Sports betting is a way for fans to engage with their favorite sports by placing monetary bets on the outcomes of games or specific events within those games. Although the primary goal of sports betting is to make a profit, winnings are never guaranteed, and bettors risk losing their entire stake.
In this article, we’ll break down the essentials of sports betting, including how to find an online sportsbook, understanding odds, different bet types, calculating payouts, and tips for maximizing your chances of success.
What is Sports Betting?
Sports betting involves wagering on the outcome of a sporting event or a particular event within a game, such as the final score, player performance, or even minor occurrences. Bettors can choose from various betting options, including:
- Moneyline bets on a team to win
- Point spreads that factor in a margin of victory
- Over/Under (totals) for combined scores
- Parlays that combine multiple bets into one
- Props for specific player or team performances
- Futures for outcomes like season champions or MVP awards
Several factors affect how much money sports bettors can win, including the amount wagered, the online betting site used, and the odds set by sportsbooks.
Finding an Online Sportsbook
Most sports betting today takes place online, offering bettors the ability to place bets from anywhere with an internet connection. Online sportsbooks and mobile betting apps have grown immensely popular since the U.S. Supreme Court ruled in 2018 to allow states to legalize and regulate sports betting. In many states, more than 95% of all sports betting is now done online.
Popular online sportsbooks allow users to create and fund accounts, browse odds, and place bets with just a few clicks. They also offer promotions, and savvy bettors often “shop around” between different sportsbooks to find the best odds and deals.
Understanding Odds: The Price of a Bet
Odds are central to sports
betting, as they indicate both the likelihood of an outcome and the potential payout. In the U.S., odds are displayed in American format, either as positive (+) or negative (-) numbers.
- Positive odds (+) indicate potential winnings on a $100 bet. For example, if the Buffalo Bills have +700 odds to win the Super Bowl, a $100 bet would yield $700 if they win.
- Negative odds (-) show the amount you need to wager to win $100. For instance, betting $150 on the New York Yankees at -150 odds would win $100 if they win.
Bettors can wager any amount, and the potential payout scales accordingly. For example, a $20 bet at +700 would yield $140.
Favorites vs. Underdogs
The favorite is the team or player expected to win, marked by negative odds (e.g., -220). The underdog is marked by positive odds (e.g., +190). For events with multiple participants, like the World Cup, the odds reflect ranking from favorite to least likely.
Types of Sports Bets
Understanding different types of bets is essential to sports betting. Here are some of the most common options:
1. Moneyline Bets
A moneyline bet is a simple wager on which team or player will win. For example, betting on the Toronto Raptors to beat the Boston Celtics is a moneyline bet.
2. Point Spread
A point spread considers the margin of victory. Bettors choose between “giving” or “taking” points based on the perceived difference in team strength. For instance, if the Dallas Cowboys are -5.5 against the Philadelphia Eagles, betting on the Cowboys requires them to win by at least six points to cover the spread.
3. Totals (Over/Under)
In totals betting, also known as Over/Under, bettors predict if the total combined score of both teams will be higher or lower than the sportsbook’s posted number.
4. Futures
Futures bets involve predicting events far in advance, such as which team will win the World Series. Odds for futures bets adjust over time based on injuries, trades, and team performance.
5. Prop Bets
Proposition bets, or props, focus on individual performances or specific events within a game, such as a player’s total goals or the color of Gatorade dumped on the winning Super Bowl coach.
6. Parlays and Teasers
- Parlays combine multiple bets, increasing potential payouts but also requiring all bets to win.
- Teasers are similar but allow bettors to shift the point spread, usually for a lower payout. For example, in a six-point NFL teaser, bettors can adjust the spread six points in their favor for each leg.
Calculating Sports Betting Payouts
Payouts are determined by the odds and wager amount. The potential payout is displayed on the betting slip, showing what you stand to win and your initial stake. Bettors can also calculate payouts using online calculators or by familiarizing themselves with odds formulas.
Many sportsbooks offer bonuses and promotions to enhance payouts, which are available on your account dashboard.
Can You Make Money Betting on Sports?
While it’s possible to turn a profit in sports betting, it’s challenging, especially over the long term. Here are some tips for maximizing your chances:
- Track Your Bets: Keep a spreadsheet of bets to monitor success and adjust your strategy.
- Stick to Familiar Sports: Betting on sports you know well can give you an edge.
- Take Advantage of Slow Line Adjustments: Some sportsbooks are slower to adjust odds, especially for props. Betting on favorable odds can be beneficial.
- Use Discipline: Set a budget and avoid wagering more than you can afford to lose.
Though there’s no surefire way to guarantee winnings, focusing on data, trends, and disciplined bankroll management can improve your odds of making a profit.
Sports betting offers a thrilling way to engage with your favorite sports, but always remember that it carries risks. For those new to betting, it’s important to gamble responsibly and seek help if you suspect a problem by calling 1-800-GAMBLER.
