Engaging in sports betting involves putting money at risk based on the result of a sporting event or some aspect of it, all with the aim of making a profit. Betting options range from moneyline to spread, Over/Under, parlays, props, and futures.
Multiple factors come into play when determining potential winnings for sports bettors:
- The amount of money they wager
- The online platform they use for betting
- The odds set by sportsbooks in states where sports betting is legal
Sports bettors and sports fans share a common trait of being emotionally invested in the outcomes of games. The key difference lies in the fact that sports bettors also have a financial stake in those outcomes.
Looking for a place to bet on Sports?
The easiest way to place bets on sports is by using an online sportsbook. Online betting allows you to set up and fund your betting account and make bets with just a few clicks on your computer or phone.
Thanks to its convenience and various promotions, online betting has become the go-to option for sports enthusiasts in states where it is legal. In fact, some states see over 95% of sports betting happening online.
Ever since the U.S. Supreme Court ruling in 2018, which allowed states to legalize and regulate sports betting, mobile sports betting has seen a huge surge in popularity.
The top online sportsbooks are available in most states, giving sports fans the opportunity to compare odds and promotions by opening accounts with multiple books.
While all online sportsbooks offer betting on major sports like football, baseball, basketball, hockey, golf, tennis, and combat sports, some may have limited options for niche sports and events.
Odds – the cost of a bet
Understanding sports betting, and gambling in general, is all about grasping the concept of odds. Odds represent the likelihood of an outcome and are expressed as a price. American odds are commonly used in the U.S., with positive and negative values indicating potential winnings or required bets.
$100 bet on Buffalo Bills (+700 odds) = $700 win
$150 bet on Los Angels Dodgers (+150 odds) = $100 win
For instance, a +700 odds for the Buffalo Bills to win the Super Bowl means a $100 bet could earn you $700. Conversely, a -150 odds for the New York Yankees to beat the Los Angeles Dodgers would require a $150 bet to win $100. Remember, the initial stake is returned with a winning bet, but lost if the bet is unsuccessful.
Odds are flexible and scale with your bet amount, so you can adjust your wager accordingly. For example, a $20 bet on the Bills at +700 odds could yield $140, while a $30 bet on the Yankees at -150 odds could earn you $20.
Understanding Favorites and Underdogs
When you see odds marked with a negative sign, it indicates the “favorite,” the team or player that sportsbooks believe has a higher chance of winning. On the flip side, positive odds signify the “underdog,” which is the competitor expected to have a tougher time.
For instance, if the Golden State Warriors are listed at -220 against the Houston Rockets at +190, it means the Warriors are favored to win this contest, while the Rockets are seen as the underdogs.
In scenarios where multiple teams or players have a “+” in front of their odds, the one with the smaller number is the favorite, while the larger number represents the underdog.
Take the 2022 men’s World Cup as an example: Brazil was listed at +350, France at +500, England at +550, and both Argentina and Germany at +600. Here, Brazil, with the lowest odds, was considered the favorite.
Conversely, when multiple teams have a “-” in front of their odds, the one with the higher number is the favorite. For example, in baseball, the Atlanta Braves are at -150 to win the National League East, while the New York Mets are at -120. Since the Braves have the larger negative number, they are favored to take the division title.
Sports Betting Types
Moneyline
A straight bet is the most straightforward type of sports wager. It involves betting on the outcome of a single event.
Example 1: The Chicago Bulls are facing off against the Los Angeles Lakers in an NBA game. You’re confident that the Lakers will come out on top, so you place a straight bet on Los Angeles.
Example 2: UFC heavyweight Tom Aspinall is set to battle challenger Curtis Blaydes. You’re backing Aspinall to emerge victorious, so you place a straight bet on him.
Spread
Spread betting revolves around the margin of victory in a game. When you place a spread bet, you either “give” or “take” a specific number of points, goals, or runs, which is set by the sportsbook based on the anticipated margin of victory.
Bettors must decide whether to “take” the spread, which means backing the underdog, or “give” the spread, which involves supporting the favorite.
