As someone new to the world of sports betting, you have a lot to learn. Fortunately, this comprehensive guide will walk you through the ins and outs of sports betting to help you learn the fundamentals of placing bets, learning terms, doing research, choosing betting sites, and much more.
As a form of gambling, sports betting involves placing a bet (wager) on the outcome of a sporting event. Sports bets have the primary purpose of winning the bettor additional money.
Spread betting, and a few other types of sports betting have only two outcomes. Either you make a profit according to the odds offered by the bookmaker, or you lose your bet.
Moreover, sports bets include winning or losing money on a wide variety of sports, not just the most popular leagues. From the NFL to horse racing and everything in-between, there’s a sports bet option for just about everyone.
Sports wagers can be placed on tournament or fixture results or events that occur during a fixture. Let’s look at an NFL match between the Detroit Lions and the Atlanta Falcons, for example.
Bets could include the Lions to win, the Lions winning by 17-13, the Falcons winning by one goal, the Falcons leading at halftime, or even a specific player scoring a touchdown.
In addition, an organization that offers sports bet services is often referred to as a sportsbook. But they can also be called bookies or bookmakers.
Those who place bets with the aforementioned sportsbooks are called bettors. So whenever you place a bet on a sporting event, you are effectively backing the game’s outcome. Using the example above, betting on the Falcons means you are backing them in the game.
While sportsbooks are responsible for providing accurate odds for bettors to use in their wagers, experience also helps bettors. This allows them to make more educated bets, thus increasing their chances of winning.
Although sports betting is a popular activity, everyone who wants to participate in it must first learn how to place a wager. It is easy for sports bet enthusiasts to start at an online casino and place their first bets.
Signing up at a sportsbook is the first step for all bettors. Each bettor needs to research each sportsbook to ensure that they have the right sports and the best payment options. To create their accounts and verify their identity, bettors must provide this information to the sportsbooks they choose.
To be able to wager, a bettor must first sign up and deposit funds to their sportsbook account. Many sportsbooks offer similar options for making these transactions, so it is important to ensure that you have the right option.
From there, bettors must choose which sporting events they wish to bet on and what betting markets they prefer. This is largely dependent on the preferences of a bettor in the sports and leagues they follow. The goal is to find the best betting lines and bettors that are most likely to win.
After a bettor has decided on what they want, they can then decide on how much risk they are willing to take on each bet.
They will then be able to see how much they can win on each bet and can close their bets. After a relatively straightforward process, they can just sit back and enjoy the games while cheering on their bets.
It’s a good idea to compare several sites when you are looking for a place to place your sports wagers. Not all betting portals will offer the same odds.
To calculate betting odds, you should know that the higher the odds, the greater the chance of winning a bet. You should be aware that not all websites will provide the same odds.
American odds represent the default odds at American betting sites. These odds assume that you win $100 on a bet.
Betting on a Favorite: The odds of favorites are marked by a minus (“-”) symbol and refer to the amount you need to risk in order to win $100.
If you bet on the Packers at -140 to the Vikings, Green Bay will be a slight favorite. To win $100 on the Packers, you must risk $140. You will make $100 if Green Bay wins, and you’ll get your initial wager back.
Betting an Underdog: The odds of betting an underdog will have a (+) sign in front. These are the winnings you can make for every $100 you risk
The bet amount is the amount you are willing to risk on a particular bet. Responsible bettors should understand proper bankroll management.
Your potential winnings plus any original wagers will be included in your payout. For example, if you placed $10 on a +150 underdog, you will receive $25.
Sports betting has come out of the shadows and is now mainstream. American culture has quickly forgotten the anti-gambling stigma of decades past, opening up the possibilities for a multibillion-dollar legal betting industry.
Millions of sports enthusiasts will soon be looking to get into the online betting market, with sports betting now legally available in many states. But before you get started, you need to know what the various online betting types mean.
The moneyline bet is another common type of wager at any sportsbook. There are no spreads and other challenges.
A bettor’s sole objective is to predict which team will win a particular game. There are some differences between the market and how bettors approach it when seeking a payout.
