Intro To Sports Betting
- Intro To Sports Betting Against
- Intro To Sports Betting Websites
- Intro To Sports Betting
- Sports Betting Websites
This guide provides novice bettors with a proper introduction to sportsbetting. Covered topics include selecting a betting site, navigating the sportsbook interface, understanding betting markets, and the fundamentals of proper betting strategy. The goal of this article is to establish a strong foundation of betting knowledge to avoid the development of bad habits early on.
- 2Odds Formats
- 3Betting Markets
- 4Selecting a betting site
As straightforward as sports betting is, there are several advantages to learning more about what’s involved before putting your money at risk. This introduction to sports betting is the ideal place to do that. This is designed for complete beginners. We want your eyes to be wide open. Not for all sports betting. This is why, in this introduction, the first article is a must-read. It underlines the dangers and benefits of sports betting and lets you determine if this is the right activity for you. We don’t say this because we want you to discourage sports betting. Sports betting is the act of risking money to predict the outcome of a sports game, with a win resulting in additional winnings and a loss resulting in the forfeit of your initial bet. With the sheer popularity of professional sports, it has become an excellent reason for people to gamble.
Start By Asking Yourself Some Personal Questions. Is Sports Betting Right For You? Sports Betting and Maintaining Sanity. Gambling of any kind has the potential to become addicting. Before you venture into the world of sports betting, make sure that you’ve got your priorities in order. Make sure that you’ve established clear goals ahead of time about what you’re looking to make happen.
Sportsbetting Introduction
Intro To Sports Betting Against
Sportsbettors attempt to predict the outcome of matches and wager accordingly. Bets are placed at sportsbooks which can be found in-person at casinos or online at betting sites. Later on we will discuss what you need to know about picking your first betting site. Sportsbooks take wagers on most sports however the ones that attract the largest amount of action are football, basketball, soccer, hockey, tennis, boxing, and MMA.
Odds Formats
Betting odds reveal how much money one would make relative to their initial risk if the bet were to win. The more likely an event is to occur the lower the odds will be. Winning such a bet would result in a smaller profit. These bets are referred to as having short odds. Consequently, the more unlikely an event is to occur the higher the odds will be. These wagers are said to have long odds, and would return a larger profit should they win.
It's important to note the difference between the terms betting lines and betting odds. Although sometimes used interchangeably, a betting line refers to the conditions that must be met for a wager to be graded as a win, while betting odds allows you to calculate the payout you will receive relative to the initial risk.
Odds are displayed in a variety of different formats. The frequency of use of each format varies throughout the world. Most modern sportsbooks allow you to select your preferred format. It may benefit you to learn different formats if you desire to communicate with other sportsbettors across the world. The three most common formats you will encounter are American odds, decimal odds, and fractional odds.
American odds
The American odds format is most frequently used in the United States. Positive and negative numbers indicate the profit a bet would yield relative to the initial risk. Negative odds display how much theoretical risk is required to net $100 profit. The more negative the odds the more likely an event is to occur. The LSU Tigers have -485 odds to win the game straight-up. A $485 risk would yield $100 in profit for a total return of $585.
| Team | Spread | Total | Moneyline | |
| LSU Tigers | -13.5 (-110) | Over 75.5 (-110) | -485 | |
| Oklahoma Sooners | +13.5 (-110) | Under 75.5 (-110) | +385 | |
Positive odds display the profit yielded by a theoretical $100 risk. The larger the positive number the less likely an event is to occur. The Oklahoma Sooners have +385 odds to win the game. Risking $100 would net $385 in profit for a return of $485. It's important not to confuse the positive and negative numbers of American odds with those of the spread.
The following table depicting the change-over between positive and negative American odds:
| American Odds | Risk | Profit | Return |
| -500 | $500 | $100 | $600 |
| -250 | $250 | $100 | $350 |
| -125 | $125 | $100 | $225 |
| -110 | $110 | $100 | $210 |
| -105 | $105 | $100 | $205 |
| -101 | $101 | $100 | $201 |
| +100 | $100 | $100 | $200 |
| +101 | $100 | $101 | $201 |
| +105 | $100 | $105 | $205 |
| +110 | $100 | $110 | $210 |
| +125 | $100 | $125 | $225 |
| +250 | $100 | $250 | $350 |
| +500 | $100 | $500 | $600 |
Decimal odds
The decimal odds format is used in Europe, Canada, and Australia. Betting odds are displayed as decimal numbers. Multiplying the initial risk by the decimal odds reveals the total return (which includes both risk and profit). The smaller the decimal odds the more likely an event is to occur. The Montreal Canadiens have 1.66 odds to win the match. Risking $300 on the Canadiens would yield a $498 return. Deducting the initial risk of $300 reveals that this bet would provide $198 in profit.
