With sports betting becoming legal in more and more states, it’s only a matter of time before it’s just another regular part of life.
However, if you actually want to make some money with your wagers, you’ll need to do some research and develop a gameplan. There is both an art and a science to placing bets, so you’ll need to learn the ropes.
Read the points below so that you can get started.
1. Understand the Difference Between Gambling and Sports Wagering
A big reason that sports betting is illegal in many places is the stigma surrounding it. People lump it in with dice games and slot machines, rather than respecting it for the scientific forecasting that it actually is.
You’ll need to learn nuances of the sports you are betting on, in addition to staying up to date on factors that might affect the outcome of a matchup.
Start with this mindset and it’ll prompt you to start researching, rather than just frivolously spreading your money around.
2. Learn About Odds
Without question, learning about odds is the absolute most important part of sports betting.
The odds indicate what Las Vegas or the sportsbook you are betting with, thinks the outcome will be. A highly favored team, fighter or athlete would require you to put down more to make a bit of money. Likewise, you can win a lot of money by betting a little bit on a heavy underdog.
The sportsbook lists these odds for each matchup before the event begins. The odds will usually be listed something like this: Jon Jones (+350) vs. CM Punk (-500). These odds laid out explains how you must place a wager if you were betting a dollar.
For instance, since Jon Jones is +350, he’s the underdog, and if you bet $10, you’d win $35, which would have you walking away with $45 in your pocket. In the same scenario, if you put $50 down on the heavily favored CM Punk, you’d win $10 and leave with $60 in your pocket.
There are also point spreads for team sports. For instance, in order to win a bet placed on a team listed at (-3), they’ll both need to beat the other team and win by more than 3 points.
Understanding the odds and how they work will be a necessity.
3. Find a Great Sportsbook
You’ll also need to find a sportsbook that you can trust.
Consider whether you’re doing online sports betting or placing bets at a casino in your area. Above all, the sportsbook needs to be reliable, and you need to feel safe doing business with them.
Make sure that your sportsbook also has a variety of interesting betting opportunities. For instance, rather than only betting on wins and losses, you can bet on things like offense, what round a fighter will win, and quirky bets like the number of fouls or whether or not the singer will mess up the national anthem.
Study these different types of bets and get your feet wet playing simulators before betting your own money. In the meantime, research different sites for sports picks so you have a resource for advice.
Placing a Bet on Your Terms
If you’re looking into placing a bet on sporting events, these are the tips that you need to know.
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