of picking winners and losers is simple, continual success is far from a sure thing. Therein lies another part of what keeps folks so engaged. Sports betting is a mental challenge that can prove to be quite stimulating.
- Skin in the Game: What’s the easiest way to make a random game or event that you have no rooting interest in that much more appealing? By having a little skin in the game on the outcome, you can suddenly have a contest to look forward to and enjoy.
- Ease of Getting Started: In states that have fully legalized sports betting, getting started is a breeze. You can sign up with an online or mobile betting operator and be up and running in minutes. It was once a fantasy to have a sportsbook in your pocket. That’s now a reality.
There are plenty of other reasons why folks may choose to bet on sports, but the above list covers the primary ones. It’s a fun pastime that can be quite rewarding. Furthermore, the interest level will only continue to grow as more states legalize it.
Sports betting 101
So you’re new to sports betting and ready to get started. Now what?
Beginning any new endeavor can be overwhelming at first, but many times you’ll see it’s not all that tough once you start digging in. That’s certainly true with sports betting.
As with many other situations, it’s best to start with the basics and build out from there:
- Benefits of Sports Betting: Legalized sports betting has been a boon for each of the states the industry has entered. A practice that was once illegal is now generating additional tax revenue. Furthermore, jobs have been and continue to be created in each new market.
- Is Sports Betting Legal?: In May 2018, the US Supreme Court finally weighed in on a long-running case that questioned the legality of a federal ban on sports betting. The justices ruled that it was a matter for states to decide for themselves. Many of them have done just that and now have thriving sports betting industries.
- How to Start Betting on Sports: It couldn’t be easier to get started betting on sports. Many operators are serving the legal markets, and signing up for an account with them is a snap. From there, you can add and remove funds from your account with ease and begin exploring opportunities.
- The Mechanics of Sports Betting: One of the coolest things about sports betting is that you can get as advanced as you like at your pace. You can keep it simple and stick to the basics, or dive in with both feet to improve your skill level from the start. That’s ultimately up to you, and there’s no right or wrong approach. It comes down to a matter of what works best for you.
- Understanding the Odds: This is an area that can confuse those new to the game. In a nutshell, odds tell you the implied probabilities and potential return for successful wagers. For a simplified example, negativeodds imply a favorite and less of return potential. While positiveodds point to an underdog and the potential for bigger returns.
For each of the categories, there’s a lot more to understand moving forward. As you advance, you can explore topics, such as the odds, in much more depth. Before long, those once foreign concepts will evolve into something you understand well.
Understanding types of bets
As you gain experience with sports betting, you’ll soon come to understand that there’s a lot more to it than picking winners and losers.
There are many ways to bet on sports, and each requires its own set of knowledge.
Here’s a look at the main types of bets you can place at sportsbooks.
- Moneyline: A moneyline bet is the most straightforward of all bets. You’re simply picking the winner of the game. Favorites are designated with negative odds such as -110, while underdogs typically have positive odds like +120.
- Over/Unders: Also known as a totals bet, over/unders is a wager on the total points scored in a game. Oddsmakers set a benchmark number, and then you decide if you think the total will go “over” or “under” that number.
- Prop Specials: A prop bet is essentially a side wager on something that may occur during a game. Examples include whether an NFL quarterback will throw for a certain amount of yards or not, or how many total points will be scored in a half of an NBA game.
- Accumulators: An accumulator is a wager on four or more outcomes on a single ticket. For this bet to be a winner, all your selections must be correct. One wrong choice means that the accumulator bet is a loser.
- Parlays: A parlay is a wager in which you choose two or more bets on a single ticket. All the wagers on your ticket must be correct to win. Parlays are popular wagers that are high-risk while offering the chance for higher returns.
- If/Reverse: This type of bet is essentially a chain reaction. You place two or more bets together. If the first one is correct, then the second bet goes through as well. If the first bet is a loser, then the chain stops, and no additional bets are placed.
- Pleasers: This is a wager on two or more games at the same time. You place a bet on odds that are more favorable toward the bookmaker but have a chance at greater returns if your bets are correct.
- Futures/Outrights: A future or outright bet is a wager on an event that has yet to happen. For example, you can place a bet on the winner of the upcoming Masters Golf Tournament. Futures markets on popular sports such as the NFL can be quite active.
- Point Spread: Point spread bets are most popular for sports such as the NFL or NBA. Oddsmakers will designate a margin of points that you must factor into the equation. To “cover” thespread, favorites need to win by more than the margin, while underdogs cover when they keep the margin less than that.
