In the past few years, sports betting has come out from the shadows of the alleys to the mainstream.
People are looking beyond the anti-gambling taboo that has been embedded in us. Eventually, the acceptance of sports betting in society has opened up doors of opportunity for a multi-billion dollar industry to grow and expand its chains.
As sports betting is getting legalized in many states, many sports fans are now trying to enter the market and are trying their luck, knowledge, and skills to make money out of their passion.
Tips to Bet on Sports for Beginners
If you have recently heard about the term “online sports betting” but you want to try your luck, you are at the right place as we are going to guide you with a handful of tips that will help you to get started.
Learn Between Favorites vs Underdogs
When you are choosing a team or sports to place your bet, you need to understand the odds of placing your bet on your favorite team and the odds of placing your bet on an underdog.
When a bookmaker opens up the betting line, they will decide, depending on the odds, who will be your favorite team and who will be playing as an underdog.
The favorite team that has the maximum chances to win will get a minus sign next to its odds. Whereas the underdog team, who are less likely to win, will get a plus sign beside their odds. If the chances of both the teams to win the game is a toss-up, then the book will open as a “pick” or “pick ‘em”.
There are two ways in which you can bet on your underdog or favorite. The first way is the point spread through which you can bet on the margin of the victory.
For example, if you bet on Team X and they win by eight, and the point you bet on was 7, then you win the bet and the money. If team X wins by 7 points, which is exactly the point you bet, then you neither win nor lose the bet. You will get back the money that you initially bet.
If Team X gets the point that is lower than 7, then you lose the bet and the money.
Spread is available across all kinds of sports betting. Bet it’s football, baseball, or basketball.
The second best way to bet on your favorite team is using Moneyline, which is solely based on the winning team and follows the American odds while calculating the payout.
The favorite team that is likely to win is given a minus sign. This means, if the sign is -200, you will need to bet 200 to win 100, but if the team loses, you will lose 200.
Since the team is more expected to win, the amount of risk also goes up for the better.
On the other hand, the bettor is given a plus sign which means if they have a +200 sign, then you will need to place a bet of 100. If the underdog loses the game, you lose only 100, while if they win, you earn 200. Since the team is less likely to win, the risk is also low.
Learn How to Place a Bet
So, now you know the different types of bets. The next thing you need to know is how to place a bet.
The first thing you need to do is check if the county where you are located allows sports betting. Though most of the countries have legalized sports betting, there are a few states which prevent it.
If it is legalized, the next thing you need to do is find a trustworthy platform.
Choose the Best Space to Place a Bet
There are plenty of platforms that offer sports betting these days. But while choosing one, you need to make sure that it is an authentic website and also offers exactly what you are looking for.
You can always use websites such as Jackpot King, which is known for being one of the sports betting websites in the world.
Also, make sure that the website you are choosing offers a range of betting options. This means they should have a long-range game selection from which you can choose the best one.
It is important to select such a website just to have better opportunities of winning.
Understand How Much to Bet
You should always set a limit. Just because you are confident about your bet doesn’t mean that you need to put in all you have.
Also, if you are losing, don’t try to win back the money by placing more bets. Always remember that it is a game of luck, too, and don’t go with the flow.
You should set a limit for the betting amount and stick by it regardless of how promising the game looks.
Monitor Betting Data
As a bettor, you should always monitor the betting data. Just like stock markets, the sports betting market is fluid too. And the bookmakers keep on adjusting the odds depending on the weather and the players who are playing.
So, if you are planning to place a bet on a certain team or game, it is advised to analyze the betting data from a day or two before.
Identify Weakness and Strengths
This isn’t Monopoly money. So you need to make sure that you’re tracking your wins and losses.
Possibly, the best way for that is using the Jackpot King app, which has a built-in tracker with features like live bet cover probability and odds shopping.
The site also allows players to track all of their bets across nearly every sport.
And this is how you can easily identify your strengths and weaknesses as you start betting.
Do you have more chances of winning by betting on the NFL or NBA? Do you prosper by betting on the underdogs? These are all the good questions that you need to ask yourself, and this is how you can maximize your winnings.