Sports betting has once again been revived thanks to the emergence of fantasy leagues. As team sports around the world begin to gain momentum, many fans are looking for a new way to enjoy some of their favourite games and fixtures.
Understand the odds
The first thing that you need to do is determine who is the favourite to win and who is the underdog. Betting in favour of the underdogs will result in a bigger pay-out of it sways that way, while betting on the favourites will require more of an investment.
Looking at spreads
Spread is a form of betting where the point difference is used to determine a winner. For example, team A are 7-point (-7) favourites against team B. If you bet that team A wins, they need to have 8 points more than team B (+7) for you to win. If you bet that team B would win, they would need to have 6 points for you to win.
Working with Moneylines
This is the simplest form of sports betting and is based purely on who wins the game. The favourites to win are indicated with a minus and the underdogs with a plus. This means that you need to risk a certain amount to win. For example, if team A is -150, then you will need to bet $150 to win $100. If team B is +150, then you only need to bet $100 to get $150 if they win.
Betting on totals
Also referred to as over/unders, this is based on the total amount of points scored by both teams. So, if the options are over 250 or under 250, you’ll win if you bet over 250 and the score is in fact over 250 and vice versa if you bet under 250
Placing your first bet
Sports betting is widely practised and there are a ton of places where you can go to place your bets – just be sure that it’s legal in your area. You can go online and place your bets there or find out about bookies or casinos in your area.
Setting a budget
Regardless of the odds, you determine what you will be spending on your wager. It’s always recommended that you start small to figure out how everything works and once you have the hang of things you can always increase it. Don’t spend more than what you have budgeted as it can become a slippery slope.
Keep track of your progress
When you’re starting, you may make mistakes and that’s okay – as long as you learn from them. Keep track of what you spend and what you bet on, as well as the methodology used to choose your bets. This will help you to see what works and what doesn’t.
Keep it simple
With so many options available, it can be easy to become overwhelmed and take on too much too soon. Rather take a step back, identify what you know and what you don’t and take it from there. Start with the basics and get to know the process before you try to take on more.