If you’re a sports fan, you will probably have noticed that there has been a dramatic increase in sports betting advertising IN recent years, while the sports betting sector is increasingly prominent within the sporting world, sponsoring leagues, teams and players, and being referenced by broadcasters.
This is a global phenomenon made possible by new technology and by increasing liberalization of gambling laws around the world. But for those new to the world of moneylines, futures markets and point spreads, it can seem confusing.
How to Bet on Sports for Beginners: 10 Tips
There is a lot to consider when learning how to bet on sports and this list of tips could perhaps have been twice as long. We would certainly recommend checking out as many betting sites and betting information platforms as you can. That said, there are certain fundamental tips and pieces of knowledge that can help you to get more out of your sports betting.
Favorites vs Underdogs
In most sports, there are two competitors, and in most cases, one of the competitors will be the favorite while the other is known as the underdog.
This terminology also has a specific application when it comes to moneyline betting (see below), as the favorite and the underdog will be indicated with different symbols.
Knowing which team or individual is the favorite is often the starting point for sports bettors to analyze an event, and identifying situations when the favorite is weaker than the market suggests can be the key to a winning bet.
Spreads
The spread is the key piece of information used in one of the main forms of betting on sport – the point spread. This form of betting is focused not on the winner but the margin of victory.
It is essentially a “handicap” that is applied to the favorite in a sports event. For example, in an NFL game, the favorite may have -5.5 by its name and the underdog may be indicated with +5.5. This means that the favorite has been “handicapped” by 5.5 points, and bets on the favorite will only be successful if that team wins by more than 5.5 points, which is known as “covering the spread”.
This form of betting is popular in situations where one team is a strong favorite, as the odds available on the favorite in the standard moneyline markets will be short.
Moneylines
The other main form of betting market you will come across is the moneyline. A moneyline market will offer odds on the favorite and the underdog in a match, but these odds will usually be calculated differently. In a two-team event, the favorite will have a minus figure, while the underdog’s odds will have a plus sign.
When working out the returns for successful bets, the favorite’s odds (usually minus) represent the amount of money that would need to be wagered to win $100, while the underdog’s odds (plus numbers) represent the return on a winning bet of $100.
Betting on the moneyline is the starting point for most bettors, but it also means that you are up against the highest number of competitors, so being first with a crucial piece of information or analysis can be vital if you want to make a successful moneyline bet.
Over/Under (Totals)
The over/under markets are usually based on the number of points scored during a particular game. The bookmaker will quote a figure and bettors have to choose whether to bet that the total number of points will be higher or lower than that figure.
It is possible to find over/under markets available on a range of different eventualities, including individual team scores and in-game stats, such as passing yards or three-pointers. Like betting on the spread, this type of betting requires sports bettors to go beyond the basic starting point of working out which team is the strongest, and can help you to gain a deeper understanding of betting.
How to Place a Bet
Modern sports betting companies are keen to make it as easy as possible for you to place your bet, and the process of making an online bet usually follows these steps:
- Click on the sport, event and market that you want to bet on.
- Click on your preferred betting option.
- Enter your stake in the online betting form.
- Make any adjustments, including making it part of a parlay bet if you wish.
- Confirm your bet.
The online betting form will indicate how much you will win if your bet is successful. If you win, your money will be deposited in your bookmaker account.
How Much to Bet
So, how much should you bet? This will depend entirely on your bankroll – that is, the money that you have set aside for betting. This should be a sum of money that you are prepared to lose, and you should create a staking strategy that ensures you don’t blow through your bankroll too soon.
It is common for new sports bettors to apply a flat staking plan, which is typically to bet a set percentage of your bankroll on each bet. There are many other staking plans to consider, but staking plans will not enable you to make a profit on their own and you should never bet with money you can’t afford to lose.
Parlays
A parlay bet strings several individual bets together, with the winnings from each bet rolling over to the next. This can result in some big wins and it is a popular form of betting for those who bet with small stakes, but it is important to remember that if one of the individual bets fails, the whole parlay bet will fail, so parlay wins will be occasional at best.
Props
A prop bet is a bet on a particular outcome during a game. This can range from whether a player will score a touchdown to the color of the Gatorade that is poured over the head of the winning Super Bowl head coach! Prop bets can sometimes be little more than random novelty bets, but it is always worth looking at these markets for opportunities when specialist knowledge gives you an edge.
Shop for the Best Line
A common mistake among sports bettors is to stick with a particular bookmaker and accept the odds that they are offering on a particular event.
While most sports bettors will not become professionals, it is worth remembering that no professional sports bettor would consider betting with just one bookmaker. When you are shopping for groceries or clothes, it is normal to compare prices, and you should always do the same when you’re betting on sport, as in the long term it can make a significant difference to your profit and loss balance.
Identify Your Strengths and Weaknesses
While it can be tempting to bet across a range of markets, it is a rare sports bettor who can master the skills required for multiple types of bets across different sports.
Focus on the sports and the events, and if necessary, the teams that you know. This will give you a firm foundation. Beyond that, consider your personality and your approach to betting. Are you a bettor who loses confidence if you have a losing bet? Do you prefer a regular stream of winners or are you prepared to put up with long losing runs? Do you have the quick reflexes required to bet in-play or are you better suited to careful pre-game analysis?
Keeping adequate betting records can help you to identify your strengths and weaknesses, but it is also important to know yourself, to know your tendencies and to tailor your betting style to match.