Understanding Sports Betting Presented by
The Complete Guide to Sports Betting for Beginners
Getting into sports betting can be quite a daunting undertaking, especially if you
have little to no experience in sports betting of any sort to
begin with. There are dozens of sports and thousands of markets
to choose from on any given day. This guide will provide you
with the information to start your sports betting endeavor successfuly.
What is a favorite?
A favorite is a
team or competitor that oddsmakers expect to win, and it is
often displayed with a minus sign in front of the odds. This is
the team or competitor that is favored over the opposition,
hence being called a favorite. When betting a point spread, the
favorite will often be laying or giving points to the opposition
to make the wager evener. When wagering on the money line, the
favorite will have a lesser return on the money that is bet.
What is an underdog?
Opposite to a favorite, an underdog is
the team or competitor oddsmakers expect to lose. Underdogs are
often displayed with a plus sign in front of the odds. Underdogs
operate in similar fashion to favorites when it comes to a point
spread or a moneyline, just opposite. When betting a point
spread, the underdog will often be receiving extra points versus
the opposition to make the wager evener. When wagering on the
money line, the underdog will have a greater return on the money
that is bet.
What is a pick or pick’em?
A pick or a
pick’em is when a bet is even on both sides in terms of who the
oddsmakers expect to win, meaning it’s a 50-50 proposition. You
just “pick” who you think is going to come out on top without
having to overcome a point spread or lay odds. In pick’em
contests, betting the money line will lend an even return.
What is the point spread and how do spreads work?
A point
spread is used to even a betting matchup between two sides. The
favorite will be giving points to the other side, and the
underdog will be receiving points. To win against the point
spread, the favorite must overcome the number of points given to
the underdog. For the underdog to win against the point spread,
the underdog can use the points given to overcome the
opposition.
For example, let’s say the Boston Celtics are -4
favorites over the Los Angeles Lakers, who are +4 underdogs.
After the final score is realized, the Celtics would subtract
four points from their total if that’s the team you bet on, or
the Lakers would add four points if you bet on this side. This
would then determine if the bet was won “against the spread.” In
this example, if the Celtics beat the Lakers by a score of
100-90, all bets placed on Boston at -4 would win, as they
overcame the four-point spread, and all bets placed on Los
Angeles at +4 would lose because the team failed to overcome
Boston’s total even with the added points. Likewise, if the
final score was 94-92 in favor of the Celtics, the Celtics would
lose a point-spread bet and the Lakers would win.
Because the
point spread is used to even the matchup, the odds you receive
on a point-spread bet are much closer to even in terms of your
return. Betting on the money line means you are betting on the
two sides straight up, without the added or subtracted points
that a point spread provides.
If the Dallas Cowboys played
the New York Giants, you pick which team you would want to win
and the odds factor in who is the favorite and who is the
underdog. In this example, the Cowboys might be listed at a
price of -200 and the Giants listed as +175. This shows us that
the Cowboys are the favorite to win the game and the Giants are
the underdog (note the minus and plus signs, as mentioned
before). With these odds, you would need to bet $200 on the
Cowboys to win $100. On the other side, a bet of $100 on the
Giants would win you $175.
This same game may be listed using
a point spread, too, and that can help you determine where you
want to make your bet.
What is a total?
In a game, a total
is the number of points scored. Oddsmakers and sportsbooks will
often release lines for the total amount of points scored
between both teams in a game, and bettors can wager on if they
think the total will be over or under the listed amount. This is
often referred to as an “over/under” bet. Oddsmakers and
sportsbooks can also put up totals for each side separately.
Totals can also apply to wins in a season. In fact, season win
totals are some of the most popular wagers across all major
sports, especially in the NFL. An oddsmaker or a sportsbook will
determine a line to set for the number of wins a team will get
in a regular season. Bettors can then wager on if they think the
team will win more or fewer games than the number posted.
Where can you place a sports bet?
Depending
on the jurisdiction, sports bets can be placed in a sportsbook
or online, but those interested in placing a sports bet should
understand the rules and regulations of the market they are in.
How much should you bet?
A wise man once said, “Only bet what you can afford to lose.”
This applies to investing in stocks, playing poker, and
especially to betting on sports. Only wagering in amounts that
are comfortable to you is part of proper bankroll management,
and know that each person is different, with varying thresholds.
Oftentimes you’ll hear sports bettors refer to the amount of
money wagered in “units.” A unit is a predetermined bet size a
bettor will use as an average wager. From there, a bettor will
determine how many units to wager depending on the conservative
or aggressive nature of the bet.
It is commonly suggested
that bettors risk in the range of 1%-5% of his or her bankroll
on each individual bet, depending on the confidence level you
have in the bet. The lower end of that range, 1%, is often one
unit for a sports bettor. Putting this into an example, let’s
say you have $1,000 in your betting bankroll. Each unit would be
1% or $10 and your maximum bet can be 5% or $50. Applying the
1%-5% rule, sports bettors can guard against losing streaks and
avoid losing an entire bankroll quickly.
Why did the odds
change?
In most cases, the odds are always changing.
Oddsmakers and sportsbooks are constantly trying to find and
keep the best middle ground in a wager and often need to adjust
one side of a bet, the other, or both in order to do so. Too
much money being bet on one side or the other can cause the odds
or point spread to be adjusted, and then there are things like
changes in the weather or injury news that can affect how a game
will play out and push oddsmakers to adjust.
