Sports betting in the US has become a lot more mainstream in recent years thanks to changes in the law that have meant it’s become legal in many states.
As a result, millions of Americans are placing real money wagers on sports, both online and in person. If you’ve never placed a bet before, getting started can be quite daunting, but it’s simpler than you might think; In this guide, we’ll give you all the information you need to get started.
Covering everything from betting odds to markets, and how to choose the right sportsbook for you.
Table of Contents
How Betting Works?
When you place a bet, you’re essentially predicting what you think will happen during a game and putting real money down as a wager. If your prediction comes true, you’ll win money based on the odds set by the book. However, if not, then you’ll lose your stake. As with any form of gambling, it comes with risk, but it can also be very rewarding.
Choosing Your Sportsbook
Before you can start putting down your wagers, you’ll want to choose a sportsbook. This is simply a business that offers betting on sports, allowing you to place real money down as a stake, in return for potential winnings if your bet is successful. You can find real money sportsbooks both online and in-person, though this will depend on the state you’re in.
Here are a few things you’ll want to consider when choosing a sportsbook:
Legality
To bet on sports with real money, you’ll need to live in a state where it’s legal. Additionally, the site or place where you choose to wager should be licensed by the appropriate gaming authority. A license means that the sportsbook is legal and safe to use. While it is possible to play at unlicensed offshore books, your money could be at risk when using these sites. In addition, unlicensed sites are operating illegally, so they’re best avoided; You can find details of the license at the bottom of any legal sportsbook homepage, and it should be licensed in your state or region. US sports betting is now legal in 36 states, with 18 allowing online betting.
Trustworthiness
Make sure that the sportsbook you use is trustworthy and reputable. You can check this by reading online reviews, which will let you know what features to expect as well as the overall quality of the sportsbook.
Quality of the Odds
The quality of the odds has the biggest impact on how much profit you can potentially win. Although odds are normally similar, you can often find much better odds for specific sports or events at certain sportsbooks. So shop around for the best lines, and remember that higher odds mean more potential profit for you.
Note
Don’t forget you can sign up to more than one sportsbook and use this to your advantage.
Availability of Bonuses
Bonuses are a great way to get more out of betting and can provide you with opportunities for larger wins. Check to see what kind of bonuses are available before you join, and make sure that the terms and conditions are fair and simple to follow.
Customer Support
A good sports betting site should offer helpful customer support to aid in case of an issue. Before you join, make sure it has at least one of the following:
- Live chat- preferably available 24/7
- Email address – with an acceptable turnaround time
- Phone support
- Social media page
Payment Methods
When betting with real money, you need to be able to make deposits and withdrawals. The best sportsbooks make it as simple as possible to add funds to your account and collect your winnings. Check to see if the site accepts major payment methods such as:
- Visa
- Mastercard
- Amex
- PayPal
- Apple Pay
- Google Pay
- ACH/Bank Transfer
Make sure you are aware of any fees and that the withdrawal times are suitable for you.
Understanding Betting Odds
To be successful with betting, you need to understand wagering odds and how they work. You can think of these numbers as being a representation of the probability of an event occurring. In addition, they’ll also affect how much you can win.
The higher the odds, the lower the probability of that event happening, but the more profit you can potentially win from the bet. This applies to all sports, including NFL betting and more. In this section, you’ll learn more about how to read the odds to calculate your potential winnings and what the odds mean in terms of probability.
Favorites and Underdogs
In sports, the favorite is the team or player that is expected to win the match, while the underdog is the one with the smaller chance of victory. In almost all sports, you’ll have games that are evenly matched, while others will be much more one-sided.
You can use this to your advantage when betting. Choosing the favorite will mean a greater chance of success, although your winnings will be lower. For the underdogs, the reverse is true.
At US sportsbooks, odds are expressed with either a “+” or a “-” symbol in front of a number. You can tell whether a team is a favorite or underdog simply by the “+” or “-” sign when looking at the odds.
Example
You might see Boston Celtics to win at -220 and LA Lakers to win at +180; In this case, The Boston Celtics are the favorite, while The LA Lakers are the underdog. The sportsbooks set these odds because they believe there’s a greater probability of the Boston Celtics winning this game.
Calculating Your Winnings
Working out how much money you’ll win from your stake is simple once you know the formula. The concept is based on $100 bets, but the formula will change depending on whether the odds have a “+” or a “-” sign.
If you’re betting on a favorite, the odds show you how much you’ll need to stake for $100 in profit. You can then work out your potential profit for other stakes simply by using division.
- For an outcome with odds of -220, you’d need to bet $220 to win $100
- To win $10 in profit, you’d need to bet $22
- To win $1, you’d need to wager $2.2.
When betting on an underdog, the odds show you how much you’ll win if you stake $100. Once again, you can work out potential profits from other stakes simply by dividing the stake and odds together.
