October 23, 2020

All you Need to Know about Betting on Sports

One of the most essentials of sports betting starts with the ABC, yes the very basics! But as they say, the devil is in the details, and you can’t be a pro with knowing all necessary information about the game.

Placing a bet or wager on the result of a sporting event is called Sports Betting, which is a form of gambling. As a customer who places a chance is known as a bettor or punter. The companies providing space and services for sports betting are usually called bookmakers or bookies. The formal names for these companies are betting agencies and sportsbooks. Sports betting may not be much different than the traditional form of gambling, when it comes to the stats, the total international revenue of sports gambling is 450bn USD.  

Kinds of Sports Betting

There are four main kinds of sports betting. The interesting fact is that the stats of sports gaming have gone much higher in all of these kinds, and the credit goes to the internet. If you’re looking for an online sports betting site, you’ll need to know all about betting on sports which allow the bettors to bet from home and win actual cash. Read on to see the different kinds of options there are for you:

In-Play / Live Betting:

This kind of sports betting is closest to traditional betting, but its more attractive as it allows the bettor to bet after the game has started. The bets, in this kind of betting, can either be placed on certain parts of the game or the outcome of the game. 

1.Pari-Mutuel Betting:

Pari-Mutuel Betting is also known as Pool Betting. This kind of betting allows the bettors to bet against other bettors instead of a Bookie. This betting takes place in houses that are either run by the states or private bookies who offer Pool Setting services. A certain percentage from the total amount of the bets belongs to the owners of the house as per the conditions.

2.Sports Spread Betting:

The bookies spread the bets with two score/goal numbers. For example, a bookie would give 1 – 2. 1 being the lower number which is the selling price and 2 being the highest number which is the buying price. You bet on either one of these numbers. If you sold the spread, you would win if your team made one or no goal at all. On the other hand, if you bought the range, you will win if your team made two goals or more.

3.E-Sports Betting:

Electronic Sports Betting is trending and is the next-big-thing. It allows bettors to bet on video games. There are many casual bettors into this kind of addictive entertainment. However, this also goes on to a professional level where the video games are played on massive screens in casinos with a vast audience betting. 

How to Bet on Sports?

Sports betting is more uncertain than casino gambling. Also, sports betting is not for people into sports, looking for some cheap entertainment. This gambling is itself a kind of a game and has a language and method which you will need to understand before putting up your first bet. First, you need to learn to know how the odds work and then how to read the odds. 

Understanding the Odds:

Odds are the ratio between the amounts that parties put on a stake for a bet. There are three ways of presenting the odds. The first one is American Odds in which there is either a sign of plus (+) or minus (-) in front of the numbers. These numbers indicate the cash you will need to place the bet or the amount you will win. The figures with the minus sign in front of them show the amount of money you will put forward to place your bet.

On the other hand, the numbers with a plus sign in front of them show the cash you could win. The second way is called Fractional Odds. As apparent by the name, the numbers are put in portions. The percentage of the amount you will is the numerator, and the part of the amount you will play to place the bet is the denominator. The third option is the Decimal Odds, which is the easiest way to calculate the payout as all you have to do is change the fractions to decimal form, done by multiplying the stake and decimal odds to get the amount you can win.

How to Read the Odds:

Once you know how to read the odds, you will be ready to place your first bet like a pro. There are three most common methods to understand the odds. The first method is called the Moneyline. All you have to do is place the bet on the team of your choice. If it wins, your bookie hands you the money. The odds are strict in the American way. The second method to read the odds is called Point Spread. Here the gambling gets complicated as you don’t only place the bet on the team of your choice but also tell the score with which it will win. The third method is known as Over/Under Betting. In this method, your bookie guesses the score, and you bet on either over or under that score. 

Essential Dos and Don’ts

Sports betting can be highly tricky, and you need an active mind to win. Here are some Dos and Don’ts which can help you get the bigger picture of sports gambling:

  1. Play with an openness of mind, as betting is all about smartness and no use of heart.
  2. Avoid the parlays, which means do not place two bets at the same time. Because then you will have to win both to take the money home and there is a rare chance of that. 
  3. Refrain from prop betting, on little things about the game. For example, betting on the colors of energy drinks or the yards a footballer will run for a particular goal.
  4. Gambling is risky. You need to have a big heart to put your money at stake. So, do not hedge that is do not place money on both sides. It’s cowardly and unprofessional!
  5. Do not gamble on the favorite teams of people. Think smart and place your bet where your mind tells you to. Chances are you will win better than the ones going after people’s favorite teams.
  6. Do not pay others to play for you. If you want to be a real sports gambler, this might even sound awful to you. 
  7. Always remember that sports betting is all about entertainment. Never rely on gambling for income. 
  8. Know the language of this game well before you start placing the bets to save yourself from becoming a loser right away.  

Why Bet?

You might have the sixth sense to win at sports betting that got you into this, but there are many benefits of Sports Betting you should know before getting into this game:

  1. Legal Sports Betting supports a lot of jobs and generates humongous tax revenues. 
  2. Sports betting has increased the interest of people in the games because of which the sportsman, especially football leagues, approve of sports betting. 
  3. Sports betting increases the fun and engagement of the bettors (which is a massive community) in the game.
  4. It is a reasonable chance to make money. 
  5. Sports betting is an accomplished business. 
  6. It provides you a chance to learn significantly about new sports. 

Forbes expounds on the unexpected swiftness with which the legal sports gambling is evolving and growing in the market professionally. However, you can start with a few fun facts before delving yourself into this big game!

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