Odds or point
spreads changing is completely normal. Just like the prices in
the stock market can and will adjust over time, so will the odds
and point spreads at a sportsbook. Odds change and line movement
can work for you, but they can also work against you. This is
why it’s suggested to study line movements when you are looking
to place a wager.
What if there’s a tie?
A tie in the
world of sports betting is often referred to as a “push.” If you
bet on the money line and there was a tie as the result, you’ll
likely get your money back and that’s it. The same goes for a
point spread if the result ends up equating to a tie.
Spreads
There are two
main ways to bet on a favorite or an underdog. The first is the
point spread, which is a bet on the margin of victory. For
example, say the Patriots are 7-point favorites against the
Jets. They’d be listed at -7. If you bet on the Patriots, they
need to win the game by 8 points or more for you to win your
bet. If the Patriots win by 8 points or more, you “cover.” If
the Patriots win by exactly 7 points, that is called a “push,”
which means you get back the money you originally bet. If the
Patriots win by 6 points or fewer (or lose the game
straight-up), you lose your bet. On the flip side, if you bet on
the Jets “plus the points” (+7), you need the Jets to either win
the game lose by six points or fewer for you to win (or cover)
your bet. Spreads are available for all sports, but they are
predominantly used when betting on higher-scoring sports like
football and basketball.
Moneylines
The second way to bet on a favorite or an underdog is on the
moneyline. This is based solely on which team will win the game,
and uses American odds to calculate the payout. Favorites are
again given a “minus” designation, such as -150, -200 or -500.
If a favorite is -200, that means you have to risk $200 to win
$100. If the favorite wins, you get $100, but if the favorite
loses, you’re out $200. Because favorites are expected to win,
you assume more risk when betting on them. Underdogs are given a
“plus” designation, such as +150, +200 or +500. If an underdog
is +200, that means if you bet $100 on them and they win the
game, you get $200. If they lose the game, you lose only the
$100 that you risked. Because underdogs are expected to lose,
there is more of a reward when betting on them. Moneylines are
available for all sports, but they are predominantly used when
betting on lower-scoring sports like baseball, hockey and
soccer.
Over/Unders (Totals)
In addition to
setting a line for the favorite and the underdog, oddsmakers
will also set a total number of points scored in a game by both
teams combined. This is called the total or over/under. Bettors
can then wager on whether or not the game will go Over or Under
the total. For example, an NBA game between the Celtics and
Bulls might have a total of 215. You could either bet the Over
215 or the Under 215. If you bet the Over 215 and the total
points scored end up being 216 or higher, you win your bet. If
the total points scored are 214 or fewer, you lose.
What Is
the -110 Number Listed Next to My Bet? The oddsmakers put a
“tax” on every bet, which is typically called the “juice” or
“vig” (short for “vigorish”). The juice is the commission you
have to pay to the sportsbook for them to accept your wager. The
vig in the U.S. will be listed in American odds. Say the Duke
Blue Devils are -5 (-110) … that means if you want to bet on
Duke as a 5-point favorite, you need to risk $110 to win $100.
The juice can also be a positive number, such as Penn State -7
(+110). That means if you bet $100 on Penn State as a 7-point
favorite and it covers, you win $110. If it loses, you lose only
the $100 that you risked. You always have to risk more on a
favorite than you’d win on an underdog…otherwise, sportsbooks
would be out of business.
Rotation Numbers
Rotation numbers are what’s listed to the left of a team on the
board. They are also referred to as the NSS number or Vegas ID
number. They are unique to the team, sport and league, and
universal across most sportsbooks. For example, you might see
the number “312” listed next to the Bruins -120. If you’re at a
casino and want to bet $100 on the Bruins, walk up to the window
with your money and say, “$100 on 312, Bruins -120.”
Lines Move in Real Time
Much like stocks on Wall Street, the sports betting market is fluid. Throughout the day,
bookmakers will adjust the odds depending on the action they’re
taking and other news, such as injuries and weather. For
example, if the Vikings open as 7-point favorites and the vast
majority of bets are on the Vikings, you might see the Vikings’
line move from -7 to -7.5. The line could move even further to
-8, or it could be “bought back” to -7. You can monitor betting
data for every game in real time on our live odds page or in our
mobile app (download here).
Shop for the Best Line
Lines can vary based on the sportsbook, because different books
have different clienteles. As a result, one book may post the
Cavs -8 while another has -7.5. Having access to more than one
sportsbook allows you to shop for the best line. Getting an
extra half-point might not seem like a huge deal, but it adds up
over the long haul and increases your chances of winning.
Identify Your Strengths and Weaknesses. This isn’t Monopoly
money, so you want to make sure you’re tracking your progress.
The easiest way to do that is with our award-winning (and free!)
app, which has awesome features like live bet cover probability
and odds shopping, it also lets you track all of your bets
across nearly every sport. And that’s valuable because you can
identify where your strengths and weaknesses are as you start
betting. Are you more successful betting on the NFL or NBA? Do
you thrive when taking player props or over/unders? These are
all a good thing to know, and it can allow you to maximize your
winnings.
Copyright © by Bizmove.com. All rights reserved.