Description: Enjoy watching a good sports match and itching to place a wager? In our guide, we take you through the ABCs of how sports bets work, where you can place them, and what you’ll get if you win.
Beginner’s Guide to Sports Betting
Everybody loves to witness an impressive performance by world-class athletes. So why not kick the intensity up a notch though by wagering some of your own cold-hard earned cash on it? If you’re a total beginner and you have a particular sport that you love, you might be able to put your special knowledge to use and take advantage of some irresistible odds. By the end of this guide, you will be fully informed on the types of bets out there that you can choose from and the types of organizations you can place them with. Without further ado, let’s dive into the basics.
Where to place a sports bet
You may be wondering where you can actually place a bet. You can do this in different ways:
- By contacting an online sports book on a website or app, such as https://odds96.com/en;
- Physical sportsbooks are still available in many cities, especially in regions where sports betting is legalized. These are found in casinos, racetracks, or dedicated betting offices.
- Betting exchanges: allow users to bet against each other rather than a bookmaker. Bettors can place bets on the outcome of events and also act as a bookmaker themselves by offering odds to others. This is a steep learning curve for beginners though.
Types of bets
There is a rich variety of sports bets that exist. These range from bets on the moneyline to corner kicks to league MVPs to point spreads.
Pre-match bets
These are done before the sporting event actually starts. They’re quite straightforward, well-known types of bets, such as the moneyline, point spread, over/under total, prop bets, and individual/team statistic bets.
Live bets
Bettors get the chance to react while the game is happening and they enjoy the chance to catch wind of how the game is going and set a bet accordingly.
Single vs express vs system bets
Single bets are the simplest, most basic bets that can be wagered, which rest on a single event or outcome. This could include:
- a bet on which team will win;
- which player scores a goal;
- the total yards to be racked up by a wide receiver.
Express (or accumulator) bets allow bettors to combine multiple individual bets into a single wager. The odds of each individual bet are multiplied, leading to a higher potential payout. On the other hand, all selections in the accumulator must win for the bet to be successful. If the player gets one bet wrong, the whole thing is a loss. It most appeals to bettors who want a shot at a huge payout for a relatively small stake.
System bets are complex bets that allow bettors to combine multiple selections from different events. Unlike the previous type, some of your selections can lose yet you can still win the bet. System bets are commonly trixies, yankees, and patents, depending on how many bets are placed.
Futures bets
These are placed on events that will occur way out in the future, long before the winner can be known. Examples are which NHL team will win the Stanley Coup or who will be a top scorer in a particular competition.
Popular leagues to bet on
Here are some of the most popular leagues to bet on globally:
- English Premier League (soccer): this is one of the most-watched football leagues in the world featuring teams like Manchester United, Liverpool, and Chelsea;
- The National Football League: this is the most popular sport in the United States with its championship, the Super Bowl, setting television watching records again and again with every passing year;
- The National Basketball Association: its playoff games tend to drag on for many games, which people get to bet on;
- Major League Baseball: this features a lot of betting opportunities with its long season;
- La Liga: this Spanish league is home to Real Madrid and Barcelona;
- Serie A: Italian soccer;
- Ultimate Fighting Championship;
- National Hockey League;
- Formula 1 racing;
- Bundesliga: German soccer;
- Ligue 1: French Soccer;
- MLS: soccer in the United States;
- National College Athletics Association in the United States;
- Ruby Nation: featuring the Six Nations Championship and the Rugby World Cup;
- Cricket: ICC tournaments;
- Golf: featuring the PGA tour and the Majors;
- Tennis: the ATP & WTA conducting major tournaments, such as the US Open, and the French Open;
- Esports: has become quite a beloved betting destination among those ecstatic about video games. Bets often are placed on Counter-Strike and League of Legends tournaments.
The Daily Guardian recently broke down which countries bet the most on which most popular sports.
International odds formats
There are three main formats of odds in sports betting:
- Decimal odds: this is common in Europe and Canada. They show how much a bettor wins for every $1 wagered. For instance, if the odds are 2.50, a $100 bet would return $250, including the original stake;
- Fractional odds: this is used primarily in the UK and represents the profit relative to the stake. For instance, 5/1 means that for every $1 you bet, you win $5 in profit;
- Moneyline odds: common in the United States, positive moneyline odds (like +200) show how much you win on a $100 wager, while negative moneyline odds (like -150) show how much you need to bet to win $100.
Analytics Insight provided an overview of the countries that bet the most on sports and why.
Why do people enjoy betting on sports?
Sports betting appeals to a wide range of individuals for all kinds of reasons. However, they tend to often exhibit the same traits.
- Adrenaline junkies: a lot of people are not only enamored with their favorite sports but also are addicted to adrenaline. That adds a layer of extra intensity to the game.
- Social bettors: people like betting as a way of spending time with their friends.
- Data-driven enthusiasts: these people love the sport and are obsessed with memorizing all sorts of statistics. They view betting as an intellectual puzzle to be solved with the help of research.
- Casual gamblers: this is just a form of entertainment for them, even though they might not be totally tuned in on the specifics of the sport.
- Risk-takers looking for financial gain: some people see betting as an income opportunity. They might be savvy about insider details or finance.
