Sports betting is a great way to make some cash on the side. There is no wonder why there is an increase in punters in the field of sports betting. For a beginner, it can be quite a task to get into sports betting, learning all the odds and strategies, to start making profits. Our guide on sports betting for beginners can help anyone set their foot in the field of sports betting.
What are sports betting:
Sports betting is simply where an individual bet on the outcome of the match with some stake, and winning the bet gives them a profit. I call sports betting a mode of making money. Sports betting often involves a bookmaker, who keeps an account of all the bets made for a match and gives the profits according to at the end of the match. Before we get much further into sports betting for beginners and take a look at some sports betting strategies, we have to first take a look at some of the basic terms widely used in this field:
- Bookmaker/Bookies: A bookmaker is a person who facilitates gambling
- Stake: Stake is the initial amount that you have spent on the bet.
- Wager: A wager is something on which the bet is place.
- Odds: Odds are the probability of an event happening, thus provides you the knowledge of how much profit you can obtain if you win.
- Punters: Punters are the betters in gambling.
Different types of sports bets:
In the field of betting, there are various types of sports bets available, and each one has its advantage for a particular sport. If you a beginner sports punter, read along to know the different types.
1. Spread bets: Also known as handicap betting, where the punter bets on a team after the bookie provides conditions for the team you choose for betting.
2. Total Bets: Betting on the number of points or goals scored by a team in a match. Punters can either bet over a certain amount of point or under a certain amount of point.
3. Moneyline Bets: Person bets on the team to win the match.
4. Parley Bets: Also known as multiplier or accumulator. In this form of bet, the punter can combine two or more bets into one. To win, all the outcomes must be favorable securing higher odds for the better.
5. Teaser Bets: Similar to Parley bets, but here a punter can combine two different game bets, allowing him/her to tweak the points to his needs settling for lower odds.
6. Outright Bets: Person bets on a team or a player to win a competition.
7. Head-to-Head Bets: A bet placed between two competitors in a head-to-head match. These types of bettings are common in golf where the field is large.
Types of Odds:
No matter what type of gambling you are getting into, understanding the odds is an important aspect. There are three major types of odds namely American (money line) odds, decimal (European) odds, and Fractional (British) Odds. It can be confusing, but just know these three odds are just different manifestations of the same thing. After understanding all, you can start experimenting with the best sports betting odds that suit your needs.
American Odds Explained:
American Odds, also known as money line odds/US odds are widely used in the United States. The odds are either represented in the (+)sign or (-)sign. The favorites always getting the (-)sign, which states the amount required to stake to win a total profit of $100, and the underdogs always getting the (-)sign, which states the amount of profit you will acquire for every $100 staked.
Barcelona: -300 (the favorites)
Elche: +500 (the underdog)
In the above case, if you staked $100 for Elche to win, you receive a profit of $500. Thus, your total payout will be the profit of $500 + the initial stake of $100, giving you $600.
If in case you stake for Barcelona to win, you will have to pay a stake amount of $300, to receive a profit of $100, making your total payout at $400.
Decimal Odds Explained:
Decimal Odds, also known as European odds/Digital odds/Continental odds are widely used in the European Continent, Australia, New Zealand, and Canada. They are easier to understand and implement. They are provided in decimals, and they represent the amount a person wins for every $1 wagered.
Unlike the other odds, decimal odds represent the total payout rather than the profits alone. Hence you do not have to add your stake while calculating the total payout.
Barcelona: 1.50 (the favorites)
Elche: 5.00 (the underdog)
If a person bets $100 for Barcelona to win, he gets a total payout of $150(100×1.5) of which, $50 is the profit, and $100 is the stake amount.
Similarly, if a person bets $100 for Elche to win, he gets a total payout of $500(100×5) of which, $400 is the profit, and $100 is the stake amount.
In decimal odds betting, the underdogs are more riskier to bet, less probable to win, but give out the most payout having higher decimals.
Total Payout = Stake x Decimal Odds Number
Fractional Odds Explained:
Fractional odds, also known as UK odds/British odds/Traditional odds are widely used in the United Kingdom and Ireland. They are provided in a fraction form. For example, 10/15 is spoken as ten-to-fifteen. The denominator or the second number denotes the amount you bet, and the numerator or the first number denotes the amount you win as profits.
In a match, if you wager on the favorites, the odds will be less in your favor, and the odds are called “odds on” and if you wager for the underdog, the odds will be more in your favor, and the odds are called “odds against.”
Let us take the example of Barcelona and Elche.
Barcelona 10/15: $150 to win $100. Total=$250
Here as Barcelona are clearly the favorites, thus you have to stake $150 to win a profit of $100. And if you win, then the total money returned to you would be the stake+profits=$150+$100=$250.
Elche 5/1: $100 to win $500. Total=$600
Here as you can see, since we are betting for the underdog, the profits on winning are high. If we bet $100 on Elche to win and we win the bet, then we receive $500 as profits and the total money returned would be $600.
To convert the fractional odds into decimals odds, we have to first convert the fraction into decimals and add +1 to it.
If the fractional odds are 6/1, then the decimal odds are 6+1.
If the fractional odds are 1/4, then the decimal odds are 0.25+1.
What are some of the best Sports Betting Strategies:
As with every sports betting, strategies are important to make profits no matter if you a beginner or a professional. Here are some sports betting strategies to successfully get you started with any sports betting.
- Start by getting into just one sport in the beginning. It can be the sport you already know about or you are most interested in.
- Get in contact with a legit and legal bookmaker to not get scammed.
- Before starting out, get through information on the match, analyze the teams that you are particularly interested in betting.
- Start small by betting on favorites rather than the underdog even if the profits are low.
- Set your emotions aside, do not bet for a team just because it’s your favorite team.