If you are thinking about getting into sports betting as a side hobby that makes the games you’re watching more interesting or because you are interested in making some money, but you’re not quite sure where to start, we’re here to explain the basics of sports betting.
Sports betting is hugely popular in the US, but it can be tricky to get to grips with how sports betting works when you’re first getting started. We get how it can be - we were once new to it as well, but with plenty of practice and some research into how it works, you can be a pro.
So, without further ado, let’s get into it!
1. Research What Odds Are Available
One of the first things you need to understand if you are going to get into sports betting is how the odds work. The odds are what tell you how likely your bet is to come in and how much you will receive as a return if you are successful. Different bookies offer different odds.
For this reason, it is important to shop around and to make sure you are receiving the best odds available for any given match. You also need to make sure you are using a reputable bookies.For some of the best odds out there across a whole range of sports, visit this site.
2. Betting on the Favourite/Underdog
When the odds are released for a certain game, the first thing the bookies decide on is which team is going to be the favourite and which team is going to be the underdog.
In case it needs further explanation, the favourite team is the team that is considered most likely to win the game and a minus sign will appear next to the odds to show this.
The underdog team, on the other hand, is the team that is considered most likely to lose the game and this team will have a plus sign next to their name. Some bookies will also offer the odds as a toss-up, allowing bettors to “pick” or “pick’em” for the game.
3. Betting on the Spread
When you are betting on either the favorite or the underdog to win, there are two main ways you can do this. One of these is called a point spread where you bet on the margin of victory.
This means that your chosen team would need to win or lose by a specific number of points in order for your bet to come in. Your team could win, but without the points, you would lose.
Even though there is technically no reason why you couldn’t place a spread bet on any sports, they are typically reserved for the higher-scoring sports such as soccer or basketball.
4. Betting on the Moneyline
Remember that we said there were two main ways to bet on the favorite and the underdog teams? Well, betting on the moneyline is the second way to bet on either team.
The outcome of your bet is determined solely by the outcome of the winning team. Although you might assume that betting on the favorite is going to give you the best chance of success, this actually means that you take on more risk because they are expected to win.