Beginners Guide to Sports Betting: Which Sports You Should Bet On?
April 26, 2021
Over the past couple of years, the sports betting industry has grown and evolved incredibly. Ever since the gambling industry went online, sports betting as we know it today started to grow rapidly. The accessibility of betting on sports events and promotions like Sportsbook Bonus Codes made it even more popular than placing wagers in bet shops, racetracks, and other venues. If you are considering placing your first bet and you would like to find out more about betting for beginners, stay tuned and check out some of these tips.
Learn the Terminology
The most crucial part of betting might be the terminology. Learning the terminology in advance will save you both your money and time as most online sportsbooks out there use it. To place bets and know what you are doing, you will need to understand the terminology. This includes bet types, odds, and of course, meaning behind it all.
Understanding the Odds
Odds are the essential part of any bet made in both retail and online sportsbooks. You will need to understand the odds to make a decent wagering strategy and start placing bets. Odds can be written in different formats such as decimals, fractional and American. The format of the odds depends on where you are accessing the betting website from. Learning to read odds is imperative for any newbie wagerer.
Betting on Favourites and Underdogs
The most common bet for any sports betting market is betting on the winner of the match. However, when betting on either of these, you should know that there is always the favorite and the underdog. If the odds are higher, you can make more money from your bet, but the chances of you winning are lower. Thus, if you want to bet on the underdogs, you could win more money, but it is highly unlikely that you will win. On the other hand, if you place a bet on the favorites, your odds will be lower, and your winnings – but you will have a better chance at winning than with higher odds.
When the oddsmakers set a line for the favorites and the underdogs, they will also set a number of points scored in a match. This number will be a combined number of points by both teams, which is the total or over/under. When placing an over/under bet, the punter will bet on whether or not the actual score will go over or under the total. This is one of the most suitable types of bets for newbie bettors.
Let’s get back to the favorites and the underdogs for a second. If you want to bet on either of them, there are two ways you can do that. The first one is the points spread where you wager on the margin of victory. When placing such a bet, you should remember that a favorite gives points, and the underdog gets them. With this kind of bet, you can either lose the bet, win the bet, or get a push where the sportsbook can return the invested money.
The second way to bet on the underdogs or favorites is the money lines. This wagering type revolves around who will win the game. It is important to remember that the favorite will get a minus designation. If you are betting on the favorites, you are actually risking more than betting on the underdogs. On the other hand, underdogs have a plus designation, and when betting on them, you can get a bigger reward, and you also risk less, since they are expected to lose.