Betting 101: A Guide to Sports Betting

Gambling has been around for centuries, evolving to what we know today. Sports betting is one of the most popular forms of gambling loved by avid sporting fans. It is defined as placing a real money wager on the outcomes of a sport.

It is now one of the most exciting ways for fans to enjoy the game. If you are a newbie to sports betting, you might be confused by the lingo you encounter. Well, this quick guide is here to help! We have compiled a short-detailed guide to sports betting for novices. 

How to Read Sports Odds

For starters, you will need to know how to read the sports odds before you can place a bet. There are three formats in which odds are displayed: American, Decimal, or Fraction odds. Knowing how to read odds is vital in that they indicate possible payout you could win and show your probability of the outcome you are deciding to choose. Select the odds with the highest value. However, you should know that the game’s results are affected by many factors. Solely relying on the odds is not advisable. The + or – on the betting line will show you which is the favorite and the underdog.

Types of Sports Bets you can Place

Moneyline

Moneyline bets require you to choose the winner of the game. You have to know when it comes to moneylines that sportsbooks will assign favorites a minus designation. For instance, you will be risking $200 to win $100. Underdogs are not expected to win; therefore, the payout is higher if they do best. It would help if you used moneylines when betting on low-scoring sports. 

Betting against Spread 

Spread bets are a wager on a team’s margin of victory. Spreads are one type of bet in which you are guaranteed that the cashback is great. The underdog is the team that receives points, while the favorite team is the giver. A push means that the favorites win by precisely the number of points indicated by the sportsbooks. In this case, your wager is refunded. If your team wins by more points, you “cover” your bet, and when they win by fewer points, you automatically lose the bet. 

Over/Under Betting

Sportsbooks will set a total number of points which they think teams will cumulatively score in that game. You will have to decide whether the totals will exceed or be less than the set target. It would help if you do some due diligence and research on the teams in question and the strategies they use to play. Of course, there is an element of luck to win!

Managing your Cash as you Bet

Remember that you are placing bets with real cash. So, you have to balance between being mathematically precise and knowledgeable in sports. It is very easy to go bankrupt if you aren’t disciplined enough to bet with your head!
The amount of money you decide to deposit in your sportsbook should depend on your financial situation and the amount of money you are comfortable losing. Next, you should decide on a preferable and manageable unit size that you will use to wager on events. Since sports betting is highly dynamic, constant re-evaluation of your bankroll is advisable.
In other words, be savvy as you bet!

Tip: Know your strengths and weaknesses

Since you have real money at stake, you need to track your progress and assess whether you are winning or losing money. Carry out a self-evaluation and ask yourself which teams you are most comfortable betting on and more knowledgeable. The good thing is that there are applications that can help keep track of your bet cover probability and odds shopping. You can use them to manage your cash and maximize your profits. 

Common Sportsbooks Rules 

Sportsbooks set rules to remain legitimate and be allowed to stay in the market. Failure to adhere to these rules may mean that you miss out on your payout. Betting on correlated events, for instance, placing a wager on both point spreads and totals of the same event, is not allowed. Online sportsbooks will not accept any bet placed after the commencement of a game, so be sure you place your wagers before the game starts. Your wager will be rejected if there is a significant change in odds between the time of bet submission and acceptance. 
In most cases, you should not be less than 18 years old to participate. You will be required to verify your identity before any transaction can be done on legit gambling sites

Shortcomings on your side or technical errors in the sportsbooks’ system can lead to cancellations of bets. If your sportsbook offers accidental odds, they will be obliged to cancel the wager for anyone who had placed a bet. Sportsbooks will also cancel bets of wagers that are difficult to quantify. In the rare event that a sportsbook detects rigging or any other suspicious activity, they have a right to declare these bets null and void. If you construct your parlay in a manner that goes against the rules, your bet will also likely be canceled. 

Wrap up

Sports betting has a plethora of advantages, including the fact that it is convenient and can be done in the comfort of your home. Betting is exhilarating, and it is a great pastime that can potentially earn you some good cash. You control this hobby and can choose to bet as frequently as you like, only wagering money that you are comfortable losing.