Firstly, let us bust a myth right here and now – sports betting is NOT the same as gambling.
Gambling requires lots of luck whereas sports betting requires some research and dependence on other humans as well as circumstances. Luck is required for everything, but the amount of luck required in sports is minuscule in comparison to gambling. Sports betting is the easiest form of betting online. The main aim when betting on sports is to predict the outcome of a game or match. Just like a team or a player wins or loses, a bettor wins or loses. Straightforward, is it not?
What makes sports betting so easy is that you do not need to be a sports fan or be completely well versed with sports. All you need is basic knowledge to place a bet in sports. However, it is a massive added merit to do research before placing bets as teams can be streaky. The human error involved in sport makes it unpredictable and at the highest level, a bad day for the best team or players can be enough for the underdogs to come out on top.
Here are a few of the important elements to help first-time beginners understand how sports betting works.
- Favourites vs Underdogs
Each game has a favourite and an underdog. The odds are almost never even for opponents in a game as that would mean that there is no margin to work with for bookmakers or bettors. The favourite would have a minus (-) sign alongside its odds whereas the underdog would have a plus (+) sign.
Moneylines are the most common type of betting odds that you will see on betting platforms. These are the odds provided with a value alongside the + or – sign.
For example, if Manchester United plays Liverpool and United are the underdogs, and United’s odds are at +200, that would mean that you would make $200 for a $100 bet if they win. Similarly, if you bet on Liverpool, who are favourites at -200, you’d have to risk $200 to win $100.
- Fixed Odds Betting
Fixed odds betting is the most basic form of betting and the first type of betting that was invented. It is where you simply predict the result and place a bet on the same. This is known as a fixed odd because the value of the bet is fixed at the time of the wager itself and does not undergo any changes with the progression of the game.
- Live Betting
Live betting is different from fixed odds betting in the sense that in fixed odds, the bets are placed before the game begins. In live betting, odds can be placed at any point during the event, but odds will keep changing as per the current state of it.
- Esports Betting
Online betting has become popular on games like Counter-Strike, Dota 2 and League of Legends.
Esports betting involves betting on competitive video gamers. This works similar to regular sports betting but this requires some intense research and is unknown/relatively new territory to tread into but if you do follow video gaming stars and teams then there is no doubt that this is the perfect opportunity for you to make money.
The payout is how much you would earn if you win a bet. You receive the money bet along with the winnings. Online sports betting platforms are easily accessible on mobile phones and generally, safe and secure.
To learn more about betting terms, head over to our Glossary.
For betting tips, check out The Locker Room!