The sports betting industry in the United States has seen extraordinary growth in recent years. And now that the coronavirus pandemic is coming to an end, it is expected to become even bigger than anyone could have anticipated.
That is why this is the perfect time to get started in sports betting. Betting on sports is a great way to have a lot of fun, get more involved with sports, and possibly earn a lot of money too.
However, with so many terms and methods to the practice, it might be overwhelming to start. But once you learn how to bet on sports, you’ll feel much more confident when it comes to sports betting.
So if you would like to learn more, then keep on reading and we will take you through everything that you need to know.
- Favorites vs. Underdogs
When the bookmakers release a betting line on a sports game, the first thing that you have to do is figure out which team is going to be the underdog and which is going to be the favorite.
The favorite is the team that people expect to win the game and will show a minus sign next to its odds. The underdog, on the other hand, is expected to lose and they will get a plus sign.
If it can’t be decided who is the underdog and who is the favorite, then the books will open it as “pick’em” or “pick.”
There are two main ways that you can bet on an underdog or a favorite. The first way is with the point spread. This is basically when you bet on the margin of victory.
An underdog “gets” points while a favorite “gives” points.
For example, let’s imagine that the New York Mets are 3-point favorites (-3) against the Atlanta Braves.
If you bet on the Mets, then they need to win the game by four points or more in order for you to win the bet. If the Mets do win by at least that many points, then you “cover.”
If the Mets win by exactly three points, then that is known as a “push” and you get all of your money back.
If the Mets win by two points or fewer, or they lose the game, then you lose the money that you wagered.
On the flip side, if you bet on the Atlanta Braves “plus the points” (+3), then you either need the Braves to win the game or lose by two points or fewer in order for you to cover (or win) the bet.
Spreads are available for all sports. However, they are mainly used when betting on high-scoring games, like basketball or football.
- Money Lines
The other way to bet on an underdog or a favorite is on the money line. This is only based on which team is going to win the game.
Favorites are given a “minus” designation, such as -100, -250, or -300. If a favorite is -100, then that means that you need to risk $100 to win $50. If the favorite wins, then you get $50, but if they lose then you lose your $100 bet.
An underdog is going to get a “plus” icon. This can be something like +100, +250, or +300. If an underdog is +100, then that means that if you bet $50 on that team and they win the game, you will win $100.
If they lose the game, then you lose the $50 that you risked. Because underdogs are expected to lose the game, you will win more money when you bet on them and they win.
Money line bets are available for all sports. However, they are mainly used when betting on low-scoring games, such as soccer, hockey, and baseball.
- How to Place a Bet
Sports betting isn’t legal in every state. But it is becoming legal in more states with each passing year. It is important that you check to see if your state allows for legal sports betting before you actually make any bets in that sates.
Some of the biggest states that have legalized online gambling include West Virginia, Indiana, Pennsylvania, New Jersey, and Colorado.
You can do your research and see which online gambling sites are the most reputable in your area.
- How Much to Bet
When it comes down to it, you’re going to have the final say on how much money you decide to wager on a game. However, it’s generally recommended that you should only risk what you able to afford to lose.
Sports betting should be seen as entertainment first. If you don’t think that you can handle the pain of losing $10,000 or $500 or even $50, then don’t bet that much.
You should start small and place minimum bets and then work your way up as you get more comfortable and confident.
The Importance of Knowing How to Bet on Sports
Hopefully, after reading the above article, you now have a better idea of how to bet on sports. As we can see, it’s not really that hard once you break it all down.
It’s important, however, that you start small and slowly ease into the practice of betting on sports. This way, you can have fun and learn without risking too much money.
As you get better at it, you can start making bigger bets and coming up with different strategies so that you’ll be able to increase your chances of winning.
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