Basics To Sports Betting
The first of the basics you will have to learn if you want to be a sports bettor is how to read the lines. The most important lines will be determined by the sport upon which you are betting. For instance, in. Betting Against the Public is one of the most popular and simplest methods used by Sports Insights members. The logic is simple: always bet against the public. Whichever team the public is loading up.
In sports betting, odds play a very vital role. You need to know that odds can be expressed in three different formats, they are used to calculate the payout from winning wagers, and they can also. Sports Betting Explained: The Basics. Benefits of Sports Betting. Sports betting is one of the more popular forms of gambling, because it offers a few advantages over many of the alternatives. If you bet the over, you need the Eagles and Falcons to combine to score more than 46 points. If you bet the under, you need them to score fewer than 46 points. A $110 bet wins you $100. So there you have.
Following the Supreme Court's ruling that PASPA is unconstitutional, numerous state legislatures are discussing -- or already have passed laws -- that will allow sports betting at brick-and-mortar casinos and racetracks, as well as online.
The conservative estimate here is that by the end of 2018 eight or nine states will have licensed sportsbooks allowing full-fledged sports betting (straight wagers, parlays, futures and more) at casinos, racetracks and possibly in retail locations, such as gas station convenience stores. By the end of 2019, that figure could grow, giving residents and neighbors in 12 to 14 states access to legal sportsbooks and legal online/mobile wagering as well.
With that in mind, let's look at sports betting basics. You've walked into a sportsbook, you're staring at a wall of orange and green letters and numbers and it looks like hieroglyphics. You may find a patient clerk at the sportsbook counter who can explain some basics, but it's always better to go in with an idea how it works. Start by doing some research online, learning a bit of sports betting terminology and about types of wagers available at sportsbooks.
Here's a review of some basics. Joining us to cover some ground is Vic Salerno, a pioneering Nevada sportsbook executive and current President of US Bookmaking and US Fantasy Sports.
What are the point spread and the money line?
There are a few basic ways to bet on the result of a game. The most popular ways are to bet one team using the 'point spread' (or spread) or to bet the outcome on the 'money line' (ML).
'A point spread is a number of points by which one team is favored over the other,' Salerno explains. 'For example, let's say the Cleveland Cavaliers are playing the Milwaukee Bucks, and the Cavaliers are a 3.5-point favorite. That means that Cleveland has to win by three and half or more points. If they only win by 3, then someone betting on the Cavaliers would lose their wager.'
So suppose the Cavs edge the Bucks 93-90. Someone betting on Milwaukee would win there because the Bucks 'covered' the spread -- by either winning outright or by losing by three or less. The person who bet on the Cavaliers (the 'favorite') would have lost here, while someone else backing the underdog Bucks (or the 'dog') would have won their wager, despite the Bucks losing the game.
The point spread is the great equalizer. It's a game within a game.
The money line is straight up without the handicap.
'The money line is just who is going to win the game outright,' Salerno says. 'So in that same example, with Cleveland on the money line, just to win the game outright, you would have to lay, say, two dollars to win a dollar.'
That would be represented on the board (or on the mobile app) by -200, or 1-2 odds. Bet $200 to win $100, $100 to win $50 and so on. You have to bet more than $100 to win $100 because the outcome of the Cavs simply winning the game is a lot more likely.
And on the other side, the Bucks, who are at +3.5 on the spread (or 'getting' 3.5 points), would be somewhere around +160 on the money line (8-5 odds). So, you risk $100 to win $160, but only if the Bucks are victorious. If you bet the Bucks ML and they lose the game by any margin, you lose your wager.
What is handicapping?
Handicapping refers to a person's approach to predicting a game's outcome. Some people weigh certain factors differently than others. Do the Golden State Warriors play poorly on the second night of a back-to-back? Maybe you think that's just noise.
'[Handicapping is] just knowledge. I mean every game is different,' Salerno says. 'In general, you look at applicable weather conditions, and in any sport, it's injuries. You should be up to date on those. Past statistics come into handicapping, and in some sports, past performances against that team. So, for example, in basketball, they play each other more often than they do in football, so you would use past performances for your handicap.'
Handicapping can be as simple or as complicated as you like. People who wager on sports professionally (or try) will devise their own rating systems and use them to help identify what a line should be.
What about the total?
Ever notice someone only rooting for offense or defense, regardless of who has the ball? He/she may have bet 'over' or 'under' the game's total, the total amount of points scored for both teams. It's a wager totally independent of the game's outcome (spread or ML).
Salerno provides an example why somebody may prefer that to picking a side (a winner or loser).
'Let's say that in football, the Green Bay Packers are playing the New England Patriots in Green Bay and the total was 45,' he says. 'The line might be Green Bay, say by three, and people feel that both teams would score more combined points than the 45. So in that case, and regardless of who wins, they feel that there will be more than 45 points scored, so they would bet 'over' on that. And vice versa, if they felt less points would be scored, they would bet on that.'
