Here's one proven sports betting tip: master the basics. Understand the mechanics of the game first. Find out everything to know about the odds, point spreads, and money lines. Making informed bets increases your winning probability. Our comprehensive guide is a gold mine for searching best sports betting platforms. This is sports betting explained in simple, relatable concepts.

What is Sports Betting?

Sports betting is an exciting way of watching sporting events. You predict outcomes and place a wager on a potential result.

Of course, the risk of losing money is always there. That’s why it’s important to make informed bets. Sports betting odds involve multiple factors that affect the outcome.

Before we discuss those factors, let’s delve into the roles first. Here are the individuals involved in sports betting:

• Bettors: These people place wagers on physical or online sportsbooks. For example, sports bettors can bet on the final score of an NBA game.
• Bookmakers: These are individuals who set odds and accept bets. They offer competitive odds while also ensuring profit.
• Sportsbooks: Bettors can place bets on a physical or online sportsbook. These sportsbooks manage everything, from collecting wagers to giving payouts.

That’s not all you need to know about sports betting, though. You can wager on multiple bets, as we’ll discuss below.

Different types of bets

Sports betting is more than just betting on which team will win. There are different sports bet types, including the following:

• Moneyline bets: A moneyline bet is a straightforward wager. You just have to pick the winning player or team.
• Point spread bets: There might be games with heavy favorites. To balance the odds, bookmakers offer a point spread bet. For example, the Miami Heat is favored by 8 points against the Boston Celtics. You can bet on the Heat by more than 8 points to win the game. You can also bet the Heat will win outright or lose by less than the spread.
• Over/under (totals) bets: This is where you predict the total points scored in a game. For example, you can bet on an MLB game’s total number of runs.
• Parlays: Parlays allow you to place more than one bet in a single wager. You can bet on multiple games in a parlay. For you to win, all of your bets should be correct.
• Teasers and pleasers: These are different versions of a parlay bet. You could adjust the point spread in your favor (teaser) or against your favor (pleaser).
• Prop bets: A prop bet isn’t necessarily connected to the final outcome. Prop bets are predictions on particular events or outcomes within the game. For example, you can bet on the first player who’ll score in a basketball game.
• Futures bets: A futures bet on sports games is a long-term prediction. You can place a sports wager on season-long awards like MVPs and championships.

How Do Betting Odds Work?

Successful bettors make informed bets based on their understanding of how betting odds work.

Decimal odds

Decimal odds are typically used in Europe and Australia. These numbers show the total return of a potential payout. It includes the original stake, plus the profit for a winning bet.

Decimal odds are easy to understand. You’ll know how much you’ll receive for every $1 wagered.

Let’s say you have some money wagered on one team. Here’s how it goes:

• You placed a $15 bet for the Tampa Bay Buccaneers to win.
• If the odds are at 2.0 for heads, then you’ll win $30 for a successful bet.

Basically, you just multiply your original stake by the decimal odds. That’s how you can calculate your potential winnings.

Fractional odds

Fractional odds are usually present in Ireland and in the UK. Your potential profit is shown side by side with your original stake.

Fractional odds are written like this: 3/1. The first number (numerator) represents your potential profit. The second number (denominator) is the amount you wagered.

For example, you’re betting on horse racing. Here’s how you can calculate your winnings:

• You placed a $10 bet on a horse with odds of 7/2.
• You divide the numerator by the denominator, then add the profit to your stake.
• Dividing 7 (numerator) by 2 (denominator) gets you $3.50 profit.
• Add the profit to your original stake of $10.
• You’ll then get $13.50 for a winning wager.

American (moneyline) odds

American odds are represented by positive and negative numbers. This is usually the default format of sportsbooks in the United States.

Positive odds favor underdogs, while negative odds favor favorites. Positive odds indicate how much profit you can get for a $100 wager. Negative odds indicate how much you should risk to win $100.

Here’s a quick example:

• The Washington Wizards are on a (+180) odds.
• You take the chance and bet on the Wizards to win the game. You placed a $50 wager.
• You’ll get a profit of $140 if the Wizards win. This is the combined $50 bet and the $90 profit for the (+180) odds.

Negative odds present a safer but less profitable choice. If you want to win bigger, go for odds with positive (+) signs.

What Is the Point Spread in Sports Betting?

Bookies try to balance the books to offer competitive odds. It’s actually one of the best sports betting marketing strategies today. They guarantee profit while still offering attractive odds.

Sportsbooks do this by integrating the “spread”. This is essential in balancing odds when there’s a very strong favorite. To cover the spread, the favorites have to win by a predetermined margin.

Here’s a quick example:

How Bookmakers Set Odds

By now, the number of US-based sports bettors will reach 37 million. That’s a huge customer base to tap into.

That’s why bookmakers scramble to offer competitive odds. It’s a complex process that involves the following steps:

• Sports statistics: Bookmakers study every team and player statistic there is. They monitor historical data and league trends. Moreover, they work with sports analysts and handicappers to analyze potential outcomes.
• Betting patterns: Sportsbooks also monitor trends in the betting market. They track competitors’ odds and bettors’ favorite choices. This way, they could adjust the odds for the less popular choice.
• Risk management: Bettors aren’t the only ones risking money. Bookmakers also balance the odds so they can guarantee profits. They have to produce fair odds, though. This is crucial in establishing a loyal customer base.

A sports betting strategy is not only applicable to bettors. Bookmakers also employ their own tactics in setting odds. They analyze factors like recent performances, injuries, and other advantages.

 

The Betting Process

Now, let’s discuss the steps on how you can actually place a bet on sports events.

Choosing a reliable sportsbook

Before you bet on sports teams, make sure that you’re using a reliable sportsbook. Here are factors to consider when choosing a sportsbook:

• Legal compliance: Make sure that the sportsbook is licensed and regulated. Typically, sportsbooks display their licensing information on their websites.
• Reviews: Always look for customer reviews by placing a betting slip. You can check online reviews on Google, social media, and sportsbooks’ websites. Reviews also let you know about a sportsbook’s customer support capability.
• Security: Choose sportsbooks that implement encryptions and authentications. Protect your personal information and payment details at all times.
• Betting options: Sportsbooks offer different odds formats. That includes a moneyline bet, spread bet, or straight bet. Make sure that the sportsbook offers the betting option you want.

Also, look out for bonuses and promotions. Some sportsbooks offer welcome bonuses for new bettors.