Sports betting came into being quite a long time ago. For most of us, it’s one of the ways we enjoy sporting activities. It’s a game that requires skill and precise calculations. In this article, we would be defining sports betting and also how it works. Let’s begin
What Is Sports Betting?
The concept of betting is quite simple to understand. In sports betting, two more people predict a certain outcome during a particular event. To make a bet, something of value is being wagered (usually money). Whoever is correct wins the wager.
On a side note, betting is not only tied to sports. It’s also a form of entertainment in different sectors. Looking at the $5 deposit casinos review in Canada, the number of people going to online casinos is increasing day by day.
In sports betting, you place a bet on your favorite sporting event and win a certain amount of money if your team wins. If your team doesn’t win, you lose your bet (and some money as well).
For many people, it’s just a way to enjoy the sport they love. For others, it’s a way to make money. The betting industry rakes up to three trillion a year, according to reports. Here are a few points you should be familiar with if you’re just starting:
Plus And Minus (Point Spread)
The terms “plus” and “minus” in the betting world are known to be odds expressed in terms of money.
For example, With $100 as the standard, if the odds are -120, it means you must bet $120 to win $100. If the odds are +150, it simply means that you would make $150 at the end of your successful wager.
Money lines are also called “American odds”. In this form of betting, participants predict who will win the game. This type of betting doesn’t require bettors to disturb themselves with the number of points their team wins.
You can still see the plus and minus symbols but in this case, they only signify the odds. They tell you how much you can bet or can win. At first, it might be difficult to understand money lines. But once you get a hang of it, you’ll be able to make the best decisions concerning your game.
Here’s an example:
- Philadelphia (-200)
With $100 as the standard, you have to bet $200 to win $100.
- Miami (+300)
With a bet of $100, you stand a chance to win $300 if Miami wins the game.
Now, in competitive games, you may see a Moneyline with both teams at -110 and +180. You don’t have to bet the exact amount.
Your betting power can be between the minimum and maximum amount accepted by the house or sportsbook. Your wins will be adjusted to the amount you’re wagering.
There are cases where you may want to bet more than the norm. just multiply your possible win by your bet and divide by the minus line or by 100.
Over/Under Totals Betting (O/U)
Money lines and spread are only concerned about the winning team. Totals on the other hand only care about the points or goals scored during a game.
So, let’s say there’s a game between San Diego and New York. You’ll see some numbers listed. These numbers may be something like 7 for a baseball game, 138 for a college basketball game, or 38 for an NFL game.
These numbers are called the line for O/U bets, and they are commonly known as the total. When you place a bet on the over, you’re predicting that both teams will score more goals or points than the total listed.
In the same vein, for underbets, you’re predicting that the points would be less than the total listed. This type of betting is one of the easiest ways to get started as a beginner. However, in time, you’ll understand that picking winners for each game may be very difficult.
This is how sportsbooks make their money. It’s the fee you pay while placing a bet. For example, the house (or book) takes $2,000 to win $1,000 for team A and also takes $2,000 to win $1,000 for team B.
If team B wins, the house gives them back their stake and $1,000 from the losers. This will also happen if team A wins. The remaining $1,000 goes to the house. Profits may vary, but as long as they post good lines, they’ll make enough money.
As for where to place bets, you can use a reputable online betting site or visit a land-based sportsbook. You can also use a bookie. Placing a bet is very easy. With the instructions given on the website or assistance rendered by the bookie, you’ll get a hang of it in no time.