Sports is about putting your money where your mouth is, for a long time we were just supporters yelling at the player on the screen, with sports betting we get an opportunity to put money behind our favourite team. So how does sports betting work, where can we place bets, and is it legal?
For those asking, among other things, “How to bet on horse races”: by definition the moment two or more people bet on the outcome of a sports match they are engaging in sports betting, regardless of the wager amount or the scheduled date of the event. There are many forms of betting, you can wager on different outcomes.
How To Bet On Sports
You can place your wager through a sports bookie or you can do it online. The latter is the most popular format people use, there are stand-alone online sportsbooks or those that are linked to an online casino. Online betting is the most convenient format as you can access the sportsbook wherever you are.
Betting is based on odds and in the US the preferred indicator of odds are (+) or (-). An example; if the Chicago bulls have a +200 odds to win the NBA Championship, a $100 bet would give you $200 if they did win.
Another scenario would be the Buccaneers vs The Raiders, if the Raiders have -160 odds of beating the Buccaneers then you would have to bet $150 to win $100. Negative odds are usually the sports book favourite, they are normally the underdog. Whether they win or not is a matter of experience. If both or all teams have a positive number then it’s usually the one with the lower number that is the favourite.
Types Of Bets
- Straight Bets
Straight bets are sometimes called single bets, with a straight bet you are betting on the result of a particular game or match. It is the Yankees vs the Dodgers and you believe the Dodgers will win, then you bet on the Dodgers.
- Spread Bets
This is like betting on the margins of your team winning, spread in high-scoring sports like football. Point spreads are based on team ability, popularity, and other factors, so the spread point for Arsenal this season may not be the same next season. An example: Man U is a favourite over Man City by -4.5 anyone betting on Man U needs the team to win by 5 or more.
- Parlay Bets
A parlay bet combines two or more straight bets in one bet, with parlay betting chances of a bigger payout increase while risking minimal amounts of money. The bets and odds in a parlay determine how much the player can win, so the higher the bet the higher the chance of winning, just like in the lottery But just like the lottery it can be quite difficult to hit those winning bets.
- Future Bets
Future bets are exactly that, wagering on bets that will be decided in the future. Simple examples are the World Series and the World Cup Tournaments. These bets offer higher potential payouts, have greater odds, and are easier to understand. They are tougher to predict compared to a straightforward match. A team can start with +1500 odds at the beginning of the season and close to the end they could fall to +5000
Legality
In the USA online sports betting is legal and in other states, only in-person sports betting is permitted, usually at a licensed retail sportsbook. Japan, UAE, and North Korea are among the countries where sports betting is banned.
Lastly
Sports betting may seem complicated at first, but once you get to hang the hang of it you can have some fun with it. Play safely and have fun while supporting your favourite team.