| Team | Puck Line | Total | Moneyline | |
| Montreal Canadiens | -1.5 (2.70) | Over 6.5 (1.91) | 1.66 | |
| Toronto Maple Leafs | +1.5 (1.50) | Under 6.5 (1.91) | 2.30 | |
Consequently the less likely an event is to occur the larger the decimal odds. Betting on the Toronto Maple Leafs at 2.30 odds would turn the same $300 risk into a $690 return for a profit of $390. The following table features some sample decimal odds and the calculations required to determine return and profit for a fixed $100 risk:
| Decimal Odds | Risk | Return Calculation | Profit Calculation |
| 1.20 | $100 | $100 x 1.20 = $120 | $120 - $100 = $20 |
| 1.50 | $100 | $100 x 1.50 = $150 | $150 - $100 = $50 |
| 1.91 | $100 | $100 x 1.91 = $191 | $191 - $100 = $91 |
| 2.00 | $100 | $100 x 2.00 = $200 | $200 - $100 = $100 |
| 2.10 | $100 | $100 x 2.10 = $210 | $210 - $100 = $110 |
| 2.50 | $100 | $100 x 2.50 = $250 | $250 - $100 = $150 |
| 3.00 | $100 | $100 x 3.00 = $300 | $300 - $100 = $200 |
| 5.00 | $100 | $100 x 5.00 = $500 | $500 - $100 = $400 |
Fractional odds
Fractional odds are less frequently used than American and Decimal. They are almost exclusively used when describing unlikely events which have long odds. Betting odds are displayed in the form of a reduced fraction. The profit of a bet is calculated by multiplying the initial risk by the fractional odds. This varies slightly from Decimal odds which displayed the total return instead. The smaller the fraction the more likely an event is to occur. The Los Angeles Lakers have 1/9 fractional odds to win the game. Multiplying a $300 risk by the 1/9 odds would reveal $100 profit.
| Team | Spread | Total | Moneyline | |
| Los Angeles Lakers | -11.5 (10/11) | Over 217.5 (10/11) | 1/9 | |
| Memphis Grizzlies | +11.5 (10/11) | Under 217.5 (10/11) | 6/1 | |
The larger the fraction the less likely an event is to occur resulting in a larger payout. The Memphis Grizzlies have 6/1 odds to win which means the same $300 risk now carries a potential $1,800 profit should they pull off the upset. Below are some sample calculations for various fractional odds based on a fixed $100 risk:
| Fractional Odds | Risk | Profit Calculation | Return Calculation |
| 1/4 | $100 | $100 x 1/4 = $25 | $25 + $100 = $125 |
| 1/2 | $100 | $100 x 1/2 = $50 | $50 + $100 = $150 |
| 10/11 | $100 | $100 x 10/11 = $91 | $91 + $100 = $191 |
| 1/1 | $100 | $100 x 1/1 = $100 | $$100 + $100 = $200 |
| 2/1 | $100 | $100 x 2/1 = $200 | $200 + $100 = $300 |
| 5/1 | $100 | $100 x 5/1 = $500 | $500 + $100 = $600 |
| 10/1 | $100 | $100 x 10/1 = $1,000 | $1,000 + $100 = $1,110 |
| 25/1 | $100 | $100 x 25/1 = $2,500 | $2,500 + $100 = $2,600 |
As previously mentioned fractional odds are mainly used to describe unlikely events such as which team will win their league championship. Stating that a team has 20/1 odds to win the title is easier to communicate compared to +2000 (American) or 21.00 (Decimal). Below are some sample NBA championship odds for some of the leagues' top teams:
| Team | Championship Odds | Risk | Profit |
| Los Angeles Clippers | 7/2 | $100 | $350 |
| Los Angeles Lakers | 7/2 | $100 | $350 |
| Milwaukee Bucks | 5/1 | $100 | $500 |
| Philadelphia 76ers | 15/2 | $100 | $750 |
| Houston Rockets | 8/1 | $100 | $800 |
| Denver Nuggets | 14/1 | $100 | $1,400 |
| Utah Jazz | 19/1 | $100 | $1,900 |
| Toronto Raptors | 21/1 | $100 | $2,100 |
Betting Markets
Betting markets are the different types of bets you can place on a game. The larger the sporting event the more betting markets are typically offered. The most frequent bets placed are moneylines, spreads, and totals. Betting markets may have different names depending on which part of the world you live in.
