Sports betting is one of the oldest and most famous forms of gambling. People bet on sports long before the internet existed. For example, betting on horse races has a rich history in the United Kingdom since 1665.
Much has changed with the advent of the internet. But, the basic concept of sports betting stayed the same. Even so, many people still make mistakes and lose a lot. Get simple tips and learn how to maximize your betting earnings today.
What is sports betting? Your ultimate guide to placing your first bet
It’s unclear the exact time or where sport betting started, but records point to it as the oldest and most famous form of gambling globally. In this article, we address all your questions and concerns about betting.
What is sports betting?
For hundreds of years, people from all over the globe have been practicing sport gambling activities. In short, sports gambling has been there for the longest time—in fact, as far as organized sporting activities have been present. And even today, many sport’s fans regard sports betting as their favorite pastime.
What is “sportbetting?” The short answer to this question is this; a sports bet entails staking money and making predictions on the outcome of sporting activity. If your prediction is right, you get paid from the betting site you staked your cash. Even so, there’s more to placing a sports bet than just placing wagers. Let’s learn more.
How to bet on sports?
Before you begin, read about the laws that regulate sports betting activities in your country. Know whether it’s legal or prohibited and the rules that govern its activities. Also, remember that many countries pose taxes on profits you gain from a sports bet.
The first step in betting entails identifying the platform where you’ll place your wagers. Traditionally, betting was a tedious process since you had to visit a land-based bookie or land-based casino to bet and claim your payouts. Over time, this has changed significantly since many casinos and bookmakers have shifted their businesses online, especially in the last two decades.
Today, the betting process is simple and straightforward once you have a smart gadget. Many online casinos develop their websites to have a user-friendly interface compatible with smartphones, tablets, and PCs. All you need to do is choose an appropriate website and register an account with them. Once you log into your account and select the sport you want to bet on, you’ll find a list of betting entries showing odds on different matches.
Choose the match you’d want to bet on before clicking on your prediction. Of course, you’ll need money to place a wager, so ensure there’s some cash in your account before placing the bet. Every betting agency has its terms and conditions of service. Ensure that you are comfortable with them first before registering for an account.
These sites also have a lot of valuable information to help you navigate through and place wagers. Take your time to learn more about them, including their promotions and the advantages they offer to their customers.
Every bookmaker calculates odds differently. Because they can’t determine who wins a game, they always add a marginal profit on the odds to guarantee their profits regardless of the results. For that reason, you may open accounts with different agencies and compare the odds so that you place your wager where you stand to earn more.
If you choose to sports bet through a land-based bookie, visit their betting window and inform the attendant what sport you want to bet on and the amount you wish to stake. Some bookies offer a betting paper with matches listed, so you can proceed to mark your selections.
After placing your bet and handing over your stake, the bookie will issue you with a bet slip containing the wagers and amount. It’s this slip that you’ll use when you want to claim your winnings in case your prediction is correct.
However, some betting agencies offer free bets to new customers or as promotions to their loyal subscribers. If that’s the case with the site you’re using, you may place wagers without staking real money.
Why do people bet?
People can bet for different reasons. But the majority of sports gamblers do so for either monetary gains or fun.
Those betting for fun (recreational bettors) are mostly sports lovers and have a great interest in specific sporting activities. Betting allows them to showcase their more in-depth understanding of the sport.
They enjoy the excitement and the fun of making predictions on an activity’s outcome before it starts, and the odds’ turning out to be correct. Although they make money, it’s not their primary interest. The most important thing for this set of bettors is guessing the right outcome of their favorite games.
They’ll also relish watching a game after predicting the outcome and proving whether they’re either right or wrong.
On the other hand, a prominent proportion of people worldwide sports bet to gain profits, and we bet that’s the group you’re more interested in joining. You want to place bets specifically to get payouts. Many successful gamblers make their fortunes strictly from betting, whereas another group of bettors struggles to gain much—but progressively strive to bridge the divide.
The reasons for this disparity can be numerous, considering that betting is a game of chances. Some people get breakthroughs when sports betting because they’re lucky, while the majority reap massive rewards due to their knowledge and understanding of the games.
Who can bet?
Everyone can bet, but not everyone can succeed in sports betting. Being a successful gambler takes a lot more than just placing odds and getting profits. Before you commence your sports bet hobby, ask yourself these questions.
- Are you a risk-taker?
