Sports Betting 101: What You Need to Know
Sports betting has become a great way to have fun and make money off your knowledge or analytical capabilities. Don’t let anyone fool you—It’s not about luck or chance at all. Betting correctly and succeeding more often than you lose when betting on sports matches and tournaments is a science.
Here, too, you learn from mistakes and improve your skills over time. That's why anyone in their right mind would recommend you start small and not bet what you can't afford to lose. But that's basic information and doesn't help someone who's looking into starting serious sports betting.
Well, fret not. We have compiled the best sports betting guide for beginners or those who are yet to start. We're going to talk about what sports betting is, how to get started, and, most importantly, what to keep in mind.
What is Sports Betting?
Sports betting is a very old form of gambling. Sports enthusiasts, gamblers, and even the general public make bets on certain sports matches. These bets are made on outcomes—Like which team is going to win or what is the total score going to look like.
There are a few things you should know about sports betting before you get started. Let’s find out more about these.
First of all, you can bet on a wide variety of sports. Football, basketball, baseball, American football, hockey, MMA, horse racing, and on and on. There are scores of sporting events and tournaments that support online betting.
Let’s assume you’re betting on good old football. You will find all the ongoing matches and upcoming ones to bet on. Teams will be assigned “odds” by the sportsbook or the oddsmaker (in traditional sports betting, this position is called the bookie).
You place your bet based on general knowledge or some special knowledge or hunch. Depending on your wager, you will win or lose a particular amount of money.
These odds essentially represent the likelihood of a particular outcome. If you were betting online a reputable platform like Bodog, you'd find that there are three types of odds—American, fractional, and decimal. All of them can be converted into each other, and you can easily set which type of view you want for your odds.
In American odds, the negative sign denotes the favorite, and the positive sign denotes the underdog. And when discussing a future event, it’s typically a positive number for all teams. The lower this number, the higher its likelihood of winning the tournament.
For example, when it comes to the UEFA Champions League 2023-24, Bodog gives Man City the best odds (+225), followed by Bayern Munich (+550), Real Madrid (+700), Arsenal FC (+1100), Barcelona (+1400), PSG (+1400), and Man United (+1600). This is pretty accurate, depending on the performance of the teams and the H2H stats.
ESPN’s football section has excellent coverage of the current standings, so you should make it a habit to check it regularly.
How to Get Started?
So, once you have picked a platform and a sport or tournament, it’s time to begin!
Place mock bets.
Stay on top of all news and updates (especially injuries to key players, if applicable).
Know the H2H stats between two teams.
Check home/away advantage.
Learn if match conditions like weather or stadium size will have any impact.
Once your mock bets start improving, make a small deposit and play with that amount. Set a specific budget, and don't go over it even if you're on a winning streak. And never, ever chase losses.
We have already talked about the four most important things to keep in mind when you start betting on sports, and we highly recommend you check out that article before you make an account and deposit any money on a sports betting website.
What to Keep in Mind?
Sports betting has a learning curve. It’s not just about deciding on an outcome and fronting money toward that! Here are some things to keep in mind:
Be patient, and remember that you can't get rich overnight. Do your research and due diligence to improve your chances.
Limit yourself to a single sport when beginning. Don’t waver and stick to it even if you’re experiencing poor results. It’s the learning that matters.
Get daily updates on what’s happening in the world of the particular sport by following news websites, newsletters, and sports commentary programs or podcasts.
In Conclusion
Sports betting can open up a whole world of opportunities. It can make your favorite sport significantly more enjoyable while helping you earn some side income if you possess good deductive skills and knowledge of the sport.
All in all, we highly recommend dabbling in sports betting but not getting carried away. Keep in mind everything we have mentioned here, and you should be in the clear. Good luck!
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