With so many different types of bets available and with march madness picks just a click away, it can be hard to decide which one is right for you. To make things easier, here is a beginner’s guide to sports betting that will help you get off on the right foot.
Exploring the different types of sports bets
The most common type of bet is the point spread bet, which involves predicting whether one team will beat another by a certain number of points. Moneyline bets involve predicting which team will win outright without any point spread involved. Totals bets involve predicting whether the total score in a game will be over or under a certain amount.
Parlays involve combining multiple bets into one larger bet, while teasers involve adjusting the point spreads in favor of the bettor. Futures bets involve predicting which team or player will win an entire season or tournament before it begins. Finally, prop bets are side wagers on specific events within a game.
How do odds work in sports betting?
In sports betting, odds are used to determine how much money you can win from a bet. Odds are usually expressed in one of two formats: fractional or decimal. Fractional odds represent the amount of money you will win if your bet is successful, relative to the amount you wagered. For example, if the odds for a particular team winning a game are 3/1, this means that for every $1 you wager on that team, you will receive $3 in return if they win. Decimal odds represent the total amount of money you will receive if your bet is successful, including your original stake.
So, if the decimal odds for a particular team winning a game are 4.00, this means that for every $1 you wager on that team, you will receive $4 in return (including your original stake).
Common mistakes to avoid when placing bets on sporting events
One of the most common mistakes is betting too much on one game or event. It’s important to spread your bets out over multiple games and events so that you don’t put all your eggs in one basket. Another mistake is not doing enough research before placing a bet. You should always take the time to research teams, players, and other factors that could influence the outcome of the game.
Finally, another mistake people make when placing bets on sporting events is chasing losses by trying to win back their money with bigger bets after losing a few times in a row. In conclusion, sports betting is a complex activity that requires knowledge and experience to do it successfully.
Top photo by Henry & Co. on Unsplash
