If you’re a beginner to sports betting, you can feel intimidated by all the numbers on the screen when placing your first sports bet. Placing a bet is easy but understanding the odds and different bet types is harder.
How do you place a bet?
To place a bet, you need to find a legal online sportsbook. Sports betting is now legal in many U.S. states and Play Gun Lake in Michigan is a popular option. You need to register and navigate to the game you want to bet on. Select your bet type and click the ‘bet cell’. The bet will then populate in your bet slip. You will enter your bet amount and submit it.
How much should you bet?
A good rule of thumb is to only risk what you can afford to lose. A flat-betting approach means that you bet the same amount on every game. You only risk 1% to 5% of your bankroll at a time.
For example, if you have a bankroll of $100, you won’t risk more than $5 per play. This helps to guard against losing your entire bankroll if you have a run of bad luck. It will also set you up for a positive return on your investment when you’re doing well. You should always confirm that a sportsbook has safe deposit and withdrawal options so you can avoid harmful schemes from various sites.
How do odds work in sports betting?
American odds are the three-digit numbers that are part of any standard bet listing. These odds will appear with a plus or minus sign. Negative numbers indicate favorites and positive numbers indicate underdogs.
When you add your bets to the slip and choose your stake, the betting slip displays your potential return. This is known as your payout. The odds show how much you will profit on winning wagers. They also indicate the overall implied likelihood of outcomes. At odds of -110, you will need to bet $110 to win $100. On odds of +110, you need to bet $100 to win $110.
Different types of bets
Sports betting isn’t one of the best ways to make money unless you thoroughly understand the odds and different types of bets.
Moneyline bets require your chosen team to win the game outright. The favorite pays lower odds than the underdog so betting on underdogs can offer better payouts.
A spread, or line, is a number the bookmakers assign. It handicaps one team and favors another when two teams play each other, and one is seen as more likely to win. You bet on the margin of victory in spreads betting. Other bets are over/under bets, proposition bets, and parlays.
