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Sports Betting Explained
Sports betting has exploded in popularity. With roughly half of the states now offering legal online or retail betting options, many newcomers may be looking for a clear and simple explanation of sports betting. In this sports betting guide, you'll learn all of the basics.
Quick Overview of Betting Odds
Odds reflect how likely it is for an event to unfold. Low odds refer to a higher winning chance, while high odds refer to a lower winning chance. It's an inverse relationship because if the odds for an outcome are low, and you back it and win, your profits will be smaller. If they are high and you win, your payouts will be larger. Good bettors know when to take risks or to back a favorite.
Understanding how betting odds work is an essential, as they indicate both the likelihood to earn a payout and the final profits. Every operator will have its own odds, so comparing can be helpful to get the best payout. To properly explain betting odds, we have described the different options of how they can be displayed.
American Odds
You will most likely come across American odds as the default setting at US betting sites. These are based on whether an outcome is a 'favorite' or an 'underdog' . Favorites are accompanied by a minus (-) symbol, while underdogs are accompanied by a plus (+) symbol.
Underdogs express how much will be won if $100 is wagered, while favorites indicate how much will need to be wagered to win $100. For example, odds written as -150 mean you'll need to wager $150 on the favorite outcome to win $100. Alternatively, an underdog bet offered at +$150 means you'll win $150 if $100 is wagered.
Furthermore, odds of +$500 will be much more unlikely to win than odds of +$150. This is perhaps the most important odds display option to learn to understand online sports betting.
Fractional Odds
All betting odds for dummies will include an explanation of fractional odds, though admittedly, they aren't as popular in the US. These odds are calculated based on how much profit you will get if you calculate your wager by the fraction. The first number represents how much you will win, with the second representing how much to bet to win that value.
For example, odds displayed as 2/3 mean that if you wagered $3, you would win $2 as profit. Alternatively, you could work this out as your winnings being two-thirds of your stake value. As these calculations can be confusing, using fractional odds is less common.
Decimal Odds
Decimal odds are commonly used in the UK and Australia and are based on how much would be won on a $1 bet. For example, decimal odds for an outcome written as 1.35 means you would win $1.35, or 35 cents profit, for your wager.
The higher this number, the less likely the outcome is expected to be. This way of representing odds can be great for beginners and can be easily selected in the settings at our recommended sportsbooks. Whatever option you choose, understanding the odds in sports betting is an essential component of success.
Sports Gambling for Dummies
You don't have to be an experienced gambler or a huge sports fan to get started with sports betting. Our sports betting for dummies guide aims to prove to newcomers just how easy it is to get started. Once you have worked out how to open a betting account, we are here to outline what to expect. With only a little practice, you'll be on your way to making informed bets that can payout.
Sports Betting 101: How to Make a Bet
As a newcomer to sports betting, you may not know what steps it takes to find markets and odds and place a bet. This is why we've explained the basics of sports betting so you can get to betting right away. Firstly, you'll want to select an online betting site.
Check out all available offers and verify how to claim your welcome bonus at the chosen sportsbook before registering and making your first deposit. Once you're in, head to the betting lobby. You can filter the options based on whether they're live or pre-match. Find the game that you're interested in. You'll then see a list of selected markets (another word for types of bets) and the odds for their outcomes.
You can also usually click on the event title to find additional odds. To build your bet, click on the odds that suit you to add them to your bet slip. Then, enter your stake for the outcome. You can add more markets to the slip and choose to make several single bets or build a parlay (we'll explain what that is next). Then, click to place your bet and confirm it. It's as easy as that.
Want that as an easy-to-follow list of steps? We've got your back:
- Fund your account and claim your bonus.
- Set a betting budget for your session.
- Head to the pre-match or live betting lobby to find the available events.
- Click on the odds listed under each market to add them to your bet slip.
- Enter a stake for each market in the bet slip. When multiple markets are selected, you can opt to make a parlay.
- Confirm your stake, then click to place the bet.
- Wait until the end of the event or outcome to receive a payout on your wins.
Common Bet Types
Before you wager, you will also need to understand what the different markets mean. The most common of these is a moneyline or line bet, which is backing which team or player will win. You can also make wagers on other events that may not be related to who wins. We've listed some common bet types below.
- Betting line/moneyline - is a wager on which team or player will win the game.
- Totals - is a wager on whether a team/player will score over or under the amount suggested by the sportsbook.
- Point spread - a wager on whether the team/player predicted to win a game will win by more or fewer points than the sportsbook highlights.
- Future bet - is a wager on the predicted outcome of who will win an entire tournament or season.
- Prop bets - are wagers that don't have anything to do with the outcome of the game. For example, the first team to score.
- Parlays - is a bet that combines several wagers into one. All market selections need to come through to earn a payout.
Pre-Match and Live Betting
There are two major options that you'll have when placing your bets. The most basic sports betting option that is great for beginners is pre-match wagers. These will be bets that are placed before the event has begun. It's easier to compare odds for pre-match wagers, and odds shouldn't fluctuate too wildly.
Live bets can be made in a separate live lobby. These are wagers on games that are currently in play. You will earn payouts as the events unfold and can rely on sports betting information and statistics to make informed wagers. These bets are very fast-paced and benefit from some experience.
Most Profitable Sport to Bet On
You may be wondering what the most profitable sport to bet on is, but the truth is, this will always change depending on the odds, the event, and the betting site. Generally, the NFL draws in the most significant betting handle, with the Super Bowl being the largest betting event of the year.