- For an outcome with odds of +180, you’ll win $180 if you stake $100 and win.
- If you stake $10, you’d win $18.
You’d win $1.8 from a stake of $1.
Odds and Probability
Odds are supposed to be the probability of an event occurring. However, it’s rarely the case that odds actually line up with true probability. The main reason for this is that the sportsbooks set the odds in a way to ensure they always make a profit.
Example
If a sportsbook offered you odds on the flip of a coin. We all know there’s a 50/50 chance of the coin landing on heads or tails. However, the sportsbook wouldn’t offer even odds on both sides. Instead, they’d take a small cut of any winnings made by offering lower odds.
This advantage that the books have is typically known as the “juice”, or “vig”. Here’s an example of this in action, showing that the sportsbook will profit no matter what the outcome is.
Coin Flip Outcome | True Probability | True Odds | Sportsbook Odds |
Heads | 50% | -100 | -110 |
Tails | 50% | -100 | -110 |
An important factor to remember is that the books will usually try to have equal money on both sides of the line. That way, they limit their risk and ensure steady profit. For this reason, odds will often move when many people are wagering on one option. This is known as line movement, and it can be a great way of finding profitable betting opportunities if you can predict which way the line will move.
Popular Sports Betting Markets
Now you know how to read and understand the odds, it’s almost time to start finding your bets. But you should first know the type of bets available. These are usually known as betting markets.
The markets you stake on will depend on availability as well as your own personal preference. Here are some of the most common, which you can find on all major sports, including NBA betting.
Moneyline
This is the simplest bet to understand. You choose which team you think will win the game at the end of any overtime. If that team wins, you win your wager. Moneyline betting is simple, although it tends to be less popular in sports where there’s a clear favorite, as it’s harder to find value.
- For example, you can bet on the Dallas Cowboys to beat the Tampa Bay Buccaneers at odds of -150
Spread
Spread betting is usually the most common way to wager on major sports such as the NBA and NFL. In this case, you’re betting on what you think the margin of victory will be at the end of the game. The favorite in the matchup is given a points handicap, while the underdog has a points advantage.
The number of points will be set by the book and will depend on the relative strength of the two teams, but it will be done in a way to provide the same odds of -110 on both sides.
- For example, you could bet on the Kansas City Chiefs -1.5. This means that the Chiefs will need to win by two points or more for you to win.
The points advantage works in the same way but reversed.
- So, if you bet on Cincinnati Bengals +1.5, they’ll need to not lose by two points or more for your wager to win
Whichever spread your stake on; you’ll need to bet $110 to win $100.
Over/Under (Totals)
Total points, also known as over/under, is a bet on how many points you think will be scored over the course of the game. Rather than choosing the exact number of points, you can simply bet on whether you think the total will be over or under a set number.
- For instance, you can bet on a game between the Brooklyn Nets and the Washington Wizards totaling over 224 points.
Provided 225 or more points are scored, you’ll win your bet, regardless of the game’s outcome. Just as with the point spread, totals are set by the book based on their analysis, and the odds for over or under are always -110.
Quarter And Half Bets
Aside from betting on the result of the game, you can also bet on what happens in a specific quarter or half of the game. Spread, moneyline, and total markets are available for most quarters of the game, as well as for both halves.
- For example, you can bet on LA Clippers -2.5 for the first quarter.
Just as with betting on the outcome of the total game, the spread and point totals markets have equal odds on both sides of the line. However, the moneyline odds will be based on the relative strength of each team.
Player Props
Player props are a little bit more specific in that they focus on individual players rather than on the outcome of the game itself.
Examples include:
- The player to score the first basket/point/goal.
- How many points/goals/touchdowns a player will score.
Most books provide a variety of player props for you to bet on, including offensive and defensive actions.
Game Props
Game props are a bit like player props only they don’t focus on specific players. Hence you can bet on specific events of the game without focusing on the actual result.
- For example, you can bet on one team to score a certain number of points or to win a half or a quarter.
Main Props
This category includes a whole range of other bets for you to make on the game.
Main props include:
- Alternative point spreads
- Alternative point totals
- Combined handicaps and totals
- Winning margin
Parlays
Parlays allow you to combine multiple bets on several different games. This increases the odds of your bet, potentially giving you more winnings. However, it does come with more risk. For your parlay to win, each of your selections within the parlay must happen. If you lose just one selection, you’ll lose the whole parlay.
Let’s say you bet on The Brooklyn Nets, the Memphis Grizzlies, and the Philadelphia 76ers all to win their games that evening. You’ll need all three teams to win for your stake to be successful. If the Nets and Grizzlies win, but the 76ers lose, you lose your stake.
Same Game Parlays
A same game parlay works the same way as a regular parlay, only it allows you to combine selections within one game.
- For example, you could add the result of the game, the points total, and some player props all from one game into a parlay.