These scenarios often come down to the final minute of the game. Let's say that the Packers lead 24-20 late in the game and are trying to kill the clock on offense. Aaron Rodgers hits Davante Adams for a 23-yard reception, Adams runs to the Patriots' 20-yard line and then the Patriots lock down and force the Packers to kick a field goal on fourth down. Those on the over hold their breath. It's good, the game ends 27-20 Packers and the total skates past 45.
Keep in mind that in addition to a game total, most sportsbooks will offer a separate total for the first quarter, second quarter, first half, third quarter, fourth quarter and for the second half. You may think the game will start very conservatively. In that case, you might wager 'under' in the first quarter or half.
Also keep in mind that there are other types of wagers called 'props' that look at a variety of player-specific or team-specific events. A popular prop during the NCAA tournament is the first team to score 10, 15 or 20 points. It's just an exciting race to open things up.
What are teasers and parlays?
Now we're getting into 'exotics,' or types of wagers beyond the traditional kinds. Teasers and parlays are the two most popular variations.
'A parlay is when you take two or more teams, and they both have to [cover the spread],' Salerno says. 'In football, you might take, say the Packers -3 and the Detroit Lions +4. To win your parlay, they would both have to cover those spreads.'
So what is the benefit of having to win both legs of the bet? You get a bigger payout.
You can bet more than two teams in a parlay, too; the more teams you pick, the higher the possible payout. For example, a seven-team spread parlay pays out at about 75-1. But remember -- to win your bet, you have to win all legs of the parlay. So if you nail six Sunday football games, but lose the Monday night game, you can kiss that ticket goodbye.
A teaser is similar to a parlay in that you must take two or more teams, and they both have to cover the spread. The difference here is you get to add points to, or tease, the spreads. In football, one teaser option is to add six points to a spread. So going back to the Packers-Lions example, instead of Green Bay being -3, you would get +3. The Lions would go from +4 to +10 in this teaser.
Putting it another way, a teaser gives you some cushion, but again you have to be right on every team (or 'leg') you play. Teasers may seem appealing, but things often don't go the way we expect, so don't be easily seduced by the extra points.
Speaking of points, here's a good spot to mention how the 'book' or the 'house' takes a cut. Consider that -110 you'll frequently see. That extra 10 refers to the 'juice' or the 'vig.' For the ability to place a wager, the bettor has to pay that juice or vig. After all, the sportsbook and its employees have to eat, too -- they are taking the risk with every wager placed. And that's basically why -110 exists. Bet $11 to win $10 (plus your $11 back), or bet $110 to win $100 (plus your $110 back).
What does it mean to wager in-game?
Once the game starts, it's no longer true that all bets are off.
You can bet 'in-game' when a bookmaker has a moment to look at what has happened, reassess and offer a new line(s) accordingly. This type of wagering is becoming increasingly popular.
There are many in-game wagering options. Suppose the total for an NBA game is 200 points before the tip, but both teams come out on fire, on pace to go way past 200 points.
'There's an algorithm that takes and sees how much time is left in the game, and then divides that into points scored, and that's how we arrive at a new total,' Salerno says. 'So a game that was originally 200, if they're scoring at a more rapid rate, it would go up to say 210, and you can bet at 210 whether you want to go over or under.'
How about that bankroll?
The most common pitfall for newcomers comes back to the bankroll, or the amount of money you've set aside for sports betting.
'This is my opinion: You should always keep your bets relatively the same with each and every bet, no more than 5 percent on any one game,' Salerno says. 'And you should never chase or increase your wagers when you're losing. Saying, 'OK, I can't lose three in a row' and betting four times as much on the next game [gets you into trouble]. And you can lose four in a row, or five or six. So, you can't chase it.'
The other pitfall is a bettor letting his heart get into a place where his mind is -- in other words, falling in love with his home team or his favorite team.
Finally, as in every industry, technology is changing the game. Pretty much every sportsbook, existing or to come, will have a mobile app or online platform. That means if you have access to different sportsbooks, you can do what's called 'line shopping,' or looking for the line that gives you the best odds on the side or total you like. Think of it like shopping for a new pair of shoes online; find the pair you like and then get the best price on them.
'Having accounts in different locations gives a player a huge advantage,' Salerno says. 'If you want to bet on Cleveland, one place might have it at -3 and the other places all have -3.5. That can make the difference between a winner and a loser.'
Brett Smiley is the editor-in-chief of SportsHandle.com, covering sports betting legislation, the industry and culture.
If you have ever wondered how sports betting works, then you’re in the right place.
We’ll show you everything you need to know about sports betting basics, odds, and even payouts.
Placing wagers might just have started from the first civilization.
Back then, it was called casting lots, and it was more or less a form of gambling.
Who started sports betting?
No one knows.
But you can rest assured that from the very first sporting event, people have been casting lots and placing bets for a long time.
So if you’re curious about it and would like to know how sports betting works, then keep reading.
How Sports Betting Works
Sports Betting Basics: What Is Sports Betting?
