Sports Betting 101 – Learning the Ropes
Sports betting remains a multi-billion-dollar juggernaut alongside today’s impressive online gambling scene. Just like playing your favorite games online 24/7, the world of sports betting also operates 24/7. Even when you’re not making live in-game bets, there’s the chance to make future, prop bets, and more with up-to-the-minute sports prediction odds. If you’re a seasoned sports bettor, this might seem like par for the course. However, for those new to the sports betting world, we hope you consider this guide a stepping stone and a confidence booster to learn the ropes of sports betting.
Understanding the Different Odds Systems
When you log in and check out the best betting sites in Canada and other premier online sportsbooks, you can’t help but to notice the option to display and switch between the sports betting odds. Depending on your comfort level or the country you’re in, you might be familiar with the decimal, fractional, or American odds system.
In Canada, it’s common to find the decimal system. For example, 1.5 on the Toronto Raptors, 5.00 on the Oklahoma Thunder. In this scenario, the Thunder are the overwhelming favorites while the Raptors are the underdogs. The standard sports bet payout is based on a $100 wager. So betting $100 on the 1.5 decimal odds would mean a potential $150 payout should the Raptors win.
In the American system, you might see a + or a – near the odds. The – means the favorite, while the plus is for the underdog. Some online sportsbooks have the option for fractional bets. The fractional bets are more common among the UK sportsbooks. So, for a 5/1 bet, that means betting five times your bet for an outcome. For example, betting one dollar on 5/1 odds means a total potential payout of $6. This is because you multiply the $1 by 5, plus recouping the $1 bet.
Understanding the Basic Sports Bets
Thanks to massive technological leaps, betting online offers more betting potential than the basic moneyline and spread bets made with a traditional bookie. Speaking about the moneyline, it is the most basic bet, especially for beginners. Betting on the moneyline, otherwise known as the “straight up,” means betting on which team, or in the case of single-player sports like tennis, wins the match.
It doesn’t matter the final total. The moneyline bets pay out for the winner, plain and simple. The spread bets are also super popular. In order for the spread bet to work, the team or player must either win or lose by a certain point total. For example, betting on the Thunder to win by five points against the Pacers only pays out if they win by five points or more.
Conversely, you can pick a team to lose by a certain amount. The concept works the same way. When betting on the spread, it’s common to find them in decimal form. So if the spread is 5.6, that means the team or player has to win by more than that total. Parlays are highly popular. You can find same-game parlay deals or parlay boosters at the top sportsbooks. Most parlays pay when at least three legs are winners. A leg means a bet. For example, you can make individual prop bets on players from different games. And if they all win, you win the parlay bet. A same-game parlay works the same concept, but it applies to one game. For example, a same-game parlay could be Stephen Curry of the Warriors scoring 30 or more points, having 10 or more assists, and having at least three steals. If any of those legs don’t pan out, you lose the parlay bet.
A prop bet is a type of bet where you bet on a player’s statistics. For example, how many hits, home runs, or stolen bases will Mookie Betts have in a game? Future bets are common for beginners. A future bet is a wager on which team will win a game or match in the future, or even multiple matches. It’s common to have future bets on who will win the Super Bowl, the College Football National Game, or which teams will participate in these games. These odds change all season long.
Manage Your Budget
The first move is to join a licensed and reputable sportsbook for consumer protections and a safe betting environment. Of course, with 24/7 access to elite sports betting at your fingertips, it is easy to slip into addiction. Fortunately, reputable online sportsbooks offer responsible gaming measures. It is a wise move to set up some spending, loss, and other limits after creating an account to help stay in control.
Conclusion
The world of online sports betting is an expanding one. You don’t have to be glued to your computer to keep up with the latest sports betting odds. With a sports betting app, you can receive push notifications with updated odds as well as a real-time tracker of your bets and losses. The best online sportsbooks also have competitive sports bonuses, including welcome bonuses and early payouts to keep you engaged.
