Sports betting can be a challenging hobby, but when you plan it well, it can be quite rewarding too. Sports betting existed hundreds of years before as people placed bets on their favorite teams on major sporting events.
Even though betting has come a long way though, the basic concept has always been the same. You place your money on the team you think will win and if your prediction is right, you win money or lose money if your team loses.
If you are just starting with sports betting or looking forward to know what is sports betting all about, then this guide will provide you with all the information related to sports betting and help your get started quickly.
Do you know why more and more people are getting involved with sports betting every day? Well, the important reason is it is damn easy to get started with sports betting as you don’t need to dump a lot of information other than just the basics about sports betting.
But that doesn’t mean you need not try and learn more about the intricacies involved as your hard-earned money is at stake and the more information you have in your arsenal, the chances of you winning will get better.
But before that you need to understand the basics first if you are thinking seriously about getting involved with betting and making some money in the longer run.
Fixed odds betting is one of the oldest and traditional forms of sports betting where you place your bets on the team that you think will win. And by term fixed odds literally means that you agree to the odds at the time of placing your bet.
And in case the wager wins, the payout will be made as per the agreed odds. And one more thing to remember is we may use the term “bet” and “wager” in this guide a lot and they both mean the same thing. If you are placing a wager means you are placing a bet.
So let's continue with the actual mechanics involved and when it comes to online sports betting, there are 5 major components involved namely Parties to the Wager, Selection, Stake, Odds and Payout.
A bet always involves two parties, and both take an opposite stand from his counterpart. Normally in childhood days whilst watching a football game with your fiend, you’ll make a bet that one team will win whilst your friend may differ and chooses the other team. So both you and friend become parties to the wager. But in online sports betting, it is between you and the bookmaker. So as a bettor, you can place the wager on your favorite team and the bookmaker will take the wager.
Selection is simply on what you are placing your wager on. So lets go back to the previous example of bet between you and friend, if you think that the NY Yankees will win the game, then the selection here is “NY Yankees will Win”
And remember that the selection doesn’t always need to be on the outcome of the match or a team, online sports betting involves a lot more than that, which we’ll be discussing later in the article. For now, you just need to understand what selection is all about.
And the word stake means the amount of money you place on the bet. And this amount should be paid to the bookmaker whilst placing your bet and it is the bookmakers job to transfer the money collected from the losers to the winners.
And most of the times, there is a minimum stake involved as you cannot bet an amount lower than the minimum stake. Some bookmakers also have a maximum stake in play, where it limits the maximum amount you can bet.
The odds refer to ratio between the amounts staked by parties on a bet. So if you see an odd of 5 to 1, it literally means for every $1 you bet, you get the chance to win $5 in the event your selection is right. 5 to 1 is also the same as 5/1. And generally bookmakers specify odds in 3 formats including decimal, fractional and moneyline.
It is the total amount the bookmaker needs to pay in case your selection is correct. The payout will include our stake plus winnings. So if a moneyline odds released by a bookmaker is +125 for NY Yankees, then if we place $100 as out bet and if NY Yankees win, our payout will be $100+$125 = $225. That is the $100 we placed on the bet along with the $125-win amount. So you go home happily taking a total payout of $225 just by placing $100.
When it comes to online sports betting, there are many types of wagers as outlined below:
One of the simplest forms of online sports betting is the Win Bet or the moneyline wager as all you need to do is pick the team that will win the match and place your bets on that team. It is one of the most popular wagers because it is so easy to understand and is also one the traditional way of betting for several years now.
Let’s take an example of soccer match and the odds provided for the match played between team A & B is provided as follows:
Now if you place a bet of $100 on Team A, you stand a chance to win $220 or gain $300 if you choose Team B or in case if you predicted the game would end in draw, then you will stand to win $300.
Point spread wagers is another popular type of betting in the US, mainly in football and basketball games. It is also referred to as straight bet in the US whereas in some countries the win bet is also called as the straight bet.
Points Spreads are entirely different from the win bet as you don’t just choose pick a winner, but will be choosing a team that will cover the spread. Point Spreads is basically the number of points provided to the underdog that is taken from the favorites so that it provides an even chance for both teams to win. This type of betting was particularly created to make betting more interesting and even as it allows you to bet on the losing team and still win money.
Let’s take an example of a match between Green Bay Packers vs. Seattle Seahawks:
In the exampled provided above you can see that the packers being the favorites and Seahawks the underdogs as the negative points denote the favorites. And the 8-point spread is the value by which a team can win or lose.
If you think that the Packers will win by more than 8 points then you can place your bet on the Packers or even you can win money if you think the Seahawks will lose the game by 8 points.
Total or Over-Unders are different terms being used for the same kind of wagers. This is also a popular type of wager being practiced by many in online sports betting.
The idea behind the over-under betting is that the bookmaker provides you a total number of points or goals scored predicted the end of the match. So all you need to do is place your bets if you the think the actual total will be higher than the bookmaker total or under the total. So if you bet over the total, it is called as backing the over and called as backing the under when you bet on the lower side.
