Over the years, the daily emergence of fantasy sports has led to a revival of conventional sports betting. The stigma against gambling that existed for decades is fading in popular culture, opening the door for a massive, billion-dollar sports betting industry.
Millions of sports fans are looking to enter the betting market for the first time, but where should they start? Here is an introduction on how to bet on sports. We’ll be adding more content to this series in the coming weeks.How to Bet on Sports for Beginners
1. Favorites vs. Underdogs
When bookmakers open a bet on a game, the first thing done is to decide which of the two teams should be the favorite and which the underdog. The favorite is the team expected to win the match, while the underdog is expected to lose.
2. Point Spread (Handicap)
There are two different ways to bet on a favorite and an underdog. The first is the point spread. It is based on which of the two teams covers the spread. Points are taken away from the favorite, while they are given to the underdog. For example, let’s say the Patriots are favorites with -7 points against the Jets.
If you bet on the Patriots, they need to win the game by 8 points or more for you to win your bet. If the Patriots win by exactly 7 points, it’s called a “push,” meaning you get back the money you originally bet. If the Patriots win by 6 points or less (or lose the game outright), you lose your bet.On the other hand, if you bet on the Jets “plus the points” (+7), you need the Jets to win the game or lose by six points or less for you to win (or cover) your bet.The point spread is available for all sports, but it is primarily used when betting on football and basketball.3. Moneyline/To Win
The second way to bet on a favorite or an underdog is through what is known as the moneyline or to win. This is solely based on which team will win the game. Favorites receive a “minus” designation, such as -150, -200, or -500. If a favorite is -200, it means you have to risk $200 to win $100. If the favorite wins, you get $100, but if the favorite loses, you lose the $200. Because favorites are expected to win, you assume more risk when betting on them.
Underdogs receive a “plus” designation, such as +150, +200, or +500. If an underdog is +200, it means that if you bet $100 on them and they win the game, you get $200. If they lose the game, you only lose the $100 you risked. Because underdogs are expected to lose, there are more rewards when betting on them.The to-win market is available for all sports, but it is primarily used when betting on baseball, hockey, and soccer.4. Total Points (Over/Under)
In addition to setting a line for the favorite and the underdog, bettors will also set a total number of points scored in a game (by both teams combined). This is called the “total” or the “over/under.” Bettors can bet on whether the game will exceed or fall short of the total points in the match.
For example, an NBA game between the Celtics and the Bulls might have a total of 215. You can bet over 215 or under 215. If you bet over 215 and the total points scored are 216 or more, you win your bet. If the total points scored are 214 or less, you lose. It’s common to find this with fractions, for example, 215.5, to eliminate any doubt about winning or losing a bet.
5. What does -110 mean?
Bookmakers impose a “tax” on each bet, generally called “juice” or “vig” (short for “vigorish”). The “juice” is the commission that must be paid to the sportsbook for accepting your bet. Let’s say the Duke Blue Devils are -5 points with odds of -110, that means if you want to bet on Duke as a 5-point favorite, you must risk $110 to win $100.
The “juice” can also be a positive number, like Penn State -7 with odds of +110. This means that if you bet $100 on Penn State as a 7-point favorite and they cover, you win $110. If they lose, you only lose the $100 you risked.
6. Placing a Bet
Bettors have two options when placing a bet. You can go to place a bet at a book or casino in Las Vegas, or you can open an online account with a betting house.
7. How Much to Bet
In the end, you have the final say in what you are willing to risk while betting, but a good rule is to only bet what you can afford to lose. Sports betting is a marathon, not a sprint. There will be both good and bad days, and as a result, we recommend always betting the same amount as an approach to the world of betting.
This means betting the same amount on each game and risking only 1% or 5% of your bankroll per bet (your bankroll is the money you have available to bet). For example, if you start with a bankroll of $1000, you should risk no more than $50 per bet. By using fixed bets, bettors protect themselves against losing their entire bankroll during a bad streak, but they also prepare for a positive return when winning.8. Line Movement
Like stocks in the stock market, betting markets are fluid. Throughout the day, bookmakers will adjust the odds depending on the action and information they receive, such as injuries and weather. For example, if the Vikings open as 7-point favorites and most bets are placed on the Vikings, you might see the lines move from -7 to -7.5. The line can move further, even up to -8, or it may go back to -7.
You can monitor the lines for each event you’re interested in from your favorite bookmaker’s website or through your mobile app.
