If you are not familiar with this kind of gambling you might get a little confused about how things work in sports betting. Everything about sportsbooks differs in live casinos so you really have to study and learn all there is to know about it, and that is what you’re going to get in this article.
Your Ultimate Guide to Sports Betting
Sports betting is a famous type of gambling that is popular in almost every continent in the world. Unlike casino games that use playing cards, slot machines, and many more, sports betting rely purely on sports
Also, there are added features like virtual sports where you can actually bet on a sport that is set via graphics. It consists of different teams and players that are famous only that the matches didn’t really happen in the real world.
There are two most famous sports in sports betting which are basketball and football. Although, in every country, different sports may vary depending on the availability and culture of their people. Some sports may be available in the other some are not.
You also have to be aware of different betting categories sports betting have, the famous ones are American odds, decimal odds, and fraction. Each of them has its own unique characteristics, gameplay, and payout depending on which you will use.
You can also do this kind of gambling through online sports betting. It is a platform where you can bet on favorite teams and players. Despite being popular and all, There are still questions that need to be answered in regards to sports betting and we are going to answer it in a while.
How do sports betting work?
Betting in sports is easy, it’s the analysis of players and team that is hard. The process of betting on sportsbooks is the same as a live casino. You need to sign up and register first in an online bookie so you will have a platform to bet on.
After signing up, the next process that you need to do is to deposit money in your account. The money that you have deposited in that account can be used to play online sports betting which you can bet on several sports like basketball, football, tennis volleyball, or any type of sports that are available in your bookie.
Now before you bet, you must choose if you’re going to bet in American odds, decimal odds, or fractions. Different odds come with different payouts and the level of difficulty of each category will depend on your knowledge about it.
Types of odds
- American odds – This kind of category is popular in the United States. However, due to its popularity, it has spread in the neighboring countries and now a standard category in online sports betting.
This kind of odds has a positive (+) and minus (-) sign on the sportsbook. The (+) indicates that the team has a lower probability of winning the match, some may call them underdogs. On the other hand, those with the (-) indicate that they are the stronger team and have the highest probability to win the match.
For example, The Los Angeles Lakers are paired with Portland Trail Blazers in the 2020 NBA playoffs. Given that the Lakers are in the number one position Portland in eight, the underdog team in this match is Portland Trailblazers.
So Portland was given +600 in the odds and you decided to bet with them, you need to bet $100 (depends on the bookie) on the underdog team. Let’s say Portland won, the +600 will be added to your initial bet. ($100 initial bet +600 = $700)
If ever you decide to go with the Lakers you must now risk $600 dollars in order to win $100. If the Lakers won your initial stake of $600 will be added to $100. ($600 initial bet + $100 = 700).
- Decimal odds – Decimal odds are popular in European countries. This kind of betting category is easier to understand because of its nature. You can easily point out which team is stronger and which team is the underdog.
The amount of payout depends on how high or how low the odds are with the team or not.
Let’s create a scenario. For example, five players have been nominated to become the 2019-2020 NBA regular season.
Lebron James 1.0
James Harden 2.0
Kawhi Leonard 3.0
Devin Booker 4.0
Let’s bet on Devin Booker to be the MVP and he does, the computation of your payout will be like this (Stake + decimal number) so if ever you bet $300 on Booker, $300 will be multiplied to 4.0. $300 x 4.0 = $1,200.
- Fraction odds – This kind of odds is very popular in the United Kingdom. If you see a (/) or (-) in a sportsbook that is probably a fraction.
Here’s an example. Let’s say the Lakers and Celtics met in the 2020 finals the odds that have been displayed in the bookies are like this,
LA Lakers: 9/4
BOS Celtics: 6/1
You can obviously say that the underdog team is the Boston Celtics. Let’s say you bet $10 to the Celtics and they won, your total payout will be $70.
The total payout will be computed like this, (stake multiplied by Numerator/Denominator plus your stake)
So $10 multiplied by 6/1 = 60$ + initial stake of $10 = $70.
What does the + and – mean in sports betting?
As mentioned earlier, (+) and (-) are a way to differentiate who is the stronger team and who is the underdog team. Teams that have (+) sign in them are underdog teams, on the other hand, those who have (-) are the stronger teams.
Where is sports betting legal?
- North Korea
- United Arab Emirates
- Cayman Islands
- Vatican City
Although sports betting in these countries is illegal, the online sports betting industry is very much alive. The reason for this is because online bookies generally operate in another country and are out of their jurisdiction. Because of this, online sports betting cannot be stopped. All these countries can do is ban the website from their country.
How to make money in sports betting?
Making money in sports betting is easy, that is if you know how it works. If you are a beginner and you just recklessly place a bet on a different team without considering the factors of the match, you could lose a lot of money.
If you really want to make money in sports betting, you should study the mechanics first, how sports betting works, and how the sports that you are going to place your bet on works. If you become familiar with every angle of what was mentioned, you can easily bet on the teams that you know will give you the money.
Another great strategy to make money on sports betting is to bet in parlay matches. Although this kind of betting is not easy, with the right knowledge you could end up winning a larger amount of money than your average payout in a single match.
What are parlay matches?
Parlay matches are matches that are organized for a special type of gambling. For example, in football, there are probably 9-10 matches in different leagues and countries. You will have to choose 4-5 teams that you think will win the match.
If all the five teams that you have chosen won, your winnings will be doubled or tripled depending on the bookie.
Characteristics of good sports betting site
Considering that online sports betting is very popular, the number of bookies that offer sports betting also increases every year. And as a gambler, you have to be aware that not all bookies that are available are good enough. There are bookies that have the worst service and product which is not beneficial to the players.
There are certain characteristics that you must look up before you decide to sign up and deposit money in a bookie.
The first thing that you must consider is the credibility and security of an online bookie. Look if the bookie has a license to operate and what security software they use in order to protect your personal information from being misused.
The second thing that you must look for is the variety of sports and betting categories available in their sportsbook.
After that, see if the odds that are being offered are fair and accurate. Why? Because odds are the life and blood of every sportsbook.
Sports betting is a fun way to gamble. It will improve your analyzing, and predicting skills when it comes to the outcomes of the match.
You could win big amounts too if you know how to place your bet right. Aside from that, you can enjoy the sport that you are going to place your bet on because you can watch the game while you bet. That way you will never have to miss a single ball game or match up.
If you want to become a professional sports bettor, you must study all there is to know about this kind of betting. Because if not, you’ll just end up like one of the guys who just randomly bet on different matches without a concrete reference.