Let’s take an example of a match
The total set is 22.5 and if you think the sum total of both teams at the end of the match will be higher than 22.5, then you win.
Accumulator bet is another type of bet that combines more than multiple selections on a single bet. The main advantage with an accumulator bet is that stakes are much higher and involves a lot of risk. Even if you lose a single selection in the bet, the entire bet is lost.
One of the interesting aspects of an accumulator bet is that the odds of every selection gets multiplied by the next selection. So if you have multiple selections, then your chance of winning big is higher. But is also highly risky too and if you plan the strategies properly, then you stand to win hefty returns.
The arrival of internet has taken betting to a new level, but live betting is altogether new form of betting that allows you to wager even after the game has started. In the past, all betting activities comes to a standstill after the match gets started. Pre-match wagering is the popular form of betting. But live betting has taken betting to a new level as you can bet on sports as they happen right in front of you.
Even live odds gets update every few seconds for live action junkies. Live betting is all about making some real money quickly. Live betting is also called as in-game betting or betting in running and really helps punters to put more wagers even after the game has started. Whilst it is mainly based on the sport it is played, some bookmakers offer live betting between quarters or between certain periods or in certain sports every single drive or play is also available for betting.
Mobile betting is the future in online betting as days are gone where we need to find a PC or run to the nearest sportsbook to place our bets in person. Now you can easily place your bets from the comfort of your mobile phone no matter where you are. More and more people are taking onto mobile betting as they use their mobile phones more than their desktops and PCs. Even many betting websites have upgraded their websites to support mobile phones.
One of the important aspects that you need to cultivate to become successful in online sports betting is to gather knowledge about the teams all the time. Do you know why the bookmakers odds are most of the time correct? The major reason behind that it that they have a separate team working to gather information and analyzing every piece of the information to come up with a better idea to set the odds.
When you start gathering information and analyzing it, your luck factor reduces minimizes by a great extent when you assess the probabilities. Because when you have a lot of data in front of you like the previous match scores, player statistics, injury concerns, head to head records and so on, it becomes all so easy to come to a conclusion on your bet.
In a team sports, it is quite common for injuries and suspensions. But if that happens to a marque player, it can certainly affect the outcome of the match to a certain extent. Even though the odds set the bookmakers are done after taking into account all the considerations, there are instances like last minute injury concerns. So before placing your bet, consider all possible factors including changes in the team lineups too.
Head to Head Statistics
Another important factor to take into account is the head to head statistics of the two teams competing against each other. Even though it could help in taking your decision, please remember that it cannot be the only factor that forces your decision.
Previous match records are one of the best sources of information that you can rely upon whilst coming to a decision. Even though stats change everyday and can even change completely on the match day, even if the team has won six straight games before this match, the possibility of them losing this match is very much there. Take into the account the kind of surfaces they’ve met succession, the opponents and various other factors before coming to a final decision.
If you are serious about making money from online sports betting, then it important for you to maintain a bookkeeping habit. Bookkeeping is all about keeping a history of your past betting, the opponents you placed bets on, the number of bets placed, and the number of matches won and lost. Bookkeeping can be quite useful to help you analyze what went wrong in the past and how you could improve in your future bets.
Many successful punters keep track of a detailed analysis of every bet including the variables that affected the outcome and on what basis they came to a conclusion before placing a bet. There are also various free and paid booking keeping tools available.
Some bookmakers also provide you with deposit bonuses and free bets from time to time. So always have a keen eye to locate these bonus offers and free bets and pounce on it immediately. But the irony with some of these these bonus offers is that you cannot withdraw the winning amount until a certain amount of turnover is made.
Another important aspect that is required to be successful in any form of betting is your self-control. People who go over the moon after winning or go down after losing money cannot win money in the longer run. Betting is never about winning all the time and you need to be prepared to lose.
Many people who have went down heavily in online sports betting is when they start chasing their losses or get carried away a lot when they are on a winning streak. Even professional punters can lose their cool sometimes, but it is their ability to bounce back immediately have given them greater success.
If you’re are just starting with online sports betting, then it is extremely important that you concentrate on a single sport. Say if you like football the most, then only concentrate on placing your bets only on football matches. And if you want to be more focused, you can concentrate on only one league like the UEFA league or the Premier League only. This allows you to focus only on a small set of teams and the data analysis will also be much easier.
There are also many online expert tips website that offers various tips about upcoming matches including number of goals scored, corners, penalties, EPL accumulators and so on. Apart from football, there are also many expert tipsters offering tips on various sports.
So don’t forget to checkout these tips before placing your bets. The main reason that you need to consider these tips is because these tips are provided after hours of research and analysis done by a separate team of expert tipsters. But only trust those experts who have proven long-term statistics and remember, that it is better to study one sport yourself than trust a stranger, no matter how reliable he/she looks like.
We hope this comprehensive guide about online sports betting would have provided you with enough information about the various kinds of online betting and things to look out for before placing your bets. Make sure to remember all the crucial information and keep studying to learn even more.