Betting on sports can be a fun and exciting way to engage with your favorite games, teams, or players. Whether you’re a novice or someone looking to refine your skills, this guide will break it down into easy-to-follow steps to help you get started on the right foot. Let’s dive in!
Step 1: Understand the Basics of Sports Betting
Before you place your first bet, it’s essential to know how sports betting works. Here are some key terms and concepts:
Odds
Odds reflect the likelihood of an outcome and determine your potential winnings. The longer the odds, or the less likely the outcome, the higher the potential winnings. The shorter the odds, or the more likely the outcome, the lower the potential winnings.
At US sportsbooks, odds are presented as American odds (-110, +200, +1000, etc.). Unfortunately, these are a bit confusing if you’re unfamiliar, but they’re easy to understand once you get used to them:
- Positive number odds (+100, +200, +1000) represent how much you’d win if you bet $100, but it applies to all bet sizes. For example, a $10 bet on +100 odds pays out $20.
- Negative number odds (-110, -200, -1000) represent how much you’d need to bet to win $100, but it also applies to any bet size. For example, a $10 bet on -110 odds pays out $19.09.
Don’t worry, I too need to use a betting calculator to figure out the payout for most minus odds bets. The sportsbook itself acts as that calculator, allowing you to type in your bet amount to see what your payout will be before you place your bet. There are also tons of sports betting calculators online that make things easier.
For more information on how sports betting odds work, read our handy guide.
Types of Bets
Once you understand how odds work, you’ll find that both real-money and social sportsbooks offer several different types of bets to choose from:
- Moneyline: Betting on who will win.
- Point Spread: Betting on the margin of victory.
- Over/Under (Totals): Betting on the total combined score of both teams.
- Parlays: Combining multiple bets into one for higher payout.
- Prop Bets: Betting on a player or team’s performance, regardless of the final result of the game.
- Futures: Betting on a future result, such as the eventual league championship.
Step 2: Find a Good Sportsbook
In every US state except for Idaho and Washington, you can make picks on sporting events for the chance to win cash prizes.
If you’re in a state with real-money online sportsbooks, such as Illinois or New York, you can choose from a variety of locally-licensed apps, such as BetMGM, DraftKings, and FanDuel.
If you’re not in a state with real-money online sportsbooks, such as California or Texas, you can play at social sportsbooks. These allow players to use app-specific currency. The “cash” currency, also sometimes called Sweepstakes Coins, can be redeemed for a cash prize.
Regardless of location, things to look for in a good sportsbook app include:
- Sports Selection: Make sure they have the sports you’re looking to bet on.
- Bet Types: The sportsbook should have a variety of picks within your preferred sports.
- Odds: Compare them to other sportsbooks. Do they offer better win potential than the competition?
- App Rating: Do users enjoy using the app? What is its rating on the App Store or Google Play?
- Signup Bonus: A great sportsbook should entice new signups with a generous welcome offer.
- Payment Options: Check to make sure you can deposit/buy coins and cash out/redeem cash prizes with your preferred payment method, such as online bank transfer or PayPal.
Step 3: Set a Budget and Stick to It
Sports betting should be entertaining, not stressful. Determine a budget you can afford to lose and stick to it. This practice is called bankroll management and is a key component of responsible gambling.
No win, no matter how seemingly-certain, is guaranteed. Ask any sports bettor. That’s why trying to recuperate losses by betting more is a good way to bury yourself with more losses.
Step 4: Start Small
As a beginner, it’s wise to keep your bets simple and small. Focus on:
- Single bets rather than complicated parlays.
- Familiar sports or leagues where you already have some knowledge.
You’ll find yourself branching out in no time. But don’t bit off more than you can chew. Starting small is a great way to learn the ropes, even if that means learning the hard way. Making a mistake with $5 is a lot easier to learn from than making a mistake with $100.
Step 5: Track Your Bets
Keeping a record of your bets helps you understand your strengths and weaknesses over time. Note the following for each wager:
- The event and type of bet.
- The odds.
- The stake amount.
- The outcome.
It’s fun to keep a spreadsheet of these bets to give yourself a bird’s eye view of your betting. When you know your strong suit, you can give yourself the best chance of success.
Step 6: Stay Disciplined and Learn Continuously
Sports betting is a marathon, not a sprint. Maintain discipline and avoid emotional decisions. Learn from both your wins and losses to improve your strategies.
Remember: No one wins every time, so keep your expectations realistic.
Conclusion
Betting on sports can enhance your enjoyment of the game, but it’s important to approach it responsibly. By understanding the basics, choosing a reliable sportsbook, managing your budget, and continually learning, you’ll set yourself up for a rewarding experience. Happy betting!