- Handicap: A handicap bet is similar to point spread betting. An additional margin is added to the equation, such as two goals in a hockey or soccer game. As opposed to betting on huge favorites, you can place bets on them with a handicap in exchange for more favorable odds.
- Live Betting: Live betting is one of the most popular innovations the industry has seen in recent years. These are wagers you can place after the action has gotten underway. Markets will vary, and the odds move fast, which helps to enhance the appeal. For online and mobile operators, live betting has evolved from a niche offering to a must-have feature.
For those new to sports betting, it can be helpful to start with the simpler bets, such as moneylines and totals, before branching out into other areas.
As you gain experience and confidence in each area, you can add more options to the arsenal. You’ll be able to try them all eventually and determine which ones work best for you and your strategy.
Things to keep in mind
Sports betting can be extremely entertaining, and there’s also the chance to make a profit while doing something you enjoy. That’s a win-win scenario, but it’s also essential to go into it with a clearhead.
There’s always the possibility of hitting a big parlay you’re going to get rich with overnight. Sports betting is challenging and can be a grind, but that’s also part of the appeal.
Begin sports betting with realistic expectations and with a laser-like focus on being disciplined.
For those new to the game, you should consider the money you are wagering as part of your entertainment budget.
Only wager what you are comfortable betting and don’t exceed that amount. There will be plenty of time to increase your stakes as your skills improve, so there’s no need to rush it while you’re still learning.
Last but not least, remember that this is something you should find entertaining and enjoyable. If it stops feeling that way — or if you hit the inevitable losing streak — don’t be afraid to take a break.
Taking a step back and reflecting a bit will allow you to tweak your approach and strategy where needed. Taking a breather and gaining additional perspective can lead you to feel rejuvenated when you’re ready to play again.
How do sportsbooks make money?
Sportsbook operators are for-profit entities. As such, they’re not providing a betting marketplace out of the goodness of their hearts. The goal for them is the same as you: to makemoney.
Books that don’t accomplish that goal won’t be around too long. Oddsmakers who consistently take a beating will eventually be looking for a new line of work. That said, the overwhelming majority of established operators are really good at what they do.
They turn a profit as a result. So, how do they do that? Sportsbooks make money by the commissions they collect for taking action on bets. This is often referred to as the vig or juice.
Let’s consider an example using a standard set of point spread odds of -110.
- You place a $100 bet at odds of -110.
- If your bet is correct, you’ll get back $190.90, which is your $100% stake, plus a profit of $90.90.
So why didn’t you double your money? That’s because the bookmaker has essentially kept a percentage of the return for themselves. In addition, consider that the operator is also taking bets on both sides of the equation.
In a perfect world, they’ll receive even action on both sides. Half of the bets will win, while the other half will lose. The net of what they collect, minus what they pay out, represents profit.
Of course, not all bets will attract even action, which is why you’ll see odds move after they are released. If the bookmaker’s liability on one side of an outcome becomes too great, they’ll make the odds a bit more favorable on the other side to attract more action.
Mistakes you should avoid
Free slot games. Whenever you are starting with something new, it’s essential to understand that there will be a learning curve.
Mistakes will happen along the way, but you can learn from each of them and improve your overall knowledge base.
When it comes to sports betting, you’re going to make mistakes. You’ll miss something that seems obvious in your handicapping in advance of the game. Or you’ll place a bet on odds that suddenly become a lot more favorable on the side you are leaning.
It’s all going to happen, and there’s no way to prevent every mistake. However, you can avoid many major pitfalls that could make your sports betting career short-lived.
- Don’t Chase Your Losses: You’re going to lose some bets. Any sports bettor who tells you they win all the time is simply not being truthful. When losses happen, analyze why, suck it up and move on. Do not attempt to “get even” by doubling down because you’re “due for a win.” That can be a quick recipe for disaster.
- Don’t Bet Over Your Head: It’s essential to have a crystal clear budget in mind for your sports betting bankroll. Only deposit what you can afford to lose, and resist the urge to go overboard when things aren’t going your way. If your weekly budget is gone, take that as an opportunity to take a break and get back to it with a clear head.
- Don’t Be Unrealistic or Overestimate Your Skills: By nature, many sports fans are passionate. Some folks can take that to the extreme and feel as if they are always right and are destined to make tons of money betting. Don’t be that guy or gal. Know that you’ll have work to do regardless of your sports knowledge level, and also keep your profit goals reasonable.