Moneyline
A moneyline is a bet on which team will win a given match outright. This term is most commonly used in North America, and is often given the abbreviation ML. Moneyline wagers are simple; if the team you bet on wins, your bet also wins.
Moneyline betting markets are normally written with just the betting odds (which determine the payout you will receive relative to your initial risk). In the example below the New England Patriots' moneyline is -180. This is American odds, and means a $180 bet will yield $100 profit for a total return of $280 if the Patriots were to win the game straight-up.
| Team | Spread | Total | Moneyline | |
| New England Patriots | -3.5 (-110) | Over 44.5 (-110) | -180 | |
| Baltimore Ravens | +3.5 (-110) | Under 44.5 (-110) | +160 | |
The moneyline market in Europe is often referred to as 12 (pronounced one-two). This indicates that there is two possible outcomes for the bet; 1 implies the home team winning, and 2 the away team. These markets include overtime. In the event that the match ends in a draw, bets will be refunded.
It is important not to confuse the two-way moneyline described above with the entirely different three-way moneyline. The latter does not
| Market | Abbreviation | Definition |
| Moneyline | ML or 12 | A bet on which team will win a match straight-up. |
| Total | O/U | A bet on if the combined total points or goals scored by both competing teams will be over or under a fixed number. |
Selecting a betting site
When you are ready to pick a betting site first consider which ones are available in your country or state. Most sportsbooks restrict access to residents in certain parts of the world. Betting Wiki lists the available countries on each sportsbook's respective page. Once you have comprised a list of possible sites
Here is a concise list of steps to take when choosing your first betting site:
- Create a list of every betting site available in your country or state.
- Research each site's reputation to ensure they are legitimate.
- Check which sportsbooks offer your preferred deposit and withdrawal methods.
- Determine if the betting site offers sharp or square lines.
Availability
Many online sportsbooks only accept customers from certain countries (or states). The first step to choosing a betting site is to draft a list of eligible options available in your region.
Betting Wiki includes a table of available countries on each sportsbook's respective wiki page:
| Example Sportsbook Availability by Country | |||||
|---|---|---|---|---|---|
| Albania | Australia | Austria | |||
| Belarus | Belgium | Bosnia | |||
| Bulgaria | Canada | China | |||
| Croatia | Czechia | Denmark | |||
| Estonia | Finland | France | |||
| Germany | Greece | Hungary | |||
| Iceland | Ireland | Italy | |||
| Japan | Latvia | Lithuania | |||
| Macedonia | Mexico | Moldova | |||
| Montenegro | Netherlands | New Zealand | |||
| Norway | Poland | Portugal | |||
| Romania | Russia | Serbia | |||
| Singapore | Slovakia | Slovenia | |||
| Spain | Sweden | Switzerland | |||
| Ukraine | United Kingdom | United States | |||
Reputation
Only use betting sites that have a clean reputation. Researching the history of a sportsbook will reveal any past incidents that have occurred. Betting Wiki aims to list any concerning events in the history section of a sportsbook's respective wiki page.
Deposits
Each betting site offers customers different ways of funding their accounts. Most sportsbooks accept credit card deposits, while others offer convenient alternatives such as direct bank transfers and cryptocurrency. Before deciding on a betting site ensure that your desired deposit method is offered. Bettors should also make themselves aware of any limits or additional processing fees associated with that payment option.
Betting Wiki maintains an updated table on each sportsbook's wiki page displaying offered deposit methods, minimum and maximum limits, as well as processing fees.
| Example Sportsbook Deposit Methods (USD) | |||||
|---|---|---|---|---|---|
| Method | Min | Max | Fee | ||
| VISA | $45 | $2,500 | None | ||
| MasterCard | $45 | $2,500 | None | ||
| MoneyGram | $100 | $500 | None | ||
| eCheck | $100 | $5,000 | None | ||
| e-Transfer | $250 | $1,000 | None | ||
| Bitcoin | $45 | No limit | None | ||
| Bitcoin Cash | $45 | No limit | None | ||
| Litecoin | $45 | No limit | None | ||
Withdrawals
Before proceeding to make a deposit it is crucial that bettors are aware of a sportsbook's withdrawal policies. Verify that your preferred payout method is offered. Similar to the previous section it is also important to note the fees, processing time, and limits associated with each withdrawal option.
