Here's one proven sports betting tip: master the basics. Understand the mechanics of the game first. Find out everything to know about the odds, point spreads, and money lines. Making informed bets increases your winning probability. Our comprehensive guide is a gold mine for novice sports bettors. This is sports betting explained in MLB Tigers betting guide.
What is Sports Betting?
Sports betting is an exciting way of watching sporting events. You predict outcomes and place a wager on a potential result.
Of course, the risk of losing money is always there. That’s why it’s important to make informed bets. Sports betting odds involve multiple factors that affect the outcome.
Before we discuss those factors, let’s delve into the roles first. Here are the individuals involved in sports betting:
- Bettors: These people place wagers on physical or online sportsbooks. For example, sports bettors can bet on the final score of an NBA game.
- Bookmakers: These are individuals who set odds and accept bets. They offer competitive odds while also ensuring profit.
- Sportsbooks: Bettors can place bets on a physical or online sportsbook. These sportsbooks manage everything, from collecting wagers to giving payouts.
That’s not all you need to know about sports betting, though. You can wager on multiple bets, as we’ll discuss below.
Different types of bets
Sports betting is more than just betting on which team will win. There are different sports bet types, including the following:
- Moneyline bets: A moneyline bet is a straightforward wager. You just have to pick the winning player or team.
- Point spread bets: There might be games with heavy favorites. To balance the odds, bookmakers offer a point spread bet. For example, the Miami Heat is favored by 8 points against the Boston Celtics. You can bet on the Heat by more than 8 points to win the game. You can also bet the Heat will win outright or lose by less than the spread.
- Over/under (totals) bets: This is where you predict the total points scored in a game. For example, you can bet on an MLB game’s total number of runs.
- Parlays: Parlays allow you to place more than one bet in a single wager. You can bet on multiple games in a parlay. For you to win, all of your bets should be correct.
- Teasers and pleasers: These are different versions of a parlay bet. You could adjust the point spread in your favor (teaser) or against your favor (pleaser).
- Prop bets: A prop bet isn’t necessarily connected to the final outcome. Prop bets are predictions on particular events or outcomes within the game. For example, you can bet on the first player who’ll score in a basketball game.
- Futures bets: A futures bet on sports games is a long-term prediction. You can place a sports wager on season-long awards like MVPs and championships.
This information isn’t just for bettors and sports fans. It’s also important for bookies who want to start a sportsbook business.
How Do Betting Odds Work?
Successful bettors make informed bets based on their understanding of how betting odds work.
Decimal odds
Decimal odds are typically used in Europe and Australia. These numbers show the total return of a potential payout. It includes the original stake, plus the profit for a winning bet.
Decimal odds are easy to understand. You’ll know how much you’ll receive for every $1 wagered.
Let’s say you have some money wagered on one team. Here’s how it goes:
- You placed a $15 bet for the Tampa Bay Buccaneers to win.
- If the odds are at 2.0 for heads, then you’ll win $30 for a successful bet.
Basically, you just multiply your original stake by the decimal odds. That’s how you can calculate your potential winnings.
Fractional odds
Fractional odds are usually present in Ireland and in the UK. Your potential profit is shown side by side with your original stake.
Fractional odds are written like this: 3/1. The first number (numerator) represents your potential profit. The second number (denominator) is the amount you wagered.
For example, you’re betting on horse racing. Here’s how you can calculate your winnings:
- You placed a $10 bet on a horse with odds of 7/2.
- You divide the numerator by the denominator, then add the profit to your stake.
- Dividing 7 (numerator) by 2 (denominator) gets you $3.50 profit.
- Add the profit to your original stake of $10.
- You’ll then get $13.50 for a winning wager.
American (moneyline) odds
American odds are represented by positive and negative numbers. This is usually the default format of sportsbooks in the United States.
Positive odds favor underdogs, while negative odds favor favorites. Positive odds indicate how much profit you can get for a $100 wager. Negative odds indicate how much you should risk to win $100.
Here’s a quick example:
- The Washington Wizards are on a (+180) odds.
- You take the chance and bet on the Wizards to win the game. You placed a $50 wager.
- You’ll get a profit of $140 if the Wizards win. This is the combined $50 bet and the $90 profit for the (+180) odds.
Negative odds present a safer but less profitable choice. If you want to win bigger, go for odds with positive (+) signs.
Key Takeaways
Whether you’re online or in a physical Las Vegas casino, one bet can change your life. Here’s sports betting explained in one term: prediction. There’s nothing definite in the world of sports betting. That’s why you need to take a careful approach. Delve into sports updates and news. Consult with sports experts and analytics platforms. Take care of your money by making informed bets.