Sports betting is a game that many love. It’s a great way of spending your social time as you catch up with friends. But how does betting work? It’s still a question that lingers in people who haven’t quite figured it out.
So, this is how it works; first, you place a bet on a match or sporting event, and if the team you staked on wins, you win some cash. And if that team loses, you lose too. It looks simple, right? But these are just the basics. If you want to put your betting on the next level, there are other things you need to learn. For instance, odds. What are they?
1. Understand Odds
To understand “how does betting works,” you need to understand the odds and how they work. For instance, it’s the bookmaker who set them. Odds present the ratio between the wager and winnings after a given outcome if you wish to place a bet on it. These are in the form of decimals or fractions, and you can choose whichever you want to use.
So, if the outcome of an event has odds of 2/1 (or 2.00), that means you can win £2 for every £1 you bet.
2. Over/Under or Total Bets
Unlike Moneyline bet, where you only wager on the team you think will win the match, in over/under chance, you’re betting on the combined score of both the teams.
In the above reference, your bet will be whether the total score of these two teams will be over or under 48.5.
If you feel the combined points for these two teams will be more, you bet on the over. But if you think that the total of the final score will be less than the line, you bet on the under.
Although over/under bets may seem easy to get started on sports betting, the sportsbooks are too good at setting these lines. Soon you’ll realize that picking winners are not as easy as it looks.
So, over/under lines are standard on American football, basketball, baseball, and many other sports.
3. Matched Betting
In matched betting, it uses free bets to guarantee a profit. So, how does betting work here? You place a free bet on one outcome, and you use a betting exchange to ‘lay’ your bet against that selection.
In essence, it’s like you’re working as the bookie against other bettors. So, you ‘lay’ the best outcome with a ‘liability.’ That means you’re covering the potential winnings of the other punter’s bet.
4. Where to Place Bets
Online is one of the places you can place bets, or you can go offline and use a land-based sportsbook. Using bookies is also another option.
Even as you consider the land-based sportsbooks available in many parts of the world, sports betting is still illegal in some parts of the world.
You can find online books to place your bets anywhere you can access the internet. But then again, they’re parts of the world that this is still illegal. So, the best advice is to learn what the sports betting laws say where you live.
5. How to Place Bets
After understanding “how does betting work,” you can now look at the posted lines and decide the best team to place your bet on. So, you choose whether you want to bet on the plus-minus line. You can also use the money line or the over/underline. We’ll explain these bets later.
If you’re betting on land-based sportsbooks, you use a betting window and share what you want to bet on and the amount you’re willing to risk. Let them know if you’re using the point spread, money line, or the Over/Under. They will take your information and state your intentions. Other books may provide some betting papers where you mark your selections.
As you place your bet on the super bowl, you hand over your money, and you receive a betting slip from the book listing your chance and amount. So, if your bet wins, you’ll need to show your betting slip to get paid.
6. Plus and Minus
First, they are common in American-style odds to indicate how much a $100 bet will pay out if it wins (when a plus sign represents this amount). The other shows how much a bettor must wager to win $100 (when a minus sign represents this amount).
The favorite team will always have a negative sign (-100), while an underdog uses a positive sign (+100). And the favorite runs or gives points while the underdog receives points.
Most people find this type of bet pretty straightforward. You bet on the team you think will win the contest. When you use a Moneyline bet, you don’t get concerned about the number of points or runs a team wins.
The Moneyline bets will have a plus or minus number. These signify the odds, the amount you need to bet, or how much you can win.
As we had explained the plus and minus above, a minus number represents the favorites, while a plus sign will denote the underdogs. On a Moneyline, the negative number representing the favorite means you have to bet that amount to win 100.
If you find this; Baltimore (-200)
What this tells you is you have to risk 200 to win 100.
And a money line with a positive number representing an underdog that number is the amount you’ll win if you bet 100.
If you find this; San Diego (+180)
Again, if you bet 100, you win 180 when the team wins.
In Conclusion, these seven tips will get you started with your betting, as you don’t have to ask how does betting work? The various types of bets from understanding odds, such as Moneyline and Total chances. You’re on another level now.