Bettors can choose to lay points with a favorite or take points with an underdog. Instead of taking points with the favorite, they can risk more or less money depending on which side they support.
If they choose to back a favorite, bettors are required to take a higher risk. They can also back the underdog, which is a lower-risk option that could result in a greater payout.
To bet on totals, you must predict how many points a game will have and whether it will exceed or fall below the online betting amount. This kind of betting is popular in the NFL and NBA, where stylistic differences are more apparent than in other sports.
Many sports provide totals for both the individual teams and all of them. The total score for the NFL game between the New York Jets and the New England Patriots might be 42.5 points.
The Jets’ team total might be 17.5 points. This market is heavily bet on because it offers more options for bettors when they are betting on totals.
Parlays are a more fun way to make money with online betting on sports. The parlay requires that bettors place multiple bets, and all bets must win to make the parlay wager to cash.
These are usually done by casual bettors, who don’t wait for major events such as the Super Bowl or March Madness. If they hit, payouts are often much greater than single bet wins.
Futures betting requires patience more than other types of bets because bettors must predict who will win a competition. These bets can be placed before the season starts, and bettors have an entire league from which to choose their champion.
This can lead to huge payouts in less predictable leagues, such as the NHL or MLB. Even though there are fewer players in college basketball and NCAA basketball, the payouts can still be impressive for accurately predicting the future.
Prop bets are a great way for sports bettors to get off the beaten path. Prop bets are short for proposition bets and cover intricate aspects of major sports games. Props can be used to cover individual performances or teams and are more detailed during larger events like the Super Bowl.
Many team props cover topics such as whether a team will score on its first possession or if they will score an odd number or even number. Player props ask questions about how players perform in games; for instance, how many rebounds they collect during a contest.
Prop bets can be more entertaining than traditional online betting markets, but they require more knowledge about the tendencies of the players and teams involved.
Spread betting is one of the mainstays of sports betting. Spread betting allows a bettor to predict which team will win by using a handicap and the score of the team they are placing their bets on.
Points will be subtracted from the score of a favorite team when you place a wager. Points will be added to the wager on an underdog.
Spreads in sports such as the NHL or MLB, which are often close-score games, tend to be around 1.5 goals or runs. In addition, spreads can be larger in sports such as football and basketball, where there are wider margins in talent gaps.
Teasers require bettors to win bets on multiple sporting events. However, the twist is more favorable to bettors. Bettors can move the lines in their favor by a specific number of points instead of picking every game at the lines set out by the sportsbook.
This reduces the payout for winning the teaser, but it also increases the chance of winning the parlay.
You don’t need to be concerned about who wins; the over/under is all you care about is the total score of both teams at the conclusion of the game. Below is a brief guide on how to place over-under bets in various sports.
If you are online betting on totals in baseball, you will likely see numbers between 6.5 and 12. If you see seven runs, it means that there is a pitcher’s duel. If the number is 12 or more, it usually means there are two pitchers who are bad and two strong offenses.
If you bet on totals in basketball, you can expect numbers to be in the vicinity of 200. One game projected to have a low-scoring game might see a total score of 180, while a high-scoring one could see a total score of 225.
The numbers are lower in college. The average number of totals you might see is 120 to 150. They have a slower shot clock, and therefore the games are shorter.
Football totals are based on the combined score of both teams. A low-scoring NFL game will usually have a total of anywhere between 30 and 35 points. Shootouts will see a total of between 50 and 55 points. Sometimes, these numbers may be higher. In college football, for example, the score would be somewhere between the 70s and 80s.
Total bets, like all other types of sports betting options, have grown. A total bet is not only available for pre-game wagers. Totals may also be available for individual teams or quarters, as well as live betting.
If you wager on the under, it means that you are betting more than the market’s applicable total points, runs, sets goals, or other markets. The opposite is true for the under: you expect fewer events to occur.
This is a common way to wager on over/under bets. If you anticipate 51 points or more, you take over, and if you expect 50 points or less, you take under. However, these markets may sometimes be less intuitive than others.
The first thing you want to do is do some research on which sportsbook has the best odds. This is essential and could make all the difference in whether you are a successful online sports bettor.
