Below is the detailed guide on betting on sports, and this tutorial covers all the necessary steps along the way. And this literature is enough for you to get started with the basics. Below are the main steps to be followed.
1) Plan your budget:
Sports betting is fun and you can win money if you are experienced or lose money if you are a novice. Hence decide on a budget you can plan to lose. Losing money is something that happens to newbies in sports betting. That is the reality of betting. After setting aside your budget decide your staking plan. The point here is to make sure that you don’t lose all of your money instantly. Then there are 2 factors one has to consider before placing your wager. They are:
Winning probability: The more the probability of a bet to win, the more you can risk.
à How good is your bet: if the bet is very good then you can obviously stake more.
2) Select a sport to bet on:
The next decision is what sport to bet on. Typically you have to select a league and sport with which you are familiar. This betters your chances of identifying good bets. Always note that the mainstream competitions in the sports that are popular give way to higher odds and promotions. The popular sports (to bet on) are football, Basketball, Soccer, Baseball, and tennis. The best part is that when you pick a sport you need not stick on with it forever. You can try other options and see what suits you best.
3) Join a site (betting):
The challenging part here is to pick up a reliable bookmaker. Online betting sites have many benefits. And you end up getting more value for your money. They are safe to use and offer higher promotions and odds, and more markets. You have to do your homework and pick up the best online sportsbooks. After you pick a suitable site you have to open a new account. You have to enter your email address, country, and name, and enter your login credentials. You need not stick to one sportsbook.
4) Understand how the betting odds work:
If you want to know how to start betting on sports then you cannot ignore the odds. There are 3 formats here. They all have the same 2 functionalities.
- Odds help you find out your returns: The odds show the amount a successful wager will pay you.
- How to calculate your probabilities: each betting price shows you how likely the result (outcome) is. The higher the potential return and the odds, the lower is your chance to win. We shall discuss the 3 kinds of betting odds.
- Decimal odds: they are the most popular in the world because they are very simple to understand. The prices are in decimal format. To find out your return, all you need to do is multiply the price by the initial wager.
- American odds: The money line odds are also known as American odds. This is because they are most commonly used at casino sportsbooks and US betting sites. There are positive American odds and Negative American odds. First inline are the positive American odds like +150 or +300. They tell you how much you can win if you wager some money. And the negative American Odds are like -150 or -300. They tell us how much one has to bet to win say $100.
- Fractional odds: These odds are mainly used in the UK and some other countries. This representation uses 2 numbers split by a hyphen or slash like 6/1 or 6-1. The formula to calculate your returns is
“Total Payout = [stake * (Num / Den)] + stake”.
5) Learn the betting options that are popular:
Now it is time to throw some light on the market. The best bookmakers who are online, offer many options and there are a hundred of them for the events that are most popular. The best thing to do is to concentrate on wages that are most popular. Below are the most common mainstream wagers. These are for those who want to know how to start betting on sports. The most common types of bets are Money line, Spreads/handicaps, Totals, and Futures and Outrights. Live betting has swelled up since the online bookmakers began. Most of the markets are the same, and there are also new ones. You can place your wager after the start of the event.
6) Find out how you can make money by betting on sports:
Up until now, we helped you find the best places to gamble on the sports of your interest. Wining money is very far away. You need to spend time experimenting and learning before you reach that level. The 3 are the vital resources in this guide, which you must read to be more profitable in the future. They are: –
- Finding value in betting odds: You can make money only if you bet on odds, which offer a positive value. There is no way around it.
- Sports betting’s biggest challenges: Understand the obstacles on your journey. Brace up to face them.
- Some tips for beginners: As a beginner, we throw some light on the top tips which can assist you in more ways than one.
7) Try your hand at various betting options:
So far we have seen the most popular kind of sports gambling. This gambling is known as fixed odds betting. That is what comes to the mind of people when the term betting is mentioned. Who knows, there might be an alternative which suits your needs. The following are the different betting options:
- Pari-Mutuel wagering: Here all of the money goes into the pool, and all the winners share the prize proportionally. How much they share is based on their initial wagers.
- Spread betting: Here there are no losses or profits. This is riskier.
- Exchange betting: Here you get to face other people rather than the bookmaker.
- Daily fantasy sports: This is totally different. Here we can build our own team and earn points based on their performance.