2. Fundamentals of the Sports Betting Process
In this situation, you are a huge underdog. You are going to lose this bet a lot more times than you are going to win. Because of that, you are going to be paid much better when you do win.
The number on the left is the amount you will win for every time you bet the number on the right and win. This means that in a perfect vacuum you are going to win this bet once for every two times you lose.
In this situation, you are a small underdog. You are going to lose this bet a little bit more often than you are going to win. Because of that, you are going to be paid better when you do win. This means that in a perfect vacuum you are going to win this bet twice for every one time you lose.
In other words, you should win this bet 2 out of 3 times. You are a small favorite in this situation. You are going to win this bet more often than you are going to lose it. For this reason, you are going to be paid slightly worse when you win. These payouts may sound worse to you, but that is because you are much more likely to win this bet and should win the bet more often.
This means that in a perfect vacuum you are going to win this bet three times for every one time you lose. In other words, you should win this bet 3 out of 4 times. You are going to win this bet more often than you are going to lose it as you are a significant favorite.
For this reason, the payouts will be lower when you win. Again, these lower payouts are as a result of the fact that you are much more likely to win this bet more often.
Don't worry if these payouts for the favorites have you turned off. There are plenty of ways to bet on the favorites that pay out well. Most sports will fall into two categories when it comes to odds offered and how they choose to pay out. If the sports have a point spread which we will discuss , they will fall into one category. If the sports do not have a point spread, they will fall into a different category. For purposes of explanation, we will be looking at straight bets to show you how these two categories work.
The straight bet is the most common bet you will see in sports betting. Commonly referred to as a "side" bet, this is picking in advance which team will win the game. The selection for this type of bet will always be who the winner of the game is going to be.
The odds and payouts on straight bets are dependent on the sport that you are betting on and which of the following two categories it falls into.
Sports like baseball, boxing, and UFC typically do not offer point spreads. A point spread is how many points the sportsbook thinks that the team will win by. Obviously, this won't work for sports like UFC and boxing where people only really care about who wins, not the judge's scorecards if the fights even go that long.
Sports like baseball are too volatile for sportsbooks to set an idea of how many runs a team will win by so they treat them the same as boxing and UFC regarding betting. If you are betting on a sport with no point spread, you are always going to be betting on which team will win the game outright. It doesn't matter by how many points or runs they win by, it just matters who wins.
Because of this, the games will always be paid according to the money line odds that we discussed earlier. For example, let's say that the New York Yankees assuming they are still good when you read this are playing the worst team in baseball.
Obviously, it would not be fair just to let you bet on the Yankees and get paid even money. Everyone and their brother would take that bet, and the sportsbook would run out of money. They elect to use money lines to adjust the payouts to be more fitting. Let's say the sportsbook put out the lines for this game at the following:. Let's say you wanted to bet on the worst team to win this game and the sportsbook put those odds out at the following:.
Obviously, this payout sounds amazing, but you must remember it is so high because it is that unlikely that this team would win the game. Bets like this can be fun to throw a small amount on an underdog. We should discuss what a point spread is first before we talk about the odds and payouts associated with them. In a lot of games, the sportsbook will figure out how many points they think that one team is going to win by.
This will be depicted by a minus or plus sign and a point total. This is also sometimes referred to as the spread. A minus is applied to the team that is the favorite, and the plus is assigned to the team that is the underdog.
The underdog can lose the game, and you can still win you your bet as long as they lose by less than they were supposed to. For example, let's say the Dallas Cowboys are playing the Denver Broncos. If the sportsbook thinks the Cowboys will win by a touchdown, they may set the line or the point spread as the following:.
This means that if both teams perform as predicted, the Cowboys will win by exactly seven points. Let's say you elected to pick Dallas to win this game. There are three outcomes that can occur.
Every straight bet using the point spread is paid out at odds. This difference in payout is what is known as the house juice. Even those who already have some experience of betting on sports may find the guide useful, as it's very comprehensive with a lot of helpful advice. There are a few different parts to this guide. The first part features a number of articles that are all about the basics of sports betting.
These cover topics such as the mechanics of sports betting, how to place wagers, and the roles of probability and odds. The next part contains some advice for when you first start betting, and includes some useful resources for beginners.
There's a glossary of sports betting terms, and an FAQ. Finally, there's a collection of articles explaining all about the various types of bets and the different forms of betting. Everything that's included in this beginner's guide to sports betting is listed below.
If you're a complete novice then we'd recommend reading through everything in order, but you can skip to anything that is of particular interest if you prefer. Also on this page is some additional information about some other sports betting sections on our website.
These are useful if you want to expand your knowledge and improve your betting skills, and there's some advice for betting online as well. Sports betting is one of the more popular forms of gambling, because it offers a few advantages over many of the alternatives. In this article we look at its benefits when compared to playing casino games or playing poker, and also some of the other reasons why you might want to try betting on sports.
Before you should even consider risking your own money, you should really understand the basic mechanics of how sports betting works. This article will teach you exactly what you need to know in order to start betting your money, including the three main components that make up a sports wager.
Once you know how sports betting works, you can then think about placing some bets. In this article we explain what's involved in the process, and the various methods you can use.
Telephone betting, bookmaker shops, casino sportsbooks, and online gambling sites are all covered. Odds are an integral part of sports betting, so you really need to understand them. This article does exactly that by explaining what they are and how they work, as well as also looking at their different formats.
There is a guide to the math involved in calculating potential payouts when figuring out your returns. Bookmakers don't just make money by accident. They use specific techniques to ensure that they usually at least make a profit from every betting market that they offer. You need to be aware of these techniques, as they are the reason why bookmakers have the advantage over their customers.
The concept of value and how it relates to probability is vital knowledge if you are to stand any chance of success when betting on sports. This article explains what you need to know in detail, and will give you a fundamental understanding of what it takes to identify good betting opportunities. The next two articles contain tips for what to do, and what not to do, when you first start betting.
You should follow the advice featured in these articles from the moment you start betting. It will help you get into good habits, and greatly improve your chances of making money in the long run. There is little point in trying to become an expert on sports betting as soon as you start out. It can be hard enough trying to understand how everything works. As a beginner, it's important to focus primarily on just the basics. There are a few simple tips that are worth following though, and we've listed them all in this article.
It's natural to make mistakes as a beginner to sports betting, and you shouldn't worry too much if you do. They are part of the learning process. With that being said, there are a few common mistakes that are actually relatively easy to avoid.
This article provides some advice on how not to fall into the same traps that so many beginners do. We've also provided two additional resources which contain very useful information for beginners. There are several questions that we hear all the time from sports betting beginners looking for advice on getting started. We've compiled a list of the most common ones, and provided detailed answers to them in our FAQ. The following are some examples of the questions we answer. There are times when it can feel like sports betting has its own language, and this can make things very confusing for a beginner.
Our comprehensive glossary can clear up any confusion, as it explains all the jargon and technical terms you are likely to encounter when betting on sports.
It's not necessary to learn all the words and phrases contained in this glossary at this stage, but you might want to bookmark it to refer to any time you come across a term you don't understand. The following articles will teach you all about the different wagers you can place on sports events. You probably won't want to use all of these when you first start betting, but it's still advisable to understand all the available options and how they work.
The first of these articles contains a brief overview of each type of bet, and you should read this one as a minimum.