Although it may seem tedious to search for the best lines, the potential gains are well worth the effort. But you don’t want to stop there. Betting for the underdog is another strategy that many sports bettors follow to ensure victory.
Because the average bettor loves winning, most bettors place wagers on favorites. For novice bettors, the amount of the winning bet is not as important as the fact that they win.
The underdogs are rarely given the respect they deserve, and the public is fond of online betting on favorites. And this is something that online bookmakers are aware of and adjust the lines slightly to reflect this fact.
In the past, online betting on all underdogs would have cost you much less than wagering on each favorite. However, if you wager on every underdog, you’ll still lose money. You can do your research to find underdog wagers with positive expected values.
And speaking of research, it’s important to do your homework beforehand. You will be better equipped to spot value in a line if you have more information about the players and teams.
While it may seem smart to go with your gut instinct when online betting on your favorite sports team, the research you do about the trends and analysis of past games will play a significant role in your online betting results.
Moreover, you should only wager on lines you feel have positive expected values. You don’t have to bet on every game in order to be a good sports forecaster. The best bettors choose to only wager on a few games per day. So you should be patient and wait for lines that are more likely to win you money.
Next, let’s look at some fundamental tips that will help you better understand the “art” of sports betting and how it can improve your game.
Although online betting sites post odds based on perceived differences in teams’ quality, other factors can also play a role in determining the odds of a sporting event.
This is due to the public perception of two teams participating in an event. Some teams are more popular than others in the online betting window because they have a larger following. This means that a line can be drawn towards a team, even if the skill gap between them and another team isn’t that great.
Another important factor that determines the meaning of an online betting line is injuries. There are some players that are more valuable than others, and their health can have an impact on the online betting odds more than the health of the other players. It is important to read injury reports and team news before placing a bet.
Other factors can also influence the meaning of online betting odds. These include weather, home-field advantage, and distractions within a locker area. All of these factors are connected by the common theme that bettors must be alert and pay attention.
In sports betting, favorites are signified by a minus (“-”) sign, while underdogs are denoted with a plus (“+”) symbol. In most cases, the favorites are the stronger team entering the match and favored to win, hence the term “favorites.”
The underdog teams, on the other hand, are often weaker or lower-ranked when entering the match. But if the underdog is a surprise winner, it can bring you better odds and higher profits.
Live betting allows you to use the favorite/underdog option, as do mobile online betting platforms. In fact, there are many leagues that are ideal for favorite/underdog betting, including football, basketball, baseball, hockey, and more.
Even if you are completely new to online sports betting, hearing “favorite” should immediately tell you that the team is a solid bet option. But is it always a good idea to go straight for the favorites and bet on them to win?
Well, no, and this is where research and commitment come in. A bettor who put in the time to strategize their wagers knows when to pick underdogs to beat favorites. And in doing so, the sports bettors can win a nice payday.
On the other side of the coin, it’s worth mentioning that underdogs are often risky bets in general. But when betting on them pays off, it really pays off. That’s because underdogs have higher odds by default.
Since they are not considered “safe” bets, underdogs bring greater rewards when they win. It’s certainly something to keep in mind when you need a quick win, and it’s all part of what makes online betting so exciting.
There are numerous online betting terms that you will eventually want to learn. But as a beginner, let’s focus on a handful that will serve you well.
Action: Placing a bet.
Against the Spread: A game with point spread.
Book (Sportsbook): Where bettors wager on sporting event outcomes.
Consensus: The percentage of people who think a team will win or lose a game.
Cover: Point spread bet outcome.
Edge: A bettor’s advantage prior to placing a bet.
Favorite: The team that’s believed to win.
Future Bets: Bets that have to do with future events, such as which team will win the Super Bowl.
Handle: Total cash amount bet on a sports game.
Handicapping: Heavily-researched sports stats to select winners.
In-Game Wagers: Refers to any bets made after the start of a game.
Limit: The max wager allowed.
Lock: Heavy favorite.
Moneyline: A wager that’s made on whether a team wins or loses outright.
Oddsmaker: The person setting a game’s opening line.
Over: This is when two teams have a total combined score that’s greater than the sportsbook.
