Over the past few years, sports betting in the United States has absolutely boomed. This is in large part thanks to the legalization of sports betting in various states and the fact that sports betting can now be done on mobile apps. Also, while many people were stuck at home during the coronavirus pandemic, a lot of people decided to spend their time and money on betting on sports.
If this sounds like something that you want to take part in, then you’ll first need to learn how to bet on sports. Sports betting is fairly easy to get into but it still takes a good amount of time and research.
Luckily for you, we’ve got all of the information you need to be a successful sports bettor. So keep on reading and we will take you through everything that you will want to know!
1. Favorites vs. Underdogs
When an oddsmaker releases a betting line for a game, the first thing that they’ll do is determine who is the underdog and who is the favorite. The favorite is the team that is expected to win the game. Its team name will have a minus sign next to it.
The underdog is the team that is expected to lose the game. Its team name will have a plus sign next to it.
Sometimes, you will see “pick’ em” or “pick” when the game is a toss-up and there is no favorite.
There are two main ways that you can bet on an underdog or a favorite. The first way is with the point spread. This is when you bet on the margin of victory.
The underdog is going to get points and the favorite is going to win points.
If the favorite wins but not by enough points then you lose the bet, even if you picked the winning team.
The other way that you can bet on an underdog or the favorite is on the moneyline. This is the recommended strategy for bettors who are just starting out. That is because you only need to pick the winner of the match.
A favorite will get a minus sign next to a number. That means that you need to risk that amount of money in order to win half of that amount.
With an underdog, it’s the opposite. So if you bet on a team that is +150, you stand to get $300. Because the favorite is expected to win, you need to bet more in order to win money.
You can make a moneyline bet for any sports. However, they are usually used when you bet on sports where teams usually don’t score that many points. This can be a sport like soccer, hockey, and baseball.
4. Over/Unders (Totals)
Oddsmakers won’t just set a line for the underdog and the favorite. They will also determine the total number of points scored in a game by both teams combined. This is referred to as the over/under or the total.
A sports bettor can bet on whether the game will go under or over the total.
5. How to Place a Bet
There has never been a better and more accessible time for people who want to get into sports betting. It is very easy for you to see if sports betting is legal where you are.
Once you find out if it is legal, you need to find a high-quality sportsbook to go with, such as Bovada Sportsbook.
6. How Much Should You Bet
This should be a similar thought process to someone who goes into a casino or bets on stocks. Basically, you never want to risk more money than you are willing to lose.
If you can’t afford to lose the money because you need it for food or bills, then don’t risk it. It is not worth it. In the end, you want to view sports betting as a form of entertainment. If you get too serious about it, then you can end up getting really hurt.
You want to view sports betting as a marathon, not as a sprint. You should not risk more than one to five percent of your bankroll per match. If that means that you can only bet a few dollars at a time, then stick to that.
This will help you save money when you end up going through a betting slump.
7. Lines Move in Real-Time
Similar to trading stocks on the stock market, the sports betting market is also constantly in flux. Throughout a day, a bookmaker will adjust the odds of a match, depending on the news, such as weather and injuries. They can also change the spread based on how the bets are moving.
For example, if the Jets are a 7-point favorite and everyone starts to bet on the Jets, then the line might move to reflect this sentiment.
The Importance of Knowing How to Bet on Sports
Hopefully, after reading the above article, you now have a better idea of how to bet on sports. As we can see, it is fairly easy to bet on sports when you are just starting out. But this is also something that you can be constantly getting better at.
It is important that you do your research and make bets based on careful analyses so that you can increase your chances of success.
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