According to research, sports betting is the most popular form of gambling in the United States. In 2021 alone, the sports betting industry raked in a whopping $44 billion in revenue and a lot more in taxes. If you’re new to the world of sports betting, you may be feeling a little overwhelmed.
With so many different sports, types of bets, and events to bet on, it’s no wonder that people can find it tough to know where to start. That’s why we’ve put together this sports betting guide for beginners.
In this article, we’ll give you an introduction to sports betting and cover everything you need to know about sports betting, from how to place a bet to understanding odds.
Introduction to Sports Betting
Sports betting is the act of wagering on the outcome of a sports event. You can bet on a variety of different sports, including football, basketball, baseball, hockey, golf, and more. People who bet on sports do so for various reasons, but the most common reason is to make money.
When you place a bet on a sports event, you are essentially predicting what you think will happen. If your prediction is correct, you will win money, and if incorrect, you’ll lose money. Understand that sports betting is a form of gambling, and as such, there is always risk involved.
The sports betting industry is thriving so much so that it’ll be worth $140 billion by 2028. In the United States, sports betting is legal in Nevada, New Jersey, Delaware, West Virginia, and New Mexico.
In 2021, Colorado and Washington D.C. also legalized sports betting, and it’s essential to note that each state has different laws and regulations surrounding sports betting.
Where to Start Your Sports Betting Journey
The first step in sports betting is finding the right sportsbook. When looking for a sportsbook, you want to find one that offers good odds, plenty of betting options, and a user-friendly interface.
You’ll also want to ensure that the sportsbook is reputable and has a good reputation for paying out winnings, and has good bookie software. Check out AcePerHead to understand more about bookie software.
Once you’ve found a sportsbook that meets your needs, it’s time to create an account and deposit some money. Most sportsbooks will require you to deposit at least $25 before you can start placing bets. Furthermore, you’ll want to make sure that you choose a sportsbook that offers bonuses and promotions.
This can give you some extra money to play with or help you boost your winnings. It’s imperative that you’re wary of scams, however. Make sure that any sportsbook you use is licensed and regulated by a reputable body.
How to Place a Bet on Sports
Now that you’ve found a sportsbook and deposited some money, it’s time to learn how to place a bet. Sportsbooks will offer different types of bets, but the most common are money line, point spread, and totals bets. Let’s dig deeper into each type of bet, shall we?
A money line bet is the simplest type of sports bet. When you make a money line bet, you’re simply betting on which team or individual will win the game or event. The odds will be either positive or negative and represent how much you need to wager to win.
For example, let’s say that you’re betting on a basketball game between the Golden State Warriors and the Los Angeles Lakers. The Warriors are listed at +150, meaning that if you bet $100 on them, you would win $150.
On the other hand, the Lakers are listed at -200. This means you would need to bet $200 to win $100. In this case, the sportsbook favors the Lakers to win.
Point Spread Bets
A point spread bet is a little more complicated than a money line bet. When making a point spread bet, you’re betting on whether one team will win by more points than the other team or if the game will end in a draw.
The sportsbook will set a line, and it’s up to you to decide if the favorite will win by more points than that line or if the underdog can keep it close or even pull off an upset. For example, let’s say that the Warriors are playing the Lakers again, but this time, the sportsbook has set a line of +12.
This means that the Warriors must win by 13 or more points for you to win your bet. If they only win by 12 points or lose the game, you’ll lose your bet. On the other hand, if you bet on the Lakers, they can lose by up to 11 points, and you will still win your bet.
A total bet is a bet on whether the total number of points scored in a game will be over or under a certain amount. The sportsbook will set a line, and it’s up to you to decide if the final score will be over or under that number.
For example, let’s say that the Super Bowl between the Patriots and Rams has a total of 54. This means that you’re betting on whether the two teams will score more than 54 points combined or less than 54 points combined.
Understanding Sports Betting Odds
Odds represent how likely or unlikely something is to happen. The higher the odds, the less likely it is to happen. For example, a coin flip has even odds because there’s a 50% chance of it landing on heads or tails.
