Sports betting has become mainstream over the past decade. American popular culture has seen the anti-gambling stigma fade quickly, opening up the door to a multibillion dollar legal sports betting market.
Many sports fans will look to join the betting market after sports gambling became legal in many states. However, if you don’t understand the terminology, how do you get started?
Tips on How to Start Betting on Sports
1. Favorites vs. Underdogs
When oddsmakers create a betting line for a match, the first thing they do to determine which team should become the favorite. The second is to decide who should be the underdog.
The favorite is the team most likely to win the game. This team will get a minus sign next the odds. The underdog is predicted to lose and receives a plus signature. If the game is toss-up books will open it in “pick” and ” pick’em.
2. Spreads
There are two main ways of betting on a favorite, or an underdog. First, the spread which bets on the margin for victory.
If you place a bet on Patriots, they must win the game at least eight times to win your bet. If the Patriots win, you “cover.” If it wins by more than 8 points, that’s called a ” pushing,” which is when you get back the money.
You lose your bet if you are not satisfied with the Patriots’ performance (or if they lose the game by 6 or more points).
The flip side is that if you wager on the Jets (+7), you will need them to win the game, lose, or tie the game for you to win (or to cover) your bet.
Spreads are available in all sports. However, they are more popular for betting on high-scoring sporting events like basketball or football.
3. Moneylines
The moneyline second option is to bet on a favorite and an underdog. This wager is only based on which team will win, and the payout is calculated using American odds.
Favorites are given a new “minus” designation such as: -150 to -200 to -500. If a favorite is at -200, it means you have $200 to win $100. If the favorite wins, $100 is yours. If the favorite loses to you, $200 is yours.
When you place a bet on favorites you are taking more risk because of the expectation that they will win.
Underdogs are given an “plus” designation like +150, +200 and +500. If an Underdog is +200 that means you win $200 if your $100 bet on them wins the game. You only lose $100 if they win the game. Underdogs are usually expected to lose so betting on them will offer you a greater reward.
All sports have moneylines, but they’re most common for lower-scoring sports like hockey and baseball.
4. Over/Unders (Totals)
Not only will they set a line to determine who is the favorite, but they will also set the total points scored in the game by all teams. This is known as the combined or over/under.
The wagering option allows you to bet on whether or not the game will exceed or fall below the total.
5. What is the -110 numbers next to my Bet?
The oddsmakers add a tax to each bet. It is usually called the or the “vig” (shorthand for “vigorish”) The juice is the fee you pay to the bookmaker to accept your wager.
American odds will list the U.S. vig.
You can bet $100 on the Duke Blue Devils if they are -5 (-110)
It can also be positive, such as Penn State +110 If you stake $100 on Penn State and it wins, that’s $110. You only lose $100 if Penn State loses.
You always have to risk more on a favorite than you’d win on an underdog…otherwise, sportsbooks would be out of business.
6. How to Place an Item of Bet
Legalized sports betting is becoming more popular across America. Sports bettors have never had so many options. Use our state-by -state tracker for information on whether sports betting is legal in your country.
New Jersey (Pennsylvania), West Virginia (Indiana), and Pennsylvania (Pennsylvania) are some of the most popular states that allow mobile betting. The listed sportsbooks, which accept online wagers, are all reliable legal shops.