Once again, you’ll increase your odds with each selection, potentially giving you big winnings. However, all the selections must happen for your bet to win.
Horse Racing Markets
Horse racing betting might not be as popular as other major sports, but it’s still offered by most major sportsbooks. You can find various available markets on horse races including:
- Race winner
- Place
- Show
- Each way
- Straight exacta
- And more
Placing Your First Bet Online
Now you’re familiar with odds and betting markets, it’s time to place your first bet. Follow these simple steps to start betting:
Head to your preferred sportsbook and make sure you’re logged in or sign-up to create your account.
- Ensure you have enough funds in your account and make a deposit if not.
- Select the sport you want from the menu and then choose the event.
- Look for the market you want to wager on and click on it to add it to your Betslip.
- Enter your stake amount into your Betslip and confirm the stake.
- Wait for the result of the game to check your bet and see if you’ve won
Betting Strategy
Betting is straightforward and easy, but consistently making a profit is much more of a challenge. However, unlike most other forms of gambling, you can improve your chances of success by doing research and using the right strategy. Here are some tips that you can use to improve your results.
Always Look for the Best Odds
As you now know, the odds you bet at will have a major impact on how much profit you can make. Odds can change depending on lots of unalike factors, and many books will offer different odds to each other. This means you should always check to see which sportsbook has the best odds before you place your wager.
Example
If one sportsbook offers The Philadelphia Eagles to win their next game at -150 and another site offers them to win at -160, you’ll make the same profit by risking $10 less with the first sportsbook. Sometimes the difference in odds can be even larger, so it always makes sense to check before you bet.
Do Your Research Before Every Bet
Unlike gambling at online casinos, you can improve your chance of success with sports betting simply by doing research. Having good knowledge of the sport you bet on will help, as will checking the stats in the build-up to each game.
Form
If a team is in bad form, that’s a good indication that they’ll struggle in their upcoming games. The form of individual players should also be considered, especially if you’re placing player props.
Injuries and Player Suspensions
These can have a big impact on a team. For example, let’s say the Dallas Mavericks are in hot form at the moment and winning every game. However, their star player Luka Doncic just got injured, meaning the rest of the team will struggle.
Weather
This can have a major effect on outdoor sports, some much more than others. Heavy rain can clog the field and make it harder for some teams to implement their ideal game plan. In addition, it makes motorsports such as F1 very different, with teams needing to change their tires and racing strategy.
Looking for Value
The right research will provide opportunities to find value in the odds. This is where the odds are actually higher than the true probability of an event. When news breaks, the odds will move quickly, so you must be fast. However, you can stay ahead of the curve by finding the latest sports news online through social media.
Make the Most of Sportsbook Bonuses
Most online sportsbooks offer bonuses to new and current users, encouraging sports fans to sign up and bet. In a lot of cases, these bonuses provide a great opportunity to make a profit or reduce risk. Familiarize yourself with the available bonuses and what’s in it for you:
Bonus Type | Description |
Risk-Free Bet | With this bonus, your first wager will be refunded up to a certain amount if it loses. So, no matter what happens in the game you bet on, you won’t lose money. |
Free Bet | This lets you place a stake for free and keep any of the potential profits. |
Matched Deposit Bonus | Claim a bonus on your first deposit with this offer. Simply sign up and make a deposit, and the sportsbook will boost the money you have in your account. |
No Deposit Bonus | Gives you free money just for creating an account. All you need to do is sign up, and the sportsbook will give you free funds to bet with. |
Before you use these bonuses, always make sure you read through ad understand the terms and conditions carefully.
Manage Your Bankroll
Your bankroll is the amount of money you have to wager with, and the size of your bets should always be relative to it. Managing this is essential for responsible gambling and making the most of your bets. So stay within your limits and avoid betting more than you can afford to lose.
Expert Tip
You can divide your bankroll into units to make it easier to manage. So if you have $100 in your account, you’ll split it up into 100 units, each worth $1. When you place a bet, it will normally be one unit, but you may want to wager more or less depending on the odds.
Bet Responsibly
Betting should be enjoyable. That said, if you believe that this is getting out of hand and negatively affecting your life, there are tools such as self-exclusion and deposit limits at reputable platforms that can help.
Live Betting
Live betting lets you place wagers on games that are currently happening, with the odds updated as the game goes on. Odds can adjust dramatically during the match, which makes it possible to profit by playing both sides of the line.
Expert Tip
One of the best ways to take advantage of live betting is when a favorite goes behind during the early moments of the game. The line will move against the favorite, though there’s a good chance they’ll come back to win.
Conclusion
Betting can be a great way to enjoy your favorite sports, but like all forms of gambling, it comes with risk. Now you’ve read our guide and understand how it works, take a pick from our top-rated sportsbooks to get the most out of your bets.