- Do you have a soft spot for sports?
- Do you have an addictive personality?
- Can you afford to lose money?
Now review your questions. If you answered “yes” to the first, second, and fourth questions and “no” to the third, then betting might be the game for you.
As we mentioned above, betting is more of a game of chance. Even if you follow the due guidelines, the outcomes can still go wrong. Losing money is part of the process, especially while starting. However, the more you grow into it, the more you learn how to play with the odds and observe the lines.
That’s why you must take calculated risks and be ready to lose money as a beginner. Having an interest in the sport you’re betting on gives you the zeal to always try even after losing for the first time. This isn’t to say you won’t make profits on your first attempt. Many punters receive life-changing gains from their first wager.
Betting is very addictive. It needs a lot of self-discipline to succeed. Strategic wagering entails being in control and betting within reasonable limits. An excellent way how to do this is mastering the bankroll management skills.
Types of bets
There are several types, but the most common bets are the straight wins, the parleys, the futures, and the in-plays.
- The win bets – They’re the most common and are relatively straightforward. It’s where you place a wager on who you think might win the game. Their odds depend on the estimated chances of your team winning.
- The parleys – They consist of two or more selections. If you place a sports bet on many matches, the bookie adjusts the odds according to the group you pick.
- Futures/ Outrights – They’re bets you place on who you think the winner of a specific competition, tournament, or league will be. They’re open for wagering before the event starts.
- The In-Plays/ Live bets –Allow wagers to bet on events in progress.
Where to bet?
There are many sites where you can place your bets. Before investing your money and time in any sports bet agency, ensure they are legitimate and genuine. A legit website should be transparent with its legal information, including licensing. They also share the names of commissioners and authorities that regulate them. Most of them also offer their subscribers many benefits in the form of free bets, free sports bet bonuses, and fantastic promos. Jump in and take advantage of the sports bet opportunities.
What are the odds?
Wagers are based on odds—the likelihood of a specific outcome in an event. They’re multiplied with your stake to calculate the profits you accrue in case your predictions are right. Many gamblers call odds “wager prices” since they determine the value of a wager and weigh upon your decision to pursue the odd.
Each wager can have three types of odds, Odds On, Odds Against, and Odds Even. Odds On show that your possible winning will be less than your stake. Odds Against indicate higher winnings, while Odds Even mean your winnings will be the same as your stake amount. Many beginners like this type since they gain experience without losing money, though they don’t earn.
Betting agencies express odds in three different formats. The most common format is the decimal odds, in which they use a decimal point to separate the whole number from the fractional part, e.g., 2.00, 3.50, etc. It’s remarkably easy to use and has quickly gained traction as the standard. The fractional format is used widely in the UK and expresses odds in a fractional form like 4/6, 3/8, 2/5… The last format is the American (Moneyline) odds. It’s popular in the USA and expresses its odds with either a plus or a minus sign. Example, -300, -250, -150, etc.
How to win?
Winning bets solely depends on the accuracy of your prediction. However, you can also maximize your profits by understanding the value of the odds and considering the simple guidelines of placing a bet. What’s more, you can browse different online sportbetting websites and see the difference in their odds. Go for what gives you maximum profits.
After receiving your winnings, you can cash out through your online betting account if you bet through an online-based bookie. If your bookie is land-based, you’ll have to visit their betting window with your bet slip and claim the profits.
Wagering on your favorite team can be so much fun, plus you can win a life-changing amount of money. However, you have to remain vigilant and responsible while placing your odds. Mastering the bankroll management skills and proper management of your winnings will enable you to gain better profits.
Learn how to bet like a pro with our complete guide
At first, sports betting looks easy. However, that’s all but true. Sports betting is a challenging form of gambling. But when done right, it can also be very lucrative. The basics of sports betting are pretty straightforward. That’s why this form of betting is so attractive.
But, there is more to learn to get the most out of your bets. Ever wondered why your friends win their bets, time after time. The answer is quite simple. Improve your betting strategy with our premium guide. And avoid common mistakes. Online betting is fun. But making money while you are betting is more fun.
As mentioned earlier, the basics of sports betting are fairly simple. However, becoming a professional is on another level. Without any knowledge, you just end up losing money. So be prepared to invest time into sports betting. In the end, it really pays off.
In the next chapter, we describe the most common types of bets. But every type of bet comes with odds. An odd is a number between the range of 1 to infinite. For instance, a single wager returns the odds of 1.40. Placing a bet of C$10 returns winnings of C$14.
