Sports wagering is an exciting activity to engage in. While betting seems light on the outwards, it is more complicated and demands you to familiarize yourself with several essential elements to succeed.
This article will delve into the intricacies of sports betting. Let’s get into it straight away.
What Is Sports Betting
Betting takes several forms, all run using different rules. However, at the core of it, sports betting revolves around predicting a particular outcome during a game and risking some money on your prediction. Enthusiasts can bet physically or online on several online platforms like Betway.
When betting, you should familiarize yourself with several elements to increase your chances of winning. To kick it off, you must understand the odds and probabilities. Odds represent the likelihood of a particular outcome. You need to understand three types of odds to understand how to wager on sports.
- Fractional Odds: Commonly used in the UK, this type of odds is represented as a fraction such as 5/1 or 2/3. The first number equates to the potential profit, while the other substitutes the stake amount.
- Decimal Odds: This type is popular in Europe and represents a decimal figure like 6.00 or 1.50. To identify your payout, simply multiply your stake by the odds.
- Moneyline Odds: Also known as American odds, this variation is outlined as positive or negative numbers like +500 or -200. Positive numbers represent the expected profit on a $100 wager, while negative numerals indicate the amount you must bet to make $100.
Types of Bets
There are several types of bets enthusiasts can engage in. Let’s review the different variations you can enjoy on popular sites like Betway.
Moneyline Bet
This is the simplest form of wagering. It involves betting on which team will win. Moneyline odds are usually displayed in positive or negative format. For instance, if you observe +150 associated with a particular team, it means if you place a $100 bet and win, you’ll profit $150.
Observing a team with a negative money line odd, like -200, indicates how much money you need to earn to win $100. So if you place a $200 bet on this team and they emerge victorious, you’ll win $10 in profit and wager $200.
Point Spread Bet
This variation of betting throws in a handicap or point differential to a sporting event to add an extra kick to the sport. Enthusiasts wager on whether a team or athlete will win by a specified number of points or if they cover the spread.
This type of betting is commonly associated with basketball and American football. In a point spread bet, the team expected to win is termed the favorite and has a negative point spread. The one expected to lose is known as an underdog.
Over/Under Bet
This wager variation involves betting on the total combined score of a sporting event. Instead of betting on which team will win, players wager on elements like total points, goals, runs, or any other relevant statistic.
So when you select the over option, you expect the total combined score of the set statistic will be higher than the line set by the sportsbook. As for the under option, you should only select it if you believe the statistic will be lower than the limit.
Proposition Bets (Props)
Proposition bets involve wagering on specific outcomes aside from winning or losing. Unlike traditional bets, this is the best option when seeking a positive expected value when sports betting.
What makes this possible is that sportsbooks can’t keep track of every single player, every minute of the day. When statistics about a player’s usage, injury, or stats are released, bettors have an advantage over the books.
Betting on specific events within a game, such as which player will score the first goal or how many touchdowns a quarterback will throw.
Parlay Bet
A parlay bet involves when a bettor makes several wagers and combines them into one. The name changes between accumulators or multis based on the sportsbook and region. Typically, it involves combining multiple bets into one, with the condition that all bets in the parlay must win for the bettor to receive a payout
When placing a parlay bet, the player must win all the bets. Losing even small bets loses the entire parlay. When computing parlay odds, you might experience slight changes because of how odds are expressed in the United States. Most bettors often rely on winnings calculated by sportsbooks.
However, to compute a payout simply:
- Switch the American odds to decimals.
- Multiply all the decimals together.
- Multiply the result by your bet stake.
- Subtract your original stake to get the parlay odds.
Final Thoughts
Sports wagering is an exciting activity that can keep you amused. Before wagering, however, you must understand the essential elements like odds, probabilities, and the various types of bets. Grasping all these intricacies improves your chances of winning tenfold.