For instance, consider a matchup between the Dallas Cowboys (-5.5) and the Philadelphia Eagles (+5.5). If you believe the Cowboys will win by at least six points, you would give (or “lay”) 5.5 points. Conversely, if you have faith in Jalen Hurts and the Eagles to either win or lose by five points or less, you would take the 5.5 points.
Point spread lines come with odds, typically set at -110 for both teams, which includes the vig. This means that to bet on either the Cowboys at -5.5 points or the Eagles at +5.5 points, you would need to wager $110 to potentially win $100 (or $11 to win $10).
Totals, Over/Under
Totals bets, also known as Over/Under betting, focus on the final score of a game rather than the winning team.
When placing a total bet, you are essentially predicting whether the two teams will score more (Over) or less (Under) than the total amount set by oddsmakers.
For instance, in a Los Angeles Rams-Seattle Seahawks game with a total of 42.5, if you believe they will score a combined 43 points or more, you would bet the Over. On the other hand, if you anticipate a low-scoring game with 42 points or fewer, you would go for the Under.
If you’re keen on exploring Over/Under betting, keep in mind the saying, “It’s never under until it’s over.” Sports are full of surprises, making it possible to win your Over bet (or lose your Under bet) until the game concludes.
In contrast, if you wager on Seahawks-Rams over 42.5 points and the score is 24-21 at halftime, you’ve already secured a win without worrying about the second half.
Futures Betting
Instead of placing a bet on a game happening today or this week, futures betting involves making predictions about events that will unfold in the future.
For instance, you might bet on a team to clinch the World Series, a nation to triumph in the World Cup, a golfer to take home the Masters title next year, or a player to be named NFL Offensive Rookie of the Year.
Futures bets typically come with higher odds, which means they can lead to more substantial payouts compared to standard bets. For example, forecasting the Stanley Cup champion at the beginning of the NHL season is generally more challenging than predicting the outcome of a single regular-season match.
One crucial aspect to keep in mind with futures bets is that the odds are not static. For example, if the Los Angeles Lakers start the season with +1500 odds to win the NBA championship, those odds are unlikely to remain unchanged over the next several months. In fact, they will almost certainly fluctuate.
The future of a futures market can be heavily influenced by injuries, trades, and teams performing above or below expectations.
When you make a bet, the odds are set in stone. For example, if you wager on the Lakers at +1500, those odds will remain the same throughout the season.
If the Lakers start performing exceptionally well and the odds drop to +400, then you’ve made a smart bet. However, if the team struggles and the odds plummet to +5000, your bet loses its value.
Before placing your bet, it’s crucial to do your research on the team or player. It’s also wise to compare odds at different sportsbooks. Why settle for +1500 when you can get +1800 elsewhere?
Props
While other markets focus on the final outcome of a game or event, prop bets relate to an individual athlete’s performance—or even something that doesn’t show up in the box score.
For instance, you could bet on Joe Burrow’s total touchdown passes in a game (Over or Under 1.5 TD passes).
Another example of a prop bet that has nothing to do with the actual action on the field or court would be betting the color of Gatorade that douses the coach of the Super Bowl-winning team.
Here are some of the more popular forms of prop bets:
- Player prop: Relates to a single player’s performance, such as total number of points scored in a basketball game, goals in a hockey game or rushing yards in a football game
- Game prop: Relates to a single game, such as choosing which player will hit the first home run in an MLB game or which team will finish with more passing yards in a football game
- Novelty prop: Usually reserved for big events—namely, the Super Bowl—novelty props can range from the aforementioned Gatorade shower after the game to the coin toss before it.
Parlays
Parlays are a thrilling way to combine multiple straight wagers into one bet, offering the chance to win big while risking less. It’s like the sports betting version of a lottery ticket!
The number of bets in a parlay and the odds for each determine the potential payout. The more bets and the higher the stakes, the bigger the reward.
But remember, parlays are tough to hit. The more bets you add, the harder it gets. If even one bet falls short, you lose it all. This near-miss effect can be risky, making it seem like you were close to winning when in reality, you weren’t.
