Sports betting has been a firm favorite among gamblers for many years. Its popularity has increased ten-fold since the introduction of online sportsbooks and more recently with the new legislation allowing US states to set their own laws regarding gambling on sporting events.
Many betting enthusiasts have chosen to move away from the traditional brick-and-mortar casinos and opted for the convenience of online wagering. The best online bookmakers offer exciting welcome bonuses, ongoing promotions and competitive odds.
Getting started
If you’re a complete novice, online betting may feel like an overwhelming prospect, but contrary to belief, you don’t need to be an aficionado in the world of sports betting, but it does help to understand the basics.
It’s essential that you don’t just dive in headfirst, as it’s better to lift your foot off the gas to begin with and slowly dip your toe in.
Tip 1: Learn the basics
By understanding the basics, you’re better able to make informed betting decisions. This means taking a look at what type of bets are available and understanding how sports betting odds work. Different sportsbooks will offer slightly varying odds, these determine whether a wager is worth making or not.
Bet types
The types of sports bets available may differ from one state to another, but common wagers include moneylines, parlays, totals, props, teasers, point spreads and futures.
It’s worth noting that you will need to pay federal income tax on all winnings and may owe state taxes too. Sportsbooks are expected to withhold 24% of net winnings if the payout exceeds $5,000.
- Moneylines – Great beginner bets, all you need to do is bet on who you think will be the winner
- Parlays – One of the highest paying bet types. A wager which includes multiple selections, all of which must win for the bet to pay out
- Totals – Another great beginner’s bet and also known as over/under bets. A wager placed on the total number of something, such as the points or goals scored. The bookmaker will set a total and you decide if the actual result will be higher or lower
- Props – Betting on a specific outcome, such as the first player to score
- Teasers – A type of parlay bet where you can adjust the point spread for a game in your favor
- Point spreads – Wagering on how many points a team will win or lose by
- Futures – A bet placed on an event that is yet to happen, such as the winner of the FIFA World Cup
Odds
Each time you place a wager with a bookmaker, you’ll be offered odds which impact how much you can win. The higher the odds, the more you stand to win. Odds also reflect the likelihood of a particular outcome happening. The more likely an outcome is expected, the lower the odds will be.
There are three formats in which odds may be expressed, these are: fractional odds, decimal odds and moneyline/American odds. As you can probably guess, the moneyline/American odds format is the form that is most commonly used in the United States. You will see these displayed as either a positive or negative number.
For example, odds of +200 would mean that a $100 wager could return $200 in winnings, plus your initial stake of $100. However, odds of -200 would mean that you need to stake $200 to return $100 in winnings, plus the initial stake of $200. Even money wagers are expressed as +100.
Tip 2: Reputable online sportsbook
There are several online sports betting sites available but knowing which one to choose can be tricky. This will depend on your personal preferences and the sports you are looking to wager on. However, most importantly, the site you choose must be licensed and regulated to guarantee the safety of your money.
Reputable online bookmakers will advertise their licensing details at the bottom of their website. Most will offer generous bonuses, free bets, odds boosts, a variety of sports to bet on, multiple payment options, speedy transactions, mobile compatibility and ongoing player promotions.
Tip 3: Stick to what you know
As a novice online bettor, the temptation to wager on multiple sports is heightened by the number of exciting prospects available. However, our advice is to stick to what you know best to begin with. You’re more likely to make good betting decisions by wagering on sports you are familiar with.
Of course, once you have a better understanding of sports betting and feel confident with the different bet types and odds available, then you could consider branching out into wagering on other sports.
Tip 4: Bankroll management
Arguably the single most important sports betting strategy is bankroll management. How you allocate and handle funds while you bet will either prolong your bankroll or break it. The money you use to bet on sports should be kept completely separate from your daily expenses.
Your starting bankroll must be a number that you are comfortable losing, hopefully you will never need to replenish the balance, but it is always a strong possibility, especially when you are a new bettor. You should then set yourself a maximum bet amount, maybe on a weekly basis, such as $25 per week.
You need to remain disciplined and not go above this marker. It’s better to gradually grow your bankroll than go all in to begin with and chance walking away with nothing. Serious bettors will use a similar strategy and begin by setting profit markers, choosing when to withdraw winnings or leave them to grow.
Tip 5: Gamble responsibly
The final tip but by no means the least important is to always gamble responsibly. Never bet with what you can’t afford, leave the high roller bets to those with much deeper pockets. You should never bet on sports with real money if you are under the influence of drugs or alcohol.
Place your wagers with a clear head prior to the game, as you’re less likely to make foolhardy decisions than in the heat of the moment. If you hit a losing streak, be prepared to walk away until another day. Similarly, on a big win, be ready to celebrate your success rather than chancing another bet which could take you back to square one.