Sports betting can be a great source of entertainment and a potentially profitable venture. However, the chances of both happening increase when you avoid the above pitfalls.
Interested in gambling one, but don’t want anything too complex? If so, Try sports betting today! Online sports betting is considered by many to be one of the easiest forms of online gambling. When placing bets on sports, your objective is typically to predict the results of various sporting events and bet based on what you think will happen. If you are correct, you win, else you will lose.
Even those that seem uninterested in sports betting at least have a basic understanding of what happens. Typically, the primary reason why it is very easy to get started is that you don’t need anything extra besides the basics.
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Remember, we are not asking you to ignore anything, in fact, you should learn everything necessary because you will be putting your money at risk. An in-depth understanding of how sports betting works is very important, even though you are planning to gamble every once in a while. It is very important if you want to take sports betting seriously and have better chances of making profits.
While we are not proposing that you must learn everything in sports betting before getting started. There are several things that you should be aware of. This post is a summary of everything you need to know before you start putting your money at risk. A lot of what is covered here is explained in detail in our online sports betting guide.
Fixed-Odds Betting
Fixed-odds betting refers to a more conventional form of gambling where you predict what will happen and then bet on the most suitable choice. These are referred to as fixed odds because the odds are agreed upon when the bet is placed. If the bet wins, the payout will be based on the agreed odds regardless of whether they have subsequently shifted or not.
Terms Explained
Parties To A Bet
Sports Gambling Basics Online
There are two parties to an online sports bet. Each of the parties takes an opposing view to another. For instance, these two parties could be guys watching a game together. One of them may think that the Broncos will beat the Steelers, while the other may believe that the Steelers will beat the Broncos.
Selection
This refers to what the bettors are betting on. Let’s assume the Broncos are playing against Steelers, if the gambler bets on the fact that broncos will win, and then their selection will be “Broncos to win.”
Keep in mind that the selection does not have always to be an individual or a team winning a game. There are many different types of bets that may be placed on sporting events.
Stake
A Stake refers to the exact amount of money a punter risk on a bet. The amount is paid to the bookmaker at the time when the bet is placed. A bookmaker retains the stakes from the losing bets and returns them for the winning bets. Many bookmakers ask punters to stake a specific minimum amount, which is usually a smaller amount like $1. Also, some bookmakers have maximum stakes that limit the maximum amount you can
stake.
stake.
Odds
Bookmakers usually provide odds for the available selections. The odds usually determine the amount of money a bookmaker should pay to the punter relative to their stake if the punter made the correct choice. These are related closely to the chances of these selections being correct. If there are low chances such as the selection is highly likely to be incorrect, the odds are usually slightly higher. On the other hand, if there are high chances such as the selection is highly likely to be correct, the odds are very low. Fractional, Moneyline, and decimal are the three formats that can be used to express betting odds.
Payout
A payout refers to the overall amount that a bookmaker should pay to the punter if their bet is correct. It includes the punter’s stake because it is also returned alongside their winnings.
Different Types Of Sports Bets
Simplicity and a wide variety of available choices are some of the major reasons why online sports betting is so appealing. You can bet on any sporting event that you want and pretty much any competition, league, event or game. This gives punters a wide range of opportunities to find spots where they think they can place the winning bet. Also, you can choose from the widest range of different bets to place. While most people have been found to stick to the win bet, that is not the right thing. There are
many types of bets that provide better winning chances.
many types of bets that provide better winning chances.
The only problem with these types of bets is that they are not as direct as the “win bet.” Some are very easy to understand, but others are quite complicated. Also, things can get complex considering the different terms used in these bets.
Different types of sports bets include:
. Accumulator or parlay
. Outright or futures
. Specials or prop
. Over/Under or totals
. Handicap or point spread
. Outright or futures
. Specials or prop
. Over/Under or totals
. Handicap or point spread
Each of the bets outlined on the above list might be slightly difficult to understand.
Types of Online Sports Betting
There are a few options to conventional fixed odds betting, including those listed below:
. Esports betting
. Pari-mutuel betting
. Spread betting
. Exchange betting
. Live/in-play betting
. Pari-mutuel betting
. Spread betting
. Exchange betting
. Live/in-play betting
Each of the options listed above involves risking some of your money on the results of the sporting event. However, each of them works differently.
Live Betting
While this is based on the traditional aspects of betting as the bets are placed at fixed odds, this is different since punters can place bets before or during the sporting events. This opens an entire range of betting chances and it has been proved to be amazingly popular among bettors.