This means that operators will need to create more competitive odds to attract bettors. Additionally, college basketball is extremely popular to wager on during the March Madness tournaments. Other major betting leagues include the NBA, NHL, MLB, and international soccer.
How to Stay Safe When Betting Online
The first step towards ensuring safe online wagering is done so by only using licensed sportsbooks. These are services provided by operators who are regulated, and their security features include state-of-the-art encryption technology. Below are some additional steps that will help bettors remain safe and secure online.
| Set Limits | |
|---|---|
| Use Private WIFI | |
| Use Strong Passwords | |
| Set Credit Card Alerts | |
| Update Sportsbook Software | |
| Track Your Time & Expenditure | |
| Take Regular Breaks | |
| Limit Alcohol Intake | |
| Don’t Chase Losses | |
| Don't Borrow Money to Wager |
Best Way to Learn the Basics of Sports Gambling
The learning curve for understanding betting isn't too bad; our best advice is to do your research and learn common terms. You'll find plenty of online resources that discuss upcoming events, with expert pundits offering advice on which outcomes to back and why. There are also plenty of forums on Reddit and other sites to explore.
Also, any worthy sports gambling 101 page will acknowledge that practice makes perfect. If you're new, start with simple bet types, such as pre-match moneylines that back a winner. Make small bets until your confidence grows. Over time, experiment with other betting options. And never forget to create and stick to a budget.
5 Terms You Need to Know
There are many terms specific to sports betting, but you only need to know a few to get started. We covered the most basic types of betting already, but here are some other important words to know:
- Sportsbook: A company or entity that accepts bets from individual sports bettors. Sportsbooks set odds, accept and place bets, and pay out winnings for those interested in betting on the outcome of sports events.
- Market: This refers to different types of bets available for a particular sporting event. Each market represents a specific aspect or outcome of the game that you can bet on.
- Action: Every option for betting during a live event or the sum total bet on a sports event. A sportsbook takes bets on all the listed odds.
- Handle: The total money wagered by bettors on a particular game, event, or over a specific period. It's a term often used by sportsbooks and analysts to describe the total volume of betting activity.
- Bankroll: This term refers to the total amount of money a bettor has set aside for betting purposes. Effective bankroll management is crucial for responsible gambling, as it involves setting limits and making strategic bets based on one's available funds.
Sports Betting Resources
Many new and experienced bettors alike overlook the importance of research when making wagers. If our sports bets explained guide can teach you anything, it's that taking the time to study games, players, and outcomes can significantly impact your chances to win.
Sports Betting Laws
In some states, it may be essential to learn sports betting laws before you try to sign up for an account. There are 30 states with some form of legal sports betting, with most permitting mobile wagering. However, several of these states do not yet permit online wagering.
In that case, you can visit a retail betting location or land-based casino to place your wagers. While this is undoubtedly more inconvenient than mobile betting, you'll still find fair odds in a more sociable environment. You'll also benefit from watching many of the games live.
Once you've understood these betting basics, we suggest you review your local legal betting options to find the best sportsbook to suit your situation. If online betting is not yet permitted, don't be tempted by unlicensed offshore sites that claim to be legal and safe.
How Do Sportsbooks Make Money?
Sportsbooks make money by including margins as part of their odds prices. These ensure that all types of bets in sports wagering can be sustainable. Therefore, the odds offered won't be the true odds of each outcome but will be slightly altered to ensure that operators can make money no matter the outcome.
They also collect all money on losing bets, and with no way to ever guarantee that an outcome will happen no matter the odds, losses can happen a lot. For competitive events, betting sites may lower their margins to lure more players, so it is always worth comparing odds across sites before you wager to ensure you profit the most.
Are you looking for fast and precise answers to questions about sports betting basics? In this section, we have answered the most common queries that seek to explain sports gambling in easy-to-read and concise terms.
FAQ
What Are the Key Steps for a Beginner to Start Sports Betting?
As a beginner, you should understand three things before making your first bet. First, know the sports stats you want to bet on regarding the best players, underdogs, etc. Then, learn how to read betting odds. Finally, familiarize yourself with common betting terminology.
How Do Different Types of Sports Betting Odds Work?
There are three different formats that are used to represent odds. There's a decimal system, an American system that shows how much you'd win if you bet $100, and fractional odds, where how much you'd win based on how much you bet is represented as a fraction.
What Should Beginners Know About the Safety and Legality of Online Sports Betting?
Your personal data and user activity are only safe if you bet at licensed betting sites. Research any operator you want to use and check their website footer for the logo of the regional licensing authority.
Conclusion
Now that we've reached the end of this sports gambling guide, we hope that you're feeling confident to place your first wagers. Sports betting is an extremely popular activity that continues to grow in popularity for good reason, and we are sure that you'll enjoy the process as you learn. Delve into more topics by heading to our betting guides hub to learn more.
Meet the creators behind our content: a collaborative of seasoned professionals, each with their area of expertise. From analytical minds dissecting odds and legal counselors demystifying regulations to strategic players sharing their secrets, our team's diverse backgrounds enrich every piece of advice and insight we offer.
We have recommended several great sites in this sports betting guide that are legal, licensed, and well worth considering. Make sure you begin by betting conservatively and on simple markets until you understand the basics before experimenting with more complex wagers.