A Beginner's Guide to Sports Betting
Sports betting is an activity of wagering on the outcome of a sports contest. The market is projected at around $231 billion.
Gaming sports has gained popularity in the past few years, and there has never been a better time to become involved. Traditional bookmakers were the big thing in the past, but decentralized sportsbooks like 1xBet sportsbook are the new way of things and promising a less clunky sports gaming experience than traditional bookmakers. More regarding why decentralized sportsbooks are preferable to traditional bookmakers can be discovered here.
This book will show you how to turn your passion for sport into a profitable hobby, we will walk you through how to begin as a beginner punter.
How Sports Betting Works
To bet on a sporting competition is simply to have a chance for the sporting competition. There are a great number of different types of sports betting. You may bet on a team to win, the total goals, points, or runs scored by two teams playing in a sporting event, or even the statistical performance of an individual player or team. For example, you can bet that Anthony Joshua will beat Tyson Fury in the WBC heavyweight championship, the Golden State Warriors will score more points over the Boston Celtics in an NBA game, or Mo Salah will score a hat-trick over Chelsea in an English Premier League game. These are all different options you place a bet on in a sport event, and they refer to as Market options.
The most common are:
Match bet (Moneyline) — You are betting on a team to win or the game ends in a draw. The 3-way outcome options are Home, Away, or Draw and can be denoted by 1, 2, or X respectively. In some sports, there can be only a win or a loss; a draw can never occur. These types of sports are also known as two-way outcome options. Basketball, boxing, and tennis are some of the two-way sports.
Over or Under (O/U) –A sportsbook forecasts a value for a particular measure/stat for a particular game, this value can be goals, match points, fouls, corner kicks, yellow cards, etc and individuals bet on whether the figure in the game is going to be more than or less than that value.
Handicap — This is the place where, in the situation of two rival teams where one is clearly better than the other, the bookmaker handicaps the odds so that the less strong team is favored with winning, with the stronger one being put at a disadvantage.
Bookmakers set the odds of betting in order to represent the likelihood of an event occurring. Odds are simply the ratio of money bet by either side on a wager or bet. 3 to 1 odds represent that the first party (the bookmaker) has bet three times as much as the second party (the bettor).
Sports odds are usually stated either in decimals, fractions, or American odd format. You can easily convert between them. Below are the different sports betting odds;
Decimal Odds — It is also known as European odds due to its extensive use across Europe. The amount one gets for every $1 bet is stated by the real number odd.
Fractional Odds — Because it has been popular with the British, it is also referred to as British odd. It is usually expressed in slash or hyphen notation, so 3/1 or 3–1 odds is where you receive $3 for each $1 wagered and receive back the amount wagered.
American Odds — It has been termed the American odds because it has been popular with America. Favorites' money line odds appear as a minus (-) sign and the amount of wager to be won $100. The underdogs' odds appear as a positive (+) sign and indicate how much is won on each $100 wagered. The difference between the favorite's odds and the underdog grows larger as the favorite has a greater probability of winning.
How to Search for Value When Laying Football Bets
Value bet is a wager on which the likelihood of a certain outcome is larger than the odds available. Value betting is having only a bet when your likelihood of winning is greater than that predicted by the bookmaker.
You might not see value on your initial wager. The above tips are an all-around method you can follow to maximize your money when you place your football bets.
- Look for teams that have similar records
- Observe how they have been faring in their recent games against similar teams
- Compare their stats now with last year's figures
- Compare a given team's odds against other teams with comparable records who have just played significantly better or worse than that team
- Consider injuries and suspensions for both teams (recent and ongoing)