Sports betting, as a pastime, has been going on for over a thousand years. Before spreading to Ancient Rome, the first sports betting originated in Ancient Greece and eventually emerged as a legitimate sports activity across Europe. However, despite its widespread influence, many are still clueless about how to play the games, especially those just starting out.
There are few problems presented to some bettors, such as the basics presented in articles, which can be an issue since there would be a lot of information to take in all in one place. While many experts recommend looking up updates and odds from online bookies, such as sportsbook.fanduel.com, beginners should rely on studying the basics, terminologies, and strategies first, one that has a complete and easy-to-follow guide to betting on sports.
Before you place your very first bet, let’s dig in and know the basics of sports betting.
Asking yourself personal questions
Before you begin betting, ask yourself: is online sports betting right for you? If you are browsing this type of guide for the first time, you might still be hesitant about placing a wager. Although you are excited about the promise of winning, the other side of you might be scared of taking a risk and losing money.
There are a few factors you must first consider that could help you decide whether to go through with sports betting or not. For example, if you don’t have enough money and think sports betting is some “get rich fast” scheme, you have to think twice.
You also have to think about why you have decided to take up online sports betting. Are you just in it for some excitement? Or are you just after the profit? How you bet will depend on these questions, so mull over them carefully.
Knowing the types of sports bets
Most beginners do not know the difference between a moneyline wager and a spread bet. Meanwhile, some do not know the difference between a prop and a totals wager. Before you bet, do you know the mechanics of various betting games?
Most beginners are not aware that there are various wagers one can place on a sports event, which can significantly affect their win rate.
Different types of sports wagers
Win Bet/Moneyline Wager is one of the prevailing wages that is easy to understand because it is considered a “traditional” way of betting. To best illustrate this type of wager, here is an example:
|MIAMI HEAT VS. GOLDEN STATE WARRIORS|
The Miami Heat are the obvious underdog here, hence the higher odds. If there is a wager of $100 on them, the bettor will receive $380 if Miami took the victory. On the other hand, a wager of $100 on the Warriors will make the bettor earn $155 if the team won the game.
Knowing the Odds
One of the first and the most critical betting tips for a novice is knowing what odds mean. In online sports betting, the odds are the Alpha and the Omega of the entire betting business. In the sports betting principle, the result of a single bet is not significant, as it is the odds that define if the bet has a value or not.
Therefore, odds are the opposite value of the probability of occurrence. So, the more unlikely the occurrence, the higher the odds. A good bet is when the occurrence of X is higher than the probability outcome by the odds.
Understanding the Fundamentals of Sportsbooks
You may know how to read the lines by now, and you may have a little familiarity with the few different types of wagers you can make. But do you know how a sportsbook operates?
Sportsbooks usually open their lines a bit early. In contrast, some sportsbooks may set limits for betting to make sure that you are placing enough money on their profit margin and benefits. These generally start when the lines have just opened.
However, not all sportsbooks follow the same strategy. Some do not alter lines to some extent, while others try to influence bets to veer toward one side rather than strike a balance. Both strategies should be utilized depending on the wagers’ goals and how they think they are likely to win.
Setting the Stakes
If there is one aspect that is difficult in betting, it is setting the stakes. Setting stakes is often the most overlooked factor that every wager should remember- not a single strategy on setting the stakes will make you rich in one go.
This concept may be a bit confusing. Moreover, having no strategy or using a bad strategy can eliminate even the good bets you placed. In the long run, you may end up losing your profits.
There’s no doubt that setting the stakes is so confusing that even a semi-professional bettor often makes it a habit to elevate their stakes when they see that they are on a winning spot. Remember to think twice and be wise before you increase your average stake when you are on a winning streak.
There is more to online sports betting than winning money and loving the sports itself. For beginners, betting online can be a minefield. Even experts sometimes think the same way. Sports betting can be a great way to amp up the game’s excitement, so it is best to be equipped with the basics and the mechanics to earn more profit and avoid rookie mistakes.