Parlay: A bet combining several games to pay a higher payout.
Pick ’em: Refers to games that don’t have favorites or underdogs.
Point Spread: Refers to the margin of victory set by sportsbooks. Here, favorites have to win by more than the point spread, whereas underdogs can outright win the game or lose by a number less than the point spread.
Prop Bets: Bets that are based on anything other than the game’s final outcome.
Teaser: Although the payout is lower, the spreads are in the bettor’s favor.
Total (over/under): Bets that have to do with the combined total points of both teams.
Under: This is when two teams have a total combined score that’s lower than the sportsbook.
Underdog: Teams that aren’t favored to win.
Wager: Bets placed via sportsbooks.
After you’ve become familiar with these terms, be sure to explore the many other terms to help you brush up on your online betting acumen.
With sports betting becoming more popular by the day, there are many platforms available online. The 10 highest-ranked online betting sites include:
Again, there are many others out there. Just like sports betting, it pays to research each site to ensure you’re using one that best suits your needs.
As a first-time bettor, you’re likely to try the moneyline. It’s easy to understand, and all you have to do is bet on the team you think will win. It’s definitely worth trying your hand at.
But if you listen to some seasoned bettors, they may tell you to bet on something else, as moneyline is too basic in their eyes. Basic it may be, but you can still make money on it. As such, don’t ignore this betting opportunity just because it’s easier than others.
Now, with that said, it’s also wise to learn the intricacies of other betting options. In doing so, you can make some serious cash. Even if you’re doing well with something like a moneyline, you shouldn’t be afraid to explore other options. You can always place multiple wagers, thereby increasing your chances of winning.
Another winning strategy is to get really good at one sport before branching out into others. In fact, you may want to stick to the sport you’re really good at, as it will ensure that you make smart, educated bets.
Before the internet, handicappers would offer picks over a hotline to half their customers and give the other half the opposite side of the game. Although a lot has changed since the internet came around, handicappers still use attractive methods to draw customers.
Keep in mind that the business of a handicapper is not entirely about betting on the games. They are selling you their betting picks, so they are making money no matter what. This makes their business partially focused on sales. A winning track record would be ideal. Unfortunately, this is not the way the industry works.
It’s becoming more difficult for handicappers to manipulate numbers, as the internet has made it easier to track their picks. The most common method of framing their stats or track record is to present the best scenario possible.
So if a handicapper currently has a 12-game winning streak across all sports, they’re going to include that streak in their sales pitch. What’s more, even though there were 7 straight losses in soccer but 5 straight wins in basketball, you probably won’t hear anything about the handicapper’s bad run in soccer.
Moreover, you have to remember that using a handicapper isn’t cheap. If you’re a low-end bettor, you could end up paying more for your handicapper package than what you typically win in bets.
For many bettors, it just isn’t a cost-effective solution. And you’re not guaranteed wins. There are noteworthy handicappers out there, but they still might not be worth the investment if you don’t play a lot of wagers throughout the season or year.
In sports betting, it is important to have a set amount of money you are willing and able to lose when betting on sports (bankroll). Of course, this doesn’t mean that you won’t lose your money.
To increase your winnings, you should manage the money you have set aside for online sports betting. The best way to manage your sports betting money is to only bet 5% of your online money each time you play.
Therefore, if you have $1,000 to wager online, you should only be betting $50 per game. Moreover, you should not try to win more by placing smaller bets. This is a quick way to lose money.
If your betting reserve drops to $900 after you lose $100, try reducing your stake to $45 and rebuild from there. It’s important to always keep in mind that sports betting isn’t a sprint; winning and accumulating money takes time.
You must therefore be ready to commit and put in the work to see results over the long haul. You’re not going to win them all. But with plenty of research and analysis, you can greatly improve your chances of consistent wins.
Many sportsbooks offer handy calculators that help you determine the profit margin of your bet. Known as the “expected value,” these figures are essential in getting the most from your wagers.
You need to plug in some basic data when calculating value, including:
You can calculate the implied win percentage using a sports betting model or by using the fair odds from an online sportsbook. The industry standard for fair win probabilities. The Kelly Criterion is used by many bettors to determine the proper stake.
