Understanding the Basics: Essential Tips for Beginner Sport Bettors
By: Adam Gray, Guest Contributor
June 21, 2023
Sports Betting is as exciting and profitable as it is delicate. As such, getting a good start, betting on sports requires more than just passion. More so because the sports betting industry is as big and complex as ever, and especially if you are new to the field, you must pay extra attention to the basics to get it right.
Before we get into it, let's understand how sports betting works just for the benefit of total beginners.
How Does It Work?
Sports betting, just as the name implies, is simply betting on the outcome of sports games. And since every sport is unique, the betting parameters differ from one sport to the other. Usually, bettors need the services of a betting provider to get involved in sports betting.
A sports betting provider or sportsbook could be an individual or group that accepts and pays our bets on sporting events based on agreed terms. The bookie acts like a broker to bridge the gap between bettors and cash winnings. So unless you are betting against an individual, you will need the services of a sportsbook to access real money betting services.
In addition, there are several forms of bets that you can access at a standard sports betting provider. They include, but are not limited to, the following:
- Money lines
- Spreads
- Parlays
- Totals
Essential Tips to Get Started
Without further ado, let's get right into what you have to know to get off as a beginner sports bettor.
Understand the Odds
The odds are the first place to start if you want to get the hang of winning bets in no time. And in sports betting, an odd, in simple terms, is the ratio between the amounts staked by the different sides of a bet to the probability. The odds in every sports game are determined by the oddsmakers using a betting line.
A betting line is simply a list of odds for a particular wager. And to achieve a betting line, the sportsbook must first determine which sports team or side is the underdog and which is the favorite.
Let's consider a soccer match between Chelsea FC and Leeds United in the Premier League. Here, Chelsea is a 4.5 favorite over Leeds United. As such, if you decide to bet on Chelsea, you'll need to win by five or more points to cash out. But you'll only need to lose by 4 points or less to win the bet if you're betting on Leeds. This whole concept is called spreads in sports betting.
Away from spreads, sports betting odds are also derived by money lines using American odds. Here, the odds depend on winning and not points. For example, if you bet on a -20 favorite, you must risk $20 to win $10. On the other hand, if you're betting a +20 underdog, you'll only have to wager $10 to win $20.
In addition, the following table breaks down the math behind the American odds:
| Favorite | Risk-Reward | Underdog | Risk-Reward |
|---|---|---|---|
| -10 | $10-$5 | +10 | $10-$20 |
| -20 | $20-$10 | +20 | $20-$40 |
| -40 | $40-$20 | +40 | $40-$80 |
| -100 | $100-$50 | +100 | $100-$200 |
Overall, understanding the odds is essential because it is how the sportsbooks keep the advantage over bettors. So to play smart, you must have the odds at your fingertips.
Start With Sports You Know Very Well
After learning the basics of sports betting, it is okay to start placing your bets. But first, you need to choose the sports games to bet on predominantly. Here are an example of types of sports for betting:
- Football
- Basketball
- Tennis
- Esports
We understand that some sports games, like football, could be more profitable to bet on than others. But to get the hang of betting quickly, you should begin with sports you know very well.
Another reason for starting with your favorite sports is that whether you bet on this one or that one, the concept is the same: gambling! So, starting your sports betting cycle with the top sports does not guarantee any extra advantage. And since that is the case, we recommend you begin with a sport you know and understand well.
Use Favorable and Reliable Sportsbooks Only
Using favorable and trusted sportsbooks is another vital tip that shouldn't be overlooked, especially for a beginner. The reason is that all sportsbooks are not the same. Some are structured to cater to high rollers and experienced clients, who risk big, and win big. It is the same case with other forms of gambling, like in the casinos. And usually, we would advise newcomers to register with trusted and favorable casinos with generous promotions like 25 free spins on registration no deposit bonuses and similar offers.
Do Constant Analysis
While gambling is entirely a game of chance, sports games have specific patterns and can be predicted. And as a beginner sports bettor, we'd like you to focus on the aspect that can be anticipated. In essence, before making your bets, especially if they involve big money, study the patterns and events of any chosen sports and map out your entry.
The cool thing about analyzing your wagers is that it gives you confidence and also gets you one step closer to winning.
Adopt a Strict Budget
Lastly, try as much as possible to adhere to a strict betting budget, especially in your early days. This tip usually goes for other forms of gambling as well. Betting with a budget gives you enough clarity to count your wins and losses. Also, adopting a budget ensures that you only wager with money you can afford to lose.
Summary
To summarize, sports betting has long been the biggest gambling sector. So it is not unusual to want to get started as a bettor. However, the whole sports betting endeavor is very volatile and delicate. And fortunately, we've provided enough insight and tips in this article to ensure you get a good start as a sports bettor.