Beginner’s Guide to Sports Betting

Even without throwing betting into the mix, sports games already have huge stakes. We want our favorite teams to make the playoffs and win tournaments, and almost every game counts toward those bigger victories. Add in the pressure of a wager, however, and the stakes double because now you’re not just banking on a win but on a return on your investment. Considering the celebrity-laden commercials, out-of-control advertising, and incredibly accessible apps, if you aren’t already involved in the scene, you probably want to. Want to see what all the fuss is about? This is your chance to amp up your football Sundays, fight nights, or even esports tournaments and win a little spare cash or strive for the big bucks.

What Is Sports Betting All About?

Although reaching into our pockets and getting instant access to some of the best online casinos and betting platforms is a recent phenomenon, the concept of sports betting has been around for millennia. Ancient civilizations would bet on dice, chariot racing, and outcomes at the Olympic Games. It’s human nature to enjoy a gamble, as humans like to be entertained and seek excitement.

Today, however, the activity is a lot more structured. You go to a physical location or sign up for an app, choose the bet you want to wager on, and make a payment – and there are safeguards in place to protect both the sportsbook and the bettor. With online sports betting, the real-time aspect lets you bet as the game progresses, providing fans with a more immersive experience.

Deciphering the Odds

Something that sports betting newbies often have trouble making sense of is the odds. In our minds, the plus symbol seems to indicate the player or team is more likely to win, whereas the minus sign seems to indicate the opposite. However, odds representation works the other way around, indicating how much profit you’ll make on your bet. For instance, if the Las Vegas Raiders are the favorite at -200, you’d need to bet $200 to win $100. Their opponents, the New England Patriots as the underdog, are +150, meaning a $100 bet could win you $150 in profit. If you’re still confused at the moment, don’t worry – your bet slip (where all your potential bets are listed) will show you your potential winnings anyway.

What Are the Different Types of Bets?

You can choose from various bets, ranging from simple win-or-lose outcomes to more complicated bets like the spread, which can take a little more time to grasp. If you’re just getting started, the rule of thumb is to start small – in terms of wager amounts, as well as which and the number of selections you’re betting on. It’s not worth wasting money on an outrageous parlay (multiple bets in one) or options you don’t understand. Let’s go over a few of the most popular standard bets in sports:

• Moneyline – The most straightforward bet is choosing a team or player to win a game or match. In some sports, like soccer, there is the option to bet on a tie. Always keep an eye out for stipulations, such as winning in regulation time and not overtime.
• Parlays – A series of bets (called legs) under one wager, where all legs must be won to win the entire parlay. While the returns are higher, the odds of winning every single leg can be low.
• Proposition (prop) Bets – These are bets that concern specific occurrences or performance statistics that aren’t related to the outcome of the game. So, if you aren’t convinced of a potential winner, these are the ones to go for. It could be how many rebounds a basketball player will grab or even the color of the Gatorade shower at the Super Bowl.
• Scoring Bets – Scoring bets have to do with scoring, of course, whether it’s the exact final score of the game or the first team to score.
• Over/Under Bets – Betting “on the over or under” is a phrase you might’ve heard your friends toss around before. It’s a common bet that focuses on points and goals. If the over/under line for total goals is set at 3.5 for a hockey game, it means that the total goals of both teams must be 4 or more if you bet on the over or 3 or fewer if you bet on the under.
• Point Spread – The easiest way to explain the point spread is how much the favorite will win by or how much the underdog will lose by. Different sports will have widely different numbers based on how scoring works. In football, for instance, the spread might be -7, which means the favorite needs to win by at least a touchdown (7 points), or the underdog needs to lose by a touchdown, depending on which you’re betting on.

How Do I Place a Bet?

If you’re betting online, your first order of business is to make sure you’re in a state where sports betting is legal. As of July 2024, 38 states and the District of Columbia allow some form of sports betting. Those who can access online betting platforms can then choose from over 40 sportsbooks operating in the United States, such as DraftKings, FanDuel, BetMGM, and Bet365. The sign-up process on these platforms is quite straightforward and will guide you through account creation, identity verification, and deposit and withdrawal processes. Once you’ve been successfully verified, you can start betting on your favorite sports and players – just make sure you always bet responsibly using the many built-in tools.