On the other hand, something like winning the lottery has extremely low odds because your chances of winning are so small.
When it comes to sports betting, the sportsbook will set the odds for each bet. It’s up to you to decide if you think the bet is worth making based on those odds. Additionally, you’ll want to be aware of sports betting jargon. Some common terms you’ll hear are “juice,” “Vig,” and “line movement.”
Juice is the commission that the sportsbook takes on each bet. For example, if you’re betting on a game with -110 odds, then you would need to bet $110 to win $100. The extra ten dollars is the juice, and it goes to the sportsbook.
The Vig refers to the rake that poker players must pay to play each hand. Line movement is when the line for a particular bet moves up or down. This can be caused by factors like weather, injuries, or public betting patterns.
It’s important to be aware of line movement because it can give you an idea of where the smart money is going.
What Are Rotation Numbers?
Rotation numbers are the numbers you see next to each team when looking at a sportsbook. For example, in a football game between the Patriots and Rams, the Patriots might be listed at -110, and the Rams might be at +100.
These are rotation numbers because they rotate depending on who is favored to win. In this case, the Patriots are favored to win, so their number is listed first. The sportsbook does this so that it’s easy for bettors to find the bet they want to make.
Understanding Wagering Requirements
A wagering requirement is an amount you must bet to withdraw your bonus winnings. For example, let’s say that you deposit $100 into your sports betting account, and you make a $100 bet on the Patriots to win.
If they win, then you will have $200 in your account. However, if the sportsbook has a wagering requirement of five times, you would need to bet $500 before you could withdraw that money. Wagering requirements vary from sportsbook to sportsbook, so it’s important to read the fine print before making a deposit.
What About Live Sports Betting?
Live sports betting is a relatively new phenomenon. It’s exactly what it sounds like: betting on sports games that are already in progress. For example, if you’re watching a football game and you think the Patriots will make a comeback, you can bet on them to win right then and there.
Live sports betting is extremely popular because it adds an extra layer of excitement to watching sports. However, it’s important to be aware of the risks involved because the odds change quickly. This makes it easy to make impulsive bets that you might not otherwise make.
What Are Some Common Sports Betting Mistakes?
One of the most common sports betting mistakes is chasing your losses. This is when you keep betting after a losing streak in the hopes of winning back the money you’ve lost.
Chasing your losses leads to impulsive betting and can quickly spiral out of control. If you find yourself losing more than you’re comfortable with, take a step back and reevaluate your betting strategy.
Another common mistake is betting on too many games. This can be tempting because it feels like you have a better chance of winning if you make more bets. However, it’s crucial to be selective and only bet on the games you feel confident about.
Lastly, one of the biggest mistakes sports bettors make is not properly managing their bankroll. It’s imperative to set aside a certain amount of money for sports betting and stick to that budget to avoid financial problems.
Sports Betting Strategies
Now that you know how to place a bet, it’s time to learn some sports betting strategies. The first thing you need to understand is that there is no surefire way to win. No matter how much research you do or how good you are at handicap betting, you’ll always have losing streaks.
What you can do, however, is manage your money wisely and choose your bets carefully. One common sports betting strategy is called “bankroll management.” This simply means that you should only bet a small percentage of your total bankroll on each game or event.
For example, if your bankroll is $500, then you shouldn’t bet more than $25 on any given game or event. Doing this minimizes your chances of going broke even if you have a losing streak.
Another sports betting strategy is to focus on one sport or type of bet. This allows you to become an expert in that area and make more informed decisions. It’s also a good idea to look for sportsbooks that offer reduced juice or other types of bonuses and promotions.
The Only Sports Betting Guide for Beginners You Need
Sports betting can be a fun and exciting way to add another level of excitement to your favorite sports. However, it’s important to remember that it’s also a risky proposition. Always do your research and manage your bankroll wisely to minimize your chances of losing money.
With this sports betting guide, a little bit of knowledge, and some effort, you can be on your way to becoming a successful sports bettor. That said, remember to always gamble responsibly and check the rest of our blog for more great tips.