Exchange Betting
In the same way as live betting, exchange betting uses fixed odds, and there are no bookmakers involved. Rather, the two parties to bet are the bettors. One punter backs a selection, whereas the other lay the selection. The person laying effectively acts as the bookmaker and he/she is the one that offers the other party fixed odds on their picks. In case the backer’s choice is correct the layer should pay them at the odds that they had agreed on. On the other hand, in case the backer’s choice is not correct, the layer will receive its stake.
Although this may sound complicated, we can assure you that it is not, and all you need to do is follow our simple guide.
Spread Betting
Unlike other types of online sports betting, fixed odds are not part of spread betting and a bet does not simply lose or win. With spread betting, you choose whether a certain number would be lower or higher than the spread posted by the bookmakers and the amount you lose or win is dependent on how much lower or higher the number was.
For instance, you can bet on the overall number of goals scored in a match. The bookmaker may post a 2-3 spread and you might decide if you think there will be less than two goals or more than three. Predicting over three goals means ‘buying the spread’. If more than three goals are scored, for every each of these, you get to win one multiple for your first stake. So, let’s say four goals have been scored; you will win an amount that is equal to your stake. On the other hand, if five goals are scored, you would win twice the initial stake.
However, if less than 3 goals are scored; you will lose one multiple of your initial stake for every goal below three. So, if two goals are scored, you will lose an amount equal to your stake. If only one goal is scored, you would lose twice your stake.
Predicting less than 2 goals means “selling the spread.” Your losses or payouts will be calculated based on what has been outlined above, but in reverse.
Pari-Mutuel Betting
This is a form of betting that is often used for placing bets on horse racing but can also be used on different types of sports. Pari-mutuel betting is a form of betting that does not need the services of a bookmaker since there are no odds involved. For every betting market, the punter’s stakes are usually paid into the “pool.” Once the sporting event has ended those punters that supported the winning team gets a share of the pool. Every punter share is computed based on the amount they had staked and the
number of others who had supported the winning team.
number of others who had supported the winning team.
Esports
This is one of the sports betting types that are very similar to the conventional fixed odds betting. The main difference is that it does not involve betting on traditional sports. Rather, someone who chooses eSport betting chooses to place bets on video gaming competitions.
While video gaming competitions have been around for many years, it only took off in the past few years. Many leagues and events are now streamed online or televised and usually attract very large audiences. Is this really a sport? This is perhaps something debatable, but many people believe it’s a fascinating type of sport.
It is for this reason that it is known as “eSport” and like many other types of sports; it is easy to place bets on such kinds of sports.
Other activities that are worth mentioning here include Daily Fantasy Sports. Real Money Daily Fantasy Sporting contests have become very popular over the years, particularly in the United States. Probably because they represent a very different way of possibly winning money by applying sports knowledge.
In either case, it is an undisputed fact that daily fantasy sports competitions are lots of fun.
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How Bookmakers Make Money
As a newbie to online sports betting, it is not typically important to understand the ins and outs of how online bookmakers operate. Nevertheless, it is essential to understand why and how they make profits. This is very simple to understand, they make money from losing bets.
Setting odds allows the bookmakers the advantage they need to have an edge and do what is needed to make sure they make profits. First, the bookmakers create commission into the odds; so that punters are paying a fee every time they place a bet. Technically, they make odds lower than they should be when representing equal chances of the winning selection.
Successful online sports betting needs lots of effort and knowledge. These are essential for making sure that you know enough to place informed bets.
Defining Your Objectives When Betting On Sports Online
There are two types of online sports bettors, including recreational bettors and professional bettors. Most people fall into the category of recreational bettors, who are mainly motivated by the fact that they only want to have fun. Sure, winning some money does not hurt, but that is not why these bettors are placing bets. All they want is to enjoy the excitement of betting and the challenge of testing their sports knowledge. Most of them hope they can win, but that’s not what motivates them to bet.
On the other hand, professional bettors are those punters whose sole intention of betting online is making profits. These bettors spend most of their time creating winning strategies and playing how to handicap the types of the sport they bet on. Their ultimate goal is making money and not just to have fun.
As a newbie, it is not important to make decisions regarding whether you want to bet to make profits or have fun. Nevertheless, it is always essential to think about what your goals are because they will ultimately affect your betting approach.
If you want to have a better chance of maximizing your profits from online sports betting, you must take a different approach from one that you should have taken if you were interested in sports betting as a way of having fun.
Always remember that sports betting should be fun and responsible gambling is the most important aspect of sports betting!