If you’re at least in your early teens, then chances are you already know what a bet is, and it is very likely that you’ve already won a few stakes yourself, with the loser doing a few of your chores as a result of you being right.
It’s also very likely that you’ve also had to do a few chores too for getting it wrong yourself.
Now that you have a perfect example of what betting is, it’s time to relate those childhood games you used to play to the big multi-billion dollar business that is sports betting.
In Sports Betting, you place a bet on an event, say the Steelers beating the Ravens (this is just an example you can place bets on different sports), and the Steelers actually wins, then you’ve won some money.
But if the Ravens are victorious, then you lose your bet.
For some, sports betting is a way to make money, and others do it for its fun.
It gives them an added reason to enjoy a particular game.
It gets them more involved in a contest in ways they wouldn’t have if they didn’t have some money riding on the outcome of that particular contest.
The Plus (+) & Minus (-) Signs
In sports betting, especially in America, the plus (+) sign denotes how much a $100 bet will payout.
The minus (-) sign denotes how much you have to use to place a bet to get a payout of $100.
However, the plus and minus signs are also used for more exciting kinds of bets like the point spreads.
The point spreads (Europeans call it Handicap) are one of the most common types of wagers, with the lines of such wagers being displayed with the plus and minus signs.
For most games, there’s usually a favorite and an underdog.
The favorite gives points to the underdog and is displayed with the minus sign, while the rest/underdog who takes points from the favorite is displayed with the plus sign.
Let’s take a look at the example below.
Pittsburgh Steelers vs. Baltimore Ravens
Point Spread: Steelers (+3) -110; Ravens (-3) -110.
This is an example of a point spread.
The Pittsburgh Steelers have a game at Baltimore against the Ravens (the home team is displayed second).
The Baltimore Ravens, who are favorites, are down 3 points, and placing a wager on the Ravens means they have to win with at least four points to get a payout.
Placing a wager on the Steelers, who have a 3 point advantage, means you get a payout when the Steelers win the game or lose by 1 or 2 points or if the match ends in a tie.
The -110 means you get $100 in profit when you wager $110.
The point spread lines could also come in fractions like the example below.
Pittsburgh Steelers vs. Baltimore Ravens
Point Spread: Steelers (+4.5) -110; Ravens (-4.5) -110.
If you placed a wager on the Steelers, you’d need an outright win or a loss by four points or less, while the Ravens have to win by at least 5 points to get a payout when you place a wager on the team.
The Money Lines
With money line bets, you don’t have to worry about points or runs.
You just place your wagers on who you think would win.
It doesn’t matter how many points or runs a team is able to get.
As long as they win, you get a payout.
Money line wagers are also displayed with plus and minus signs, which just signifies the odds.
Odds just tells you how much you can win with a particular wager or how much you need to bet to win the desired amount.
As usual, the favorites are displayed with the minus sign attached to the number, while the underdog has the plus sign attached to its number.
As a newbie, you might find the money lines market a little confusing, but it gets easier once you get the hang of it.
Let’s take a look at this example.
Baltimore Ravens (-200)
The Baltimore Ravens are clearly the favorites with the minus sign. It also means that you would have to wager $200 for a chance to win $100.
Pittsburgh Steelers (+180)
With Pittsburgh Steelers being the underdogs, they have a much larger payout than the Ravens.
The +180 means with a $100 wager, you walk away with an extra $180 in the event that the Steelers beat the Ravens.
Totals or Over & Under Betting
The Totals market deals with the number of points scored in a contest.
There are usually options for both teams as well as each team.
Here’s an example.
Baltimore Ravens vs. Pittsburgh Steelers
Over 46.5 points -110; Under 46.5 points -110
In this example, you place wagers on whether the total score would be over 46.5 or under 46.5.
If you believe the total score would be more than 46.5, then you should place your wager on the Over 46.5.
But if you strongly believe that the total score would be less than 46.5, then that’s the option you should bet on.
Baltimore Ravens
Over 25.5 points -110; Under 25.5 points -110
While the previous example shows lines for the total points scored by both teams, this example shows lines of the number of points scored by the Ravens in a match against the Steelers.
The same rules still apply; the only difference is the opposing team’s points, which in this case, the Steelers will not be included.
The Total or Over / Under market is an excellent option for a rookie who wants to start sports betting.
But the bookies who determine these betting lines are really smart, and as you go further, you come to realize how much more challenging these lines can be.
The Over and Under betting can be found in Football, Baseball, Basketball, Tennis, Soccer, and several other Sports.
Where to Place Bets
When it comes to where to place bets, there are two main places to place your bets. The physical or land-based sports bookies and the online sports betting websites.
The land-based sports bookies are found in casinos and several other places.
How To Stop Sports Betting
While on the online sports betting websites, all you have to do is create an account, fund it and start placing bets on your favorite sports.
For more convenience, betting online is the best option for many.
Conclusion
With this guide on how sports betting works and sports betting basics, you’re sure to take your bets from total novice to a pro.
How To Read Sports Betting Spreads
Let us know your thoughts in our comments section below.
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