Detailed information on a sportsbook's withdrawal options will be made available on their wiki page:
| Example Sportsbook Withdrawal Methods (USD) | |||||
|---|---|---|---|---|---|
| Method | Min | Max | Fee | Process Time | |
| Bitcoin | $25 | $5,000 | None | 2 hours | |
| Bank Wire | $500 | $5,000 | None | 1 week | |
| eCheck | $50 | $3,000 | None | 1 week | |
Sharp or Square
The last criteria to evaluate is whether a betting site offers square or sharp odds. It helps to first understand how oddsmakers set betting lines. Although simplified, a sportsbook desires to have an equal amount of money staked on both sides of a given market. This guarantees profit as a result of the bookmaker's commission (known as vig).
Let's look at an example match to illustrate this concept. A moneyline bet is a wager on which team will win the match. The Baltimore Ravens and New England Patriots both have the same odds of winning at -110. For those not familiar with American odds, this means a $110 risk would yield $100 profit for a total return of $210 if that team were to win.
| Team | Spread | Total | Moneyline | |
| New England Patriots | PK (-110) | Over 49.5 (-110) | -110 | |
| Baltimore Ravens | PK (-110) | Under 49.5 (-110) | -110 | |
Imagine that a betting site's customers wagered a combined $22,000 on this game's moneyline market. The ideal scenario for a bookmaker would be to have a total of $11,000 bet on the Patriots and $11,000 on the Ravens. In this scenario regardless of which team wins they will pay $10,000 to the winners and collect $11,000 from the losers for a net return of $1,000.
With this in mind one can see how oddsmakers must anticipate how their customers will perceive the lines they set. It is often not optimal for a sportsbook to set a line based strictly on the expected outcome determined by statistics. Bettors often believe certain teams are stronger or weaker than they actually are. In the previous example match assume that the math indicated that on average the Ravens would beat the Patriots by 3.5 points. At the time of writing this guide the Patriots are a team many people frequently bet on. Releasing a spread of 3.5 based strictly on the expected outcome would likely result in a distinct imbalance in money staked. Instead the spread is adjusted to 0.0 (PK) and both teams are given equal betting odds on the moneyline in order to attract net action to the other side.
While this has been simplified it provides enough foundation to define the concepts of square and sharp. These terms can be used to describe individual lines or entire betting sites. It's important to note that different sportsbooks offer different lines for the same match, adjusted for their respective customer base.
A square line is one that has a large deviation from the expected outcome. Oddsmakers adjust the line to make the side they expect a majority of their customers' action to be placed on less favourable. This is done to attract more bets to the other side in an attempt to achieve a balance of action.
Consequently, a sharp line is one that has a smaller deviation from the expected outcome. Betting lines are close to what statistics would indicate is the average outcome of the game (if it were to be played many times over a large sample size).
It is common for betting sites to exclusively deal sharp or square lines. This is dependent on their respective customer bases' betting habits. Square sportsbooks cater to recreational and novice gamblers. Inexperienced sportsbettors are generally more inclined to bet on the square side of a given market. To take advantage of this oddsmakers shift the line to make it less favorable to bet on. This works to attract more bets to the other side in order to achieve a balance. And if it were to fail, and a majority of bets are still placed on the square side of the game, those bettors would be at an increased disadvantage for having a worse line relative to those available at competing sportsbooks. Those paying close attention might ask themselves why experienced bettors with large bankrolls don't take advantage of square adjustments by betting on the other side. These square sportsbooks generally prevent knowledgable bettors from doing this by restricting access, offering low betting limits, and issuing dual lines.
Sharp betting sites generally have a more diverse customer base. Novice, intermediate, and experienced sportsbettors allow the site to issue lines that are closer to the expected outcome. Even if a large portion of novice and intermediate bettors take the square side, experienced bettors would balance it out by placing larger wagers on the other side.
Sportsbook Interface
Intro To Sports Betting Websites
Betting Habits
Glossary
Below is a list of common sportsbetting terms and their corresponding definitions. For a more detailed explanation as well as examples visit each term's respective wiki page.Glossary of Sportsbetting Terms
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What is Sports Betting?
Sports betting is the act of risking money to predict the outcome of a sports game, with a win resulting in additional winnings and a loss resulting in the forfeit of your initial bet. With the sheer popularity of professional sports, it has become an excellent reason for people to gamble. Sports games happen yearly according to a schedule, making them easy to know of beforehand and plan for.
People have been betting on sports for years, even in the United States where it is legal in just a few areas. The sports include those played by humans, like basketball, football, soccer, and other similar team sports. They can also include events participated in by animals, like dog and horse races.
