Watching your favorite sport live is exciting. But it’s even more exciting when you have money on the line. This thrill is why many gamblers gravitate towards online sports betting. The best part is that this gambling style is accessible to you, no matter your skill level. Need some help getting started? Check out this Betting 101 guide! We go over the best betting tips so that you can make your first wager.
How to Bet on Sports
In its simplest form, online sports betting is pretty simple. Start by choosing the league and game you want to place a bet on.
Then, you offer up money based on the odds that the books provide. If you win, you get to keep your wager plus your winnings. If you don’t, your entire bet is gone.
Of course, online sports betting gets more complicated when we use terms like parlays and money line bet. We’ll go over the different types of wagers later on.
For now, let’s look at where you can bet on sports.
Where to Bet on Sports
To participate in sports gambling, you’ll need to go to a sports gambling website. These sites let you use your money to place bets and collect your winnings. You pay for the service through commissions on losses. (Note that some people refer to these sites as “sportsbooks” or simply “books.”)
Now, it’s only natural to be wary of entering your banking information online. We understand your concerns and are eager to help by recommending the top books for online sports betting!
Our recommendations are among the best in the industry. You can rest knowing they’re licensed and prioritize your security.
Plus, our top books cover a wide range of sports and types of bets. Some of them even have a mobile app. Trust us when we say that there’s a site to place bets for everyone!
Types of Bets
Curious as to the types of bets? Continue reading out betting 101 guide to learn about everything from a money line bet to a parlay.
Moneyline
A moneyline is a simple wager based on which team wins the game.
The book defines one team as the favorite and assigns them a “minus” designation (-100, -200, -1000, etc.). The other team is the underdog and will have a “plus” designation (+100, +200, +1000, etc.).
If the team you bet on loses, you lose your wager. If they win, you also win!
How much money you get back depends on whether you bet on the favorite or the underdog. You will get a lower payout from a winning favorite than a winning underdog. Why? Books recognize that people are less likely to bet on the underdog.
Moneyline bets are available for all sports. However, they’re most common among lower-scoring games like football (soccer), hockey, and baseball.
Against the Spread (Spread Meaning)
Spread betting is a little more complicated way of placing sports bets as you won’t necessarily win if the team you pick wins.
To understand spread betting online, let’s use the famous Bills vs. Vikings example.
In 2018, the Vikings were 16.5 point favorites (-16.5) against the Bills. In other words, experts expected the Vikings to win by 16.5 points.
This is where spread betting online gets tricky. The Vikings seem like a desirable wager as they’re the favorites, but they would need to win by 16.5 points to win the point spread bet.
Interestingly, if you gamble on the Bills, and they don’t win the game outright, you can still win because the team is +16.5 (meaning you add 16.5 points to their final score).
With baseball, a run line is used instead of a point spread. For example, the Kansas City Royals are playing the Detroit Tigers. The oddsmakers expect the Tigers to win, so a run line of -1.5 is offered at increased odds.
When placing a sports bet on the point spread, it is important to remember that the odds will be close to even, even if the point spread is large (like the Vikings example above). When betting on the point spread, it is important to consider factors such as garbage time points. Remember, the two teams do not care about the point spread, they only want to win the game. As a result, there can be wild swings with point spread sports bets late in games.
You can find more details in our Guide to Spread Betting article.
Prop Bets
Prop bets are another way bettors place bets on sportsbooks. The outcome of the bet isn’t determined by the two teams playing the game, but the individual players on the team. An example of a prop bet would be picking Lebron James to score more than 25.5 points.
Over/Under
Over/under wagers (or totals) are pretty simple in sports betting. The goal is to decide whether the total points scored in the game will be over or under the oddsmakers total. Oddsmakers will use analytics and data to predict the value of the total points scored in a single game. If you bet the over, you are wagering that the teams combined score will be at least a half point higher than the oddsmakers total.
Before the game, you can predict whether the combined point total over or under the total. If you’re correct, you win! To get more details, check out our Over Under Explained article.
Parlay Bet
A parlay links together multiple wagers. If even one of the individual wagers loses, you lose the entire parlay.
A parlay bet is risky as the odds of all wagers winning are lower. However, the greater risk translates to a higher payout. This is a challenge in sports betting as new bettors like to pick multiple favorites, assuming that all the favorite wins will get a good payout. This is risky because it only takes one upset to ruin the entire parlay. Learn more about the parlay bet
Teasers
A teaser is similar to a parlay in that you need to win all the wagers involved. The difference is that a teaser doesn’t pay as much as it lets you alter point spreads and over/under totals.
