Sports betting is an enjoyable and exciting way to bring more life into your sports watching experience and put your sports knowledge to good use. However, if you’re a newcomer to the gambling world, it is easy to get quickly overwhelmed by the nearly endless amount of online betting sites to place your bets at as well as different types of betting strategies to get familiar with. But don’t worry – we’ve created this guide to help you better understand sports betting and start making a profit from it!
Below, you will find several tips for beginners on how to bet on sports online – they include choosing a reliable betting site, understanding the odds, doing your research, setting up a bankroll management plan, learning sports betting terminology, and shopping for lines. Continue reading to learn more about becoming a winning sports bettor.
Learn Sports Betting Terminology
Before placing your bets, you must learn some basic sports betting terminology, so you know what’s being offered by the sites you’re betting at and how the odds are calculated. For example, do you know what is handicap betting? Can you read the odds? Do you know how to go line shopping?
Here are some useful terms:
- Betting Odds: The odds are the number of times something is expected to happen. They are calculated by dividing the amount staked on an outcome by the amount returned with that outcome. For example, if the odds are 3/1, then they mean that a player has to place $3 to get $1 in return.
- Over/Under Betting: This type of bet is when the bettor tries to predict whether the total score of two teams will be over or under a given number. It is also known as “total” or “over/under.”
- Point Spread Betting: This is a way of wagering on the outcome of a game in which the bettor predicts the number of points one team will win by over a given point spread.
- Money Line Betting: This is a bet on which team will win a game, with no point spread or handicap taken into account.
- Lines Shopping: This is when you open an account at multiple sports betting sites and compare their lines to find the most profitable ones.
- Betting Parallel Lines: This is when a bettor places the same wagers with multiple betting sites to get the best lines.
- Odds Converter: A website that converts one type of odds (like money line) into another (like point spread).
Choose a Reliable Sports Betting Site
Before you jump into sports betting, you need to make sure you’re on a safe and reliable betting site. A good online betting site should have a secure payment system, offer speedy payouts and large welcome bonuses, and be regulated by a reputable gambling authority.
Most reputable betting sites also offer a free demo account for new players. This way, you can practice your sports betting skills without risking your own money and get used to the betting platform before making any real bets.
Pay Attention to the Odds
The odds are the number of times that something is expected to happen. Before placing your bet, there are two things you should consider: whether the odds are favorable; and whether the odds are realistic. The first part is easy if you’re a betting veteran: regardless of the odds, you should always look for value in your bets.
But what constitutes value? It all depends on the odds and how far off they are from their true probabilities. If you’re betting on a game between two evenly matched teams that have similar statistics, then the odds will be close to the true probability of each team winning the game. In this case, the “value” is small, and there is not much to make.
On the other hand, if you’re betting on a game between two teams with a big gap in their statistics, then the odds will be far from their true probability. In situations like these, you should always look for value and bet with it.
Do Your Homework
Before making your bets, you should get familiar with the basics of each sport you intend to place your bets on. What are the rules of the sport? Who are the best players? What are their strengths and weaknesses? How do they perform under pressure? You can find all of this information by reading sports news daily. It will give you a good insight into the sport and also help you improve your chances of winning.
Set Up a Bankroll Management Plan
You should never bet on sports with money that you can’t afford to lose. It is important to set up a bankroll management plan ahead of time and commit to it. A good way to do this is by creating an account on a betting site that doesn’t require a deposit. This way, you can practice without risking your own money and get familiar with the platform.
Once you feel more confident in your betting abilities, you can make a deposit at a sportsbook of your choice, use a welcome bonus, and start placing your bets.
Stick to a Plan
When the game is over, don’t get carried away by your emotions. Whether you win or lose, you should stick to your betting plan and always discipline yourself to make smart decisions. If you have a certain bet size that you want to follow, then never bet more than that. Don’t go overboard after a win or indulge in self-pity after a loss – treat it for what it is just a game.
To Sum Up
Sports betting is not only an exciting way to pass the time but also a fun way to exercise your sports knowledge and build up a portfolio. However, it is important to remember that it is also a high-risk activity that requires skills and discipline. With the tips and strategies outlined above, you can quickly turn from a beginner into a successful sports bettor. So get started now and enjoy the thrill of live betting! There’s nothing more exciting than placing bets while watching the big game at home.