Let’s look at an example using the expected value calculator model. First, let’s assume you wager $100 on the Detroit Lions with +110 moneyline odds. Next, we’ll assume that the average sportsbook has -105 moneyline odds for the Lions and -105 odds for their rival.
The fair odds for both teams, then, would be +100, and their implied win percentage would be 50%. Upon calculation, a $100 wager on the Lions +110 would yield a value of $5.
The expected value formula is:
Fair win probability x profit if win - fair loss probability x stake
Therefore, the expected value of the bet, using the above example, would be $5 based on the fair odds: 50% x $110 - 50% x 100.
As has been mentioned, research is important in the life of a sports bettor. It pays to know how individual players are doing in contrast to the entire team. Equally important is knowledge of injuries, trades, suspensions, and so on.
But you shouldn’t end your research there. It can also be lucrative to know how coaches are performing or if there are politics taking place behind the scenes at any given franchise.
Such things can affect a team’s performance, so it’s wise to research as much information as you can. Stay on top of recent player stats and look for anything that looks out of place.
You can sometimes tell how a team will perform based on the morale in a locker room. So don’t neglect this vital component of sports betting to ensure that you get optimal results in your wagers.
Bettors at any sportsbook will notice that the odds of a particular game-changing in the run-up to it can change. This is called a line movement. A sports betting site or sportsbook will alter their odds for a variety of reasons. Understanding these reasons is the key to winning bettors.
There are many reasons why sportsbooks may move lines. Most common is shifting liability. A sportsbook’s goal is to minimize their risk, or to reduce the potential loss from one outcome in a given game. Although many believe that the goal of a betting site is to make even money for both players, it is actually to maximize profit.
Sportsbooks can influence bettors by moving lines in one or more directions to reduce their exposure. There are many other reasons that lines move.
Lines can also move due to updates on a player’s status, which is usually related to suspensions or injuries. Changes in the public’s perception of teams before they go into games can also cause lines to move.
Understanding these movements is easier if bettors pay attention to the trends of the games that they are interested in betting on.
Any time the exchange of money is involved, there is likely some risk involved, as well. That couldn’t be truer for sports betting. There are many mistakes that novice bettors make, so it’s important to have an inside track of what works and what doesn’t.
Perhaps at the very top of the list of mistakes bettors can make is changing their unit size according to how they’re doing. For example, let’s assume you’re doing really well and on a hot streak.
The last thing you want to do is start wagering more based on past success, no matter how current. Or, you might be doing poorly and decide to adjust your wager to help make up for your losses with a big win.
Again, this is a mistake and one that needs to be avoided at all costs. Instead, find a betting percentage that works for you (typically between 1% and 5%) and stick with that figure throughout the duration.
Another thing you want to avoid is acting on bets according to current trends. They’re called “trends” for a reason, and they often don’t last. So instead of risking your entire bankroll on a trendy wager, do your due diligence and base bets on your research.
Look, we get it; a team that has been winning for seven consecutive games or looked good in the last game will be attractive to novice bettors. If a team is currently on a losing streak of six games and has just lost 20 points, novice bettors are likely to fade them.
This is a mistake. In the past, teams that suddenly hit a winning streak are undervalued. They know the public will be tempted to place bets on them, so the sportsbooks adjust their lines based on hype.
Let’s say, for example, that the Packers have just won a 21-point win. While the oddsmakers may have predicted a Packer win, they are likely to open Green Bay with a -7 or -8 opener.
However, since the public is going to be overwhelmingly for the Packers, they will open Green Bay at -7.5 or even -8. This means you’re getting a bad and overpriced number.
The flip side is that teams that have lost are historically undervalued. The oddsmakers will know that the public will be betting against the Bengals following a 21-point loss. Instead of opening the Bengals at +10, they open +11 or +11.5 for the next game. This gives good bettors more points and an inflated line value.
Another notable mistake is what’s known as “Gambler’s Fallacy.” This refers to the belief that if something occurs more frequently than usual over a given time period, it will occur less often in the future.
Imagine that you see a black number on a roulette table. It has been there for 10 consecutive spins. You might think it is naturally due to place a bet on red, but this logic is flawed.