What you might not know is that contests like beauty pageants and shows like Survivor have also recently become forms of sports betting. If there’s some form of competition that results in a winner, betting on the outcome likely would classify as sports betting. So if you make a bet to see who wins a pickup game between you and your friends at a local gym, that counts as a sports bet too.
Intro To Sports Betting
Who Can Bet On Sports?
In order to participate in sports gambling, you must be over the age of 21 and live within a state that has legalized sports betting. Some states have legalized it partially, while others states are fully legalized. Right now, fully legalized states included Nevada, Delaware, New Jersey, West Virginia, and Pennsylvania. Rhode Island and Mississippi require you to gamble in-person, and New Mexico is fairly flexible so long as you don’t bet on state college games.
Beyond legal requirements, anyone can bet on sports! It’s an excellent way to connect and engage with a sport when you yourself might not be able to play it. Maybe you don’t have much time, or maybe your body isn’t as limber as it used to be. Spectating has been a sport since the dawn of sports, but it can become much more exciting when you add some risk to it!
For your best results, you should stick to sports that you already watch and understand well. If you’re an avid football fan, bet on games involving your favorite team. It takes much less effort to make an educated bet when you already know the game and teams you’re betting on beforehand. Or, you can always get an insider scoop from experts that you trust!
Where can I Bet On Sports?
Even though the supreme court removed a federal law prohibiting sports betting last May, only a few states have made the leap to legalizing sports betting. Here are the current states with legalized sports betting and the stipulations behind them:
- Nevada – Fully legalized here! Home to the nation’s betting central, Nevada was the first state to recognize sports betting as a legal activity. You can place sports bets in person or online.
- Delaware – Also fully legal here. You have the flexibility of betting in person or online.
- New Jersey – Another legalized state that was one of the first to follow in Nevada’s footsteps. New Jersey serves as the headquarters for sports betting on the East coast. You can place bets in person or online.
- West Virginia – Fully legal! Place your bets online or in person.
- Pennsylvania – Completely legal. Conveniently bet online or place them in person.
- New Mexico – Nearly completely legal. You can place bets online or in person, but you cannot bet on the outcomes of any games related to New Mexico State or the University of New Mexico.
- Rhode Island – Introductory steps of legalization, you can only place bets in person, NOT online.
- Mississippi – Still freshly legalized, bets can only be made in person, NOT online.
So long as you’re located within one of these states, you’re eligible to bet on sports! If you wish to place your bets in person, visit local casinos or betting establishments to get your bet in. If you prefer the comfort of your own home and live within Nevada, Delaware, New Jersey, West Virginia, Pennsylvania, or New Mexico, easily place your bet online!
If you’re located in New Jersey, you’ve got an edge up on your competition. New Jersey is home to countless sports betting websites, all with different offers to choose from. One of your best options is definitely Sugarhouse Sportsbook & Casino.
Plus, if you follow the link and use the code found there, you can have 100% of your deposit matched (up to $250), with an additional shot at a spin-to-win for an extra deposit on top of that! That’s not an offer you’ll find anywhere else, if you want to bet on sports in New Jersey, Sugarhouse Sportsbook & Casino is the place to go!
What rules do I need to follow?
For participating in sports bets, the common rules of acceptable gambling apply. Those common rules require the following three things:
- No Cheating: Nobody likes a cheat, and in gambling, it’ll cause you to lose the privilege to gamble in the first place. Casinos will ban you from entering, and worse, you may have to pay compensatory fines. For sports betting, this would entail betting on both outcomes simultaneously, while using affiliate programs to earn additional income, resulting in no loss on your part. Online marketplaces understand this scam well, and are likely to catch you.
- Don’t Influence the Outcome: This is a little harder to do for professional sports, but it still applies. Attempting to sway the outcome of an even in your favor is against the rules. A great example of this would be in dog or horse racing, where an owner might intentionally cause their animal to lose races, so they can win more when actually trying.
- Pay Your Dues: Probably one of the most critical rules to gambling, paying your dues. Gambling is fun and games until you realize you’ve lost, and now you owe somebody money. Betting does entail responsibility – the assumption that you have the money to back up whatever you’re betting. So bet smartly and only with what you can pay, and if you do lose, pay up. Otherwise you risk costly fines, potential jail time, or even physical injuries.
Sports Betting Websites
Beyond common rules applicable to any form of gambling, sports betting comes with its own set of rules, typically unique to each sport and betting website you choose to use. With each sport comes a specific set of bets, each of which has rules and regulations regarding how and when to bet, and how you can satisfy win conditions. Furthermore, each website you use will have its own set of rules regarding how you bet and win, so be sure to thoroughly read the rules of each website and sport you choose to bet on.