Futures Betting
Many bettors like to place sports wagers on futures betting. This means the bettor is placing a sports wager on an event that will happen in the future. This is different than a straight bet as multiple sporting events will take place before the original bet is scored. An example of a futures bet is picking the New York Yankees to win the 2021 World Series or an NFL team such as the Seattle Seahawks to win Super Bowl LVI.
Understanding Odds
Oddsmakers determine odds by using computer algorithms, complicated formulas, and experience. These odds tell you how much you can win on a wager.
As you experiment with different books, you’ll notice that odds appear in different forms. Here’s an overview how to read odds in the three forms:
American Odds
American odds are a little tricky, so let’s use an example.
Say you put $300 on a -300 favorite. If they win, you win $100.
If you put $300 towards a +300 underdog, you win $300 for every $100 you wagered (for a total of $900).
UK Odds
Oddsmakers represent UK odds as fractions. These ratios show you how much money you’ll win compared to how much you put towards the wager. For example, a sportsbook with 5/2 odds means you will win $5 for every $2 a bettor is wagering.
European Odds
European odds are perhaps the easiest to understand and calculate. All you have to do is take the decimal that the oddsmaker provides and multiply it by your wager to determine the payout.
Common Betting Mistakes
If you’re brand new to sports betting online, be sure to avoid these common mistakes that rookies make:
- Letting team loyalty cloud your judgment
- Focusing on risky wagers like parlays
- Not being skeptical of exceptionally high point spreads
- Not setting a budget and sticking to it
There are many more mistakes, so don’t fall for any traps! Learn more about common betting mistakes and how you can avoid them by clicking here.
Bankroll Management
This is extremely important when it comes to sports betting. Maybe the most important part of betting 101. We can’t tell you exactly how much to wager. But a good rule of thumb? You should never be wagering more than you can afford to lose.
Start by bringing the same amount of money to every session. To maximize returns and prevent big losses, wager between 1% to 5% per play. This will give you a betting outcome.
Legalized Sports Betting
If you are in the United States, more and more states are legalizing sports betting. Sports bettors are taking advantage of new legal online sportsbooks. You can find a list of which states have legalized gambling online.
Online Sports Betting — The Bottom Line
If you’re at all interested in online sports betting, give it a try! It’s a fun form of gambling that can make watching sports that much more interesting.
Get started by joining one of our affiliates! Through these rookie-friendly sites, you can have the positive first experience that you’re looking for. Please remember to gamble responsibly. If you have a gambling problem, we are happy educated you about resources that can help.
FAQs
Want more information on sports gambling and the best betting tips? Check out these FAQs.
How do I make sure bets?
Sure wagers are attractive as they guarantee that you profit no matter the outcome of the game. However, they are hard to pull off. Gamblers must research different sites to analyze odds discrepancies and perform complicated calculations.
Plus, because of technological advancements that make odds more accurate, you’re less likely to find sure opportunities.
Unless you’re a professional gambler, we recommend using sure bets software.
What sport is the easiest to win betting on?
One type of online sports betting doesn’t necessarily have better odds than others. However, soccer or football betting online tends to be the easiest as its relatively straightforward.
Can you lose more than you bet?
When betting online, you cannot take a loss of more than you wagered.
Why do betting lines move?
Lines can move because of factors that have nothing to do with betting (like a key player getting injured or poor weather conditions).
However, books may also move lines when one team is getting a lot of wagers. The line movement is supposed to manage the books’ risk by encouraging people to wager on the other side. Understanding why the spread of the favored team might decrease or increase is a key aspect of betting 101.
What is reverse line movement?
Reverse line movement occurs when a few gamblers place a lot of money on one side. Even though most of the money is on one side, the line moves to the other.Reverse line movement occurs when a few gamblers place a lot of money on one side. Even though most of the money is on one side, the line moves to the other.
What is the closing line value?
Lines change leading up to a game. The final line, also known as the closing line, is what you should pay attention to as it will determine your payout.
Someone posted a free bet on social media, should I take it?
There are a lot of bettors who have social media accounts in which they post free bets. We cannot tell you if the free bet is a good bet, however, we would recommend looking through their account to see if they are true to their word about their record and their ability to give out winning wagers.