Every spin of the wheel is independent of previous spins. The same principle applies to sports. The Mets may lose two of three games to the Yankees in a series, but that doesn’t guarantee they will win the third.
Many states have yet to legalize sports betting, including Texas and California. Others are technically legal but currently pending, like Florida and Washington. An interesting factoid concerning COVID-19 is that many states chose to consider sports betting as a way to make up for budget losses.
As it stands, though, sports betting is gaining significant traction in a country that long refused to take part in it. At present, the following states have legal sports betting:
With over half of the United States making sports betting legal, it’s likely only a matter of time until the vast majority of the remaining states follow suit.
Sports betting is quickly taking the United States by storm. If sports betting intrigues you, it’s going to bode well for you to first brush up on the ins and outs of it before jumping in with both feet.
Take the time to learn the lingo and apply tips from the pros. With plenty of research and a commitment to getting better, you can ensure your sports betting experience to be a favorable one.
While there is no tried-and-true method (it’s called “betting,” after all), history shows that bettors who put in plenty of time researching teams, players, and stats have a greater chance of seeing lucrative wagers.
Of course, this isn’t 100% accurate all of the time. But by and large, it’s the same principle as someone who studied for a test compared to someone who didn’t. The person with more knowledge and understanding is bound to do better.
If you want to greatly increase your chances of winning, research rules, teams, and games beforehand.
Don’t place bets on impulse, and be sure to review the odds. Don’t follow predictions and take action based on what others are doing. If you lost money, don’t play just for a chance to “win it back.”
It’s also a good idea to bet on games and sports you understand. It’s true that there are sports that are easier to win than others. But the more you know about something, the better you’re apt to do it.
Sports betting will show bettors a number of pluses or minuses in addition to the market betting odds. Depending on the market, each side of a bet may have either pluses or minuses. What do these pluses or minuses actually mean?
To win $100, a minus sign indicates that the bettor must wager the number next to it. An online sportsbook might offer a team with -150 odds of winning a sporting event. If the wager was successful, that would mean that the bettor would need to place $150 to win $100.
If a wager is successful, the plus sign denotes that bettors have a better chance of winning than they lose.
A number placed next to a plus sign shows how much a bettor would win if they were to risk $100. If a sportsbook has +150 odds on a particular game, it means that a bettor could lose $100 and win $150 if they were to cash the bet.
Although sports betting is a popular activity, everyone who wants to participate in it must first learn how to place a wager. It is easy for sports betting enthusiasts to start at an online casino and place their first bets.
Signing up at a sportsbook is the first step for all bettors. Each bettor needs to research each sportsbook to ensure that they have the right sports and the best payment options. To create their accounts and verify their identity, bettors must provide this information to the sportsbooks they choose.
To be able to wager, a bettor must first sign up and deposit funds to their sportsbook account. Many sportsbooks offer similar options for making these transactions, so it is important to ensure that you have the right option.
Bettors must choose which sporting events they wish to bet on and what betting markets they prefer.
This is largely dependent on the preferences of a bettor in the sports and leagues they follow. The goal is to find the best betting lines and bettors that are most likely to win.
After the bettor has decided on what they want, they can then decide on how much risk they are willing to take on each bet. They will then be able to see how much they can win on each bet and can close their bets.
After a relatively straightforward process, they can just sit back and enjoy the games while cheering on their bets.
The state from which a bettor is located will determine where he or she can place a wager on sports. There are different laws that govern the types of sportsbook actions available in each state. These differences could result in different betting options.
States like West Virginia, New Jersey, and Nevada have been at the forefront in the field of sports betting. These states allow residents to legally bet online on legal sports via mobile apps and betting websites, as well as in person in cities such as Las Vegas or Atlantic City.
There are also states such as New York that only allow sports bets at certain physical locations. New York even opposed the possibility of playing DFS online at DraftKings sites for a prolonged period of time. This limited the state’s legal ability to legally wager on sports online. Utah is another state that has banned legal sports betting.
It all depends on where you place your sports bets. As it stands, online sports betting is the fastest and most efficient way to place bets.
