Sports betting has become a popular form of entertainment for sports enthusiasts around the world. Whether you’re a die-hard fan or just enjoy the occasional game, sports betting can add a new dimension to your experience. But for beginners, the world of sports betting can be overwhelming and confusing. Which sports to bet on? What types of bets are there? How do the odds work? These are just a few of the questions that beginners often ask. We’ll provide a comprehensive sports betting guide for beginners. So whether you’re a newbie to sports betting or just looking to improve your game, read on to learn everything you need to know about sports betting for beginners.
Beginner’s Guide to Sports Betting
What is Sports Betting?
Sports betting is the activity of predicting sports results and placing a wager on the outcome. You can place a bet on a variety of sports such as football, basketball, baseball, hockey, tennis, and more.
Basic Sports Betting Terms & Concepts to Know
Point Spread
The point spread is a popular method for betting on teams in sports like football and basketball. The spread is a number that is designed to balance the betting action between the two teams. The team that is favored to win will have a negative point spread, while the underdog will have a positive point spread. For example, if the Dallas Cowboys are favored to win by six points, they would have a -6 point spread. If you bet on the Cowboys, they would need to win by more than six points for you to win your bet.
Moneyline Bet
A moneyline bet is a simple way to bet on the winner of a game. The odds will reflect the likelihood of each team winning the game. For example, if the Chicago Cubs are playing the Milwaukee Brewers, the Cubs may have odds of -120, while the Brewers have odds of +110. This means that the Cubs are favored to win, and you would need to bet $120 to win $100. If you bet on the Brewers, you would only need to bet $100 to win $110.
Over/Under Bet
An over/under bet is a wager on the total number of points, runs, or goals that will be scored in a game. The sportsbook will set a number, and you can place a bet on whether the total score will be over or under that number. For example, if the over/under in a football game is set at 45 points, you can bet on whether the two teams will combine to score more than 45 points or less than 45 points.
Parlay Bet
A parlay bet is a wager on multiple outcomes. In order to win a parlay bet, you must correctly predict the outcome of two or more games. The odds for a parlay bet are generally higher than for an individual bet, as the likelihood of winning is lower. For example, if you place a parlay bet on the Green Bay Packers and the Los Angeles Rams to win their respective games, the odds would be higher than if you bet on each game individually.
Vigorish (or “Juice”)
Vigorish, or “juice,” is the commission that sportsbooks charge for placing a bet. The vig is typically 10% of the bet, and it is included in the odds. For example, if you bet $100 on a -110 moneyline, you would win $91 if the bet was successful. The remaining $9 represents the vig paid to the sportsbook.
Handicapper
A handicapper is someone who makes predictions and recommendations on sports events. Handicappers use a variety of methods to evaluate games and make predictions, such as statistical analysis, insider information, and expert opinion. Some handicappers charge for their services, while others offer their picks for free.
Here are more common sports betting terms and concepts you should know >>
Different Types of Sports Bets
Moneyline Bet
A moneyline bet is a wager on which team will win a game. The odds for each team are expressed in positive or negative numbers. For example, if the odds for a team are -150, you would need to bet $150 to win $100. If the odds for another team are +130, you would win $130 on a $100 bet if that team wins.
Point Spread Bet
A point spread bet is a wager on the margin of victory for a particular team. In this type of bet, the underdog team is given a certain number of points, while the favorite team is deducted the same number of points. For example, if the point spread is -7.5, the favorite team needs to win by more than 7.5 points for you to win the bet.
Total (Over/Under) Bet
A total bet is a wager on the total number of points scored in a game. The sportsbook sets a number, and you can bet whether the actual total score will be over or under that number. For example, if the total is set at 48, you can bet on whether the total score will be over or under that number.
Parlay Bet
A parlay bet is a wager that combines multiple bets into one. To win a parlay bet, all of the individual bets must be correct. The potential payout for a parlay bet is higher than for an individual bet, but the risk is also higher.
Futures Bet
A futures bet is a wager on an event that will take place in the future, such as which team will win the Super Bowl or who will be the MVP of the league. Futures bets can have high payouts, but they are also risky since they are made well in advance of the actual event.
Prop Bet
A prop bet is a wager on a specific event within a game, such as which team will score first or which player will have the most yards. Prop bets can be fun and creative, but they are also difficult to predict.
Teaser Bet
A teaser bet is a variation of a parlay bet that allows you to adjust the point spread in your favor for multiple games. The potential payout for a teaser bet is lower than for a parlay bet, but the risk is also lower.
How to Interpret Betting Odds
Betting odds provide the chances of an event occurring. They are the most crucial aspect of sports betting. Odds indicate how much money you will make if your selection wins. The most common forms of odds used in sports betting are American odds, decimal odds, and fractional odds.
American Odds
American odds, also known as Money line odds, are the most widely used format in the United States. There are two types of American odds – positive and negative. Positive odds indicate how much you will win if you bet $100, and negative odds show how much you need to bet to win $100.
For example, if the odds are +120, it means that for every $100 you bet, you could potentially win $120. On the other hand, if the odds are -120, it means that you need to bet $120 to potentially win $100.
How to Interpret Betting Lines
Betting lines show how much money you could win on a bet. They provide insight into how risky a bet is and how much bettors stand to win. Lines are displayed in two ways – point spreads and money lines.
Point Spreads
Point spread bets are a popular way to bet on sports as they level the playing field between two teams. The point spread is a number that the oddsmakers set to ensure that the favorite team has to win by a certain number of points or more to cover the spread. Conversely, the underdog team can either win the game outright or lose by less than the spread.
For example, if the point spread in an NBA game is -6.5 for the Los Angeles Lakers, it means that they have to win by seven points or more to cover the spread. If you bet on the Lakers, you win if they win the game by a margin of seven or more points.
Common Sports Betting Mistakes to Avoid
Here are some common sports betting mistakes that people make:
Chasing losses
One of the most common mistakes that people make in sports betting is chasing their losses. This means that they try to make up for their losses by placing more bets, which often leads to even bigger losses.
Not doing research
Another mistake is not doing enough research before placing a bet. It’s important to understand the teams, players, and other factors that can affect the outcome of a game before placing a bet.
Overvaluing favorites
Many novice bettors overvalue the favorites and bet on them without considering the point spread or other factors. This can lead to losses, as favorites don’t always win by a large margin.
Ignoring underdogs
On the other hand, some bettors ignore the underdogs and don’t consider the potential for an upset. It’s important to consider both sides of the game before placing a bet.
Betting with your heart
It’s also common for people to bet on their favorite teams or players regardless of the odds or other factors. This can lead to biased decision-making and losses.
Betting too much
It’s important to only bet what you can afford to lose. Betting too much can lead to financial difficulties and can also cloud your judgment.
Not managing your bankroll
Another mistake is not managing your bankroll properly. It’s important to set a budget for your bets and stick to it. This can help you avoid overspending and losing more than you can afford.
Check out more sports betting mistakes and how they can be avoided >>
