Sports betting is the most popular form of gambling on the planet. It doesn’t surprise anyone, as there is much excitement and high-stakes associated with sports anyway. Add some money into the equation, and you have the perfect combination of passion and adrenaline. If you are a sports fan, why would you make some extra money on your specialistic knowledge?
Another factor that influences the popularity of sports betting is its availability. There are many dedicated places where you can bet around the city as well as online sites, like SportsBet. So you want to start betting on your favorite teams and athletes, but don’t really know how to do it. Do not worry; it is not that hard, especially if you follow this guide.
Underdogs and Favorites
What oddsmakers do first is to establish which team or athlete is a favorite or an underdog. A favorite is somebody who is expected to win by the specialists analyzing the given discipline. It’s also often displayed with a minus sign in front of the odds. The favorite will most probably have a smaller return on the money that is bet.
The underdog, on the other hand, is the exact opposite of the favorite, so the competitor that is expected to lose. Underdogs are often displayed with a plus sign in front of the odds. When betting on the underdog, you can, for sure, expect a higher return on your money.
Pick or Pick’em
A pick or pick’em is the situation when the odds even up, so there is no favorite or an underdog. There is a 50-50 chance that each competitor will win. Experts cannot predict who will win, so you won’t get any help from them. The decision here is up to you and your judgment.
How do Spreads Work?
There are two ways in which you can bet on your preferred contender, and point spread is one of them. The spread is designed to even a betting matchup between two sides. The favorite is giving points, and the underdog is receiving them. Let’s see how does it work on an example. Assume that two teams are playing against each other, team black and white.
Team black is an 8 point (-8) favorite against team white. If you bet your money on team black, they need to win the game by 9 points or more for you to win your bet. If team white wins by 9 points or more, you “cover.” If team black wins by exactly 8 points, that is called a “push,” which means you get the money that you bet back. If team black wins by 7 points or fewer, you lose your bet. Spreads are usually used to bet on basketball or football, but they are available for all disciplines.
The second way to bet money on sports is the moneyline, which is based only on the predictions on who will win. This time, team black is listed as -200 and the white as +175. This shows that the black team is expected to win, and the white to lose.
With these odds, if you place a 200$ bet on the black team, you will earn a hundred dollars. If you bet just a hundred on the white team, you will win 175$. Once again, money lines are available for all sports but commonly used only to bet on soccer, baseball, and hockey.
How Much Money Should you Put on the Line?
When it comes to how much you should bet, please do follow the rule of betting only as much as you can afford to lose. Please remember that often times sports are unpredictable, so do not risk your whole life’s work on a single match. It is recommended to bet between 1-5% of your bankroll, depending on your confidence. Introducing this rule to your decision making should protect you from losing too much money.
Where to Place it?
Depending on your current location and local laws, the bets can be placed either online or in a sportsbook. It feels like the online option is more comfortable, as you can place a bet whenever you want. Also, if you are betting online, check out the comparison sites to get the best deal possible. And lastly, remember that there are still places in the world where sports betting is illegal, so if you are traveling and want to place a bet, check the gambling law for the region.
After this guide, you are more than ready to place a bet. Follow these tips and make sure to be prepared before you put money on anything. Put your sports knowledge to the test and see what happens. Who knows, maybe with a little bit of luck, you will become wealthy very soon.