As you can see, placing single bets is not putting money into our pockets. Luckily, bookmakers provide the opportunity to combine the odds of multiple bets. The combination creates a new odd visible on your bet slip. In the right picture, you see a clear example of a combination bet. For the sake of convenience, we placed a bet of C$10. The total odds and cash out potential are far more attractive than with a single wager.
The most bookmakers allow up to 10 or 12 combinations. As you can imagine, the total odds of your bet slip can be outrageous. However, with so many different bets, the chance of winning all of them is practically zero. Therefore, you must stick to our strategy, which gives the best chances of winning. If you are familiar with sports betting, jump to the last chapter: The Ultimate Strategy.
Types of sports betting
The first betting type is the money line. The money line is the simplest type of wager. For example, Liverpool is matched up against FC Barcelona. Liverpool is the most favourable team of this matchup. Therefore, the odds are determined at 1.43 for Liverpool.
On the other hand, the odds of the underdog are determined at 2.10. Let’s say you place a bet of C$100 on FC Barcelona. You win C$210 if Liverpool loses the match. The last option is a draw. The principle is the same as the other options. You place a bet on the event that neither one of the teams wins the match.
The second type is points spread betting. This type of betting is a bit more complicated than the money line. With spread betting, the outcome must cover the spread to win your bet. As a result, sports betting becomes more interesting for both teams. For example, the Giants play against the Dolphins. The teams are determined at the following odds:
- The Giants: -4.5 points (-110)
- The Dolphins: +4.5 points (-110)
As shown above, the Giants are the favourites. They need to win with 4.5 points or more to win the bet. If that fails, the Dolphins stayed within their cover. So, they will win the best instead. The -110 means that you need to wager C$110 to win C$100.
Another type is proposition betting. A proposition bet is based on a specific event during the match. For example, the first player who scores a goal. Or the first player who gets a yellow or red card. These kinds of bets come with high odds. However, the chance that the event occurs is pretty low. This kind of betting is fun during big tournaments with a couple of friends drinking some beers. But, don’t include this type of bets in your strategy.
The ultimate strategy for sports betting
The ultimate strategy starts with a lot of research. Pick a sport of interest and get familiar with players, teams and competitions. Becoming aware of statistics, characteristics and more information are the first steps. A lot of bookmakers offer tools that provide information about the match. But without knowledge of the sport and competition, the info means nothing. Once you are familiar with the sport, you can start applying the strategy. The strategy consists of the following three steps:
- Never pick more than 3 different matches.
- Only use the following options to make up your bet slip:
- Total under/over (goals/points)
- Including overtime
- Both teams to score
- Never bet more than C$10 at once.
Never pick more than 3 different matches
The first step is the most important rule. Placing bets on more than three matches is too risky. Every match demands you to choose between win, loss or draw. Therefore, predicting all the outcomes is very unlikely even when there is a favourite. So, narrow down your bet slip to a maximum of three matches.
The total odds of the bet slip is probably low and unattractive. The next step increases the odds with less increase in risk. After you concluded three matches, start looking into total over/under betting options. Add these extra options for each match based on previous head to head history. 9 out of 10 times bookmakers provide this information alongside the betting options. Otherwise, choose one of our top bookmakers: Betway Sports or Pinnacle Sports.
In general, you should pick 2 extra options per match, such as total goals over 2.5 and both teams to score. These options increase your totals odds making it more lucrative.
Only the use the following options to make up your bet slip
As mentioned in the first step, there are some extra bettings options to increase your total odds. We listed the relevant options:
- Win, lose or draw.
- Total goals or points over/under.
- Both teams to score.
- Including overtime.
The list doesn’t cover all options. But it gives good insights into what kind of betting types are interesting. Why only choose from these options? The options increase your total odds without taking too much extra risk. Moreover, the information available on these statistics is super valuable.
For instance, the match history of two teams tells the total amount of goals is always over 2.5. The chance that this will happen again is very acceptable. As a result, your total odds increase and your risk management stay low.
Never bet more than C$10 at once
The last step is to never bet more than C$10 at once. It’s better to spread your risk with multiple bets than putting all your money on a single bet. This way, you can enjoy the fun of more bets. To end our guide, we provided an example bet slip made up using the ultimate strategy. Now it’s up to you to make real money with sports betting.