Here are the two primary types of parlays:
- Single-game: A parlay made up of multiple bets from a single game or contest.
- Multi-game: A parlay created with bets from various games or contests.
The selections in a multi-game parlay do not have to be from the same sport.
Another type of parlay is known as a teaser bet, which is especially popular in football (especially the NFL).
Similar to a parlay, a teaser consists of two or more teams. The key distinctions: Only point spread bets are allowed in teasers, and bettors have the option to adjust the point spread by a specific number of points in either direction.
Here’s a great example of a four-team, six-point NFL teaser:
- Pittsburgh Steelers (-4.5) against Cleveland Browns
- Arizona Cardinals (+7.5) against Los Angeles Rams
- Miami Dolphins (-2.5) against New York Jets
- Las Vegas Raiders (+3.5) against Denver Broncos
By including the Steelers, Dolphins, Cardinals, and Raiders in your teaser, you can adjust the point spread six points in your favor.
The teaser point spreads would then be:
- Pittsburgh Steelers (+2.5) against Cleveland Browns
- Arizona Cardinals (+13.5) against Los Angeles Rams
- Miami Dolphins (+3.5) against New York Jets
- Las Vegas Raiders (+10.5) against Denver Broncos
Since bettors have the option to move the point spreads, the payouts on teasers are typically lower compared to parlays.
Remember, when placing football teaser bets, keep in mind two important things: never tease through zero, and try to tease through key numbers in the NFL like three, six, seven, and 10.
Sports Betting Payouts
When it comes to sports betting payouts, the amount you win is determined by the odds of your bet and how much you wager. Whether you place your bets online or in person, the potential payout is always clearly displayed on your betting slip.
In some cases, the payout amount already includes your original wager. For example, if you bet $10 to win $50, the total payout would be $60. If not, simply add your bet amount to your potential winnings to calculate the total payout.
Before placing a bet, you can also figure out the potential odds and payouts. This can be done by familiarizing yourself with different odds and payout calculations or by using a handy betting odds calculator.
Keep an eye out for payout bonuses offered by certain online sportsbooks, as they can increase your winnings. If any bonuses are up for grabs, you’ll receive a notification when you log into your online betting account.
Remember, you can withdraw funds from your betting account whenever you like. The time it takes for the money to reach your bank account varies depending on the sportsbook and withdrawal method, but typically takes 2-5 days.
Can you make money as a bookie?
Certainly! As a bookmaker, you can indeed make money. Here’s how it works:
– Profit Margin (Vigorish):
Bookmakers set odds for various sports events. These odds include a built-in profit margin (vigorish) to ensure the bookmaker makes money regardless of the outcome.
For example, if the true probability of an event occurring is 50%, the bookmaker might offer odds of 1.91 (equivalent to approximately 52.4% probability). The difference between 1.91 and 2.00 (even odds) represents the bookmaker’s profit.
– Balancing the Book:
Bookmakers aim to balance their books by managing the total amount of money wagered on each side of an event.
If too much money is bet on one outcome, the bookmaker adjusts the odds to attract bets on the other side, ensuring a balanced book.
– Risk Management:
Bookmakers monitor their exposure to minimize risk. They may limit stakes on certain events or adjust odds based on betting patterns.
Hedging and risk diversification are essential strategies for bookmakers.
– Arbitrage Opportunities:
Occasionally, bookmakers’ odds differ significantly, creating arbitrage opportunities. Bookmakers exploit these by betting on all possible outcomes across different platforms to guarantee a profit.
– Specialization and Knowledge:
Some bookmakers specialize in specific sports or leagues. By having better insights or data, they can offer more accurate odds and attract knowledgeable bettors.
Remember that being a successful bookmaker involves understanding odds, managing risk, and maintaining a balanced book. It’s a business that requires skill, knowledge, and adaptability. 📊📈
Price per Head with over two decades of experience in the industry. Offers specialized services for Bookies aiming to establish a strong online presence. We grant access to cutting-edge user tracking, website and accounting software.
