To touch sports betting, we have to let go of the traditional idea that betting is very complicated. Sports betting is actually very simple and I am sure that after reading this article you will think the same as I do.
The simplest way of sport betting is to place a bet on the outco a particular sporting event. If you bet on the correct outcome, you are rewarded with a payout. If you’re wrong, then you lose the principal along with it.Of course, sports betting is now becoming more and more diverse in terms of what you can bet on, which we can learn about later.
There are three components of sports betting
So let’s go through each one.
As a matter of course you choose the outcome of your bet, which can be the win or loss of a particular sporting event.
The stake indicates how much you want to bet. If you are betting a large amount of money on a match, then we call this “high-stakes”. Some bookmakers have minimum and maximum stake requirements. For example, a minimum bet of $10 and a maximum bet of $10,000 means that you can only bet between $10 and $10,000.
odds represent the likelihood that people think a particular outcome will occur. Odds represent how much the bookmaker will pay you when the particular outcome you bet on occurs. When the odds are 1.00 (The decimal odds), you will be paid $1 when you bet $1 and $10 when you bet $10. Generally, the greater the odds on the same bet, the less likely that particular outcome will happen and the more you are likely to be paid.
There are three main forms of odds, namely Decimal Odds, Fractional Odds and Moneyline, with Moneyline being the most common form in the United States. Let’s focus on the odds.
The chart shows three ways of representing the odds. They all indicate that you will be paid out 1.5 times when you bet correctly. If you bet $100, you will be paid $150 if you are correct.If you are wrong, you lose your original stake as well.
Finally, let’s get to know Point Spread.
There may be a difference in strength between the two teams in a match. For example, team a is the number one ranked team in the world and team b is ranked 97th. Then, before this match with a large difference in strength is played, the boomaker will predict in advance that team a will win by 5 points in the comparison. This is expressed as team a -5 or team b +5. The minus sign is allocated to the stronger team and the plus sign to the weaker team. This means that if the two teams perform as the bookies expect, then the score could be 5-0 or 6-1 etc. In short, team a will be 5 points ahead of team b.
If you bet on team b, then there are three outcomes.
- If team a wins by exactly 5 points over team b, then your result is a draw.
- If team a wins by 5 or more points over team b, then you lose.
- If team a loses, or if team a wins by less than 5 points over team b, then you win.
In the end team b loses by 3 goals. What happens to the result? Yes, we still win. As long as team b loses by less than 5, then we are correct.
Assuming the odds are ➕80 (Moneyline) for each bet at this point, this means that no matter which outcome you bet on, when you place a $10 bet you will be paid $8 if correct.
Normally, bookies will only write the point spread for one team, but there are cases where both teams are written. The matches mentioned above can be represented as team a +5 or team b -5 .
After reading this article, do you have a better understanding of sports betting? All in all, having expertise in betting will not only give you more fun but will also improve your betting returns.