For the average Joe like you and me sports betting might look complicated at first, but it’s not that hard if you understand at least the basics. Although it might seem like a game of chance, sports betting has nothing in common with slots and roulette – it’s much closer to poker, where strategy and sound decisions can make you a winner.
When placing a bet, the first thing you have to consider is the odds: generally, odds of at least 2 to 1 are considered profitable, taking into account the commission the sportsbook will retain from your win. Then, you should consider the type of the bet you wish to place. There are several types of bets that can be placed, depending on the game you wish to bet on:
– a single or straight bet, the basic form of betting – you choose one participant and bet on that one winning the event
– a point spread bet is placed on the difference of the points accumulated by one side or the other during the game, and for the bet to be successful, the winner must win by that certain point spread
– a total bet is placed on the total number of points accumulated by both participants of the event
– an over/under bet is placed on the possibility of the total points scored during the event to be over or under the number set by the sportsbook
– a parlay bet is placed on not one, but several sporting events based on the point spread, with the chance to win big, but with a great disadvantage: if any of the bets on the same betting slips loses, all bets are lost.
Generally, when placing a bet, the wisest thing to do is ‘keep it simple’ – simpler bets are usually also more secure. Although simple bets might not have such big payouts as more complicated ones, they have the advantage of having a better chance of being successful.
Choosing the right bet is just one part of the strategy needed to make money by betting on sporting events. Careful and thoughtful analysis of the odds, the amount to bet and the things to do when you win.
First of all, be aware of the odds and the offer of the bookmaker before placing a bet. To keep things simple and relatively safe, you might want to stick to simple bets with good winning prospects. Don’t let the enthusiasm guide you when placing a bet – betting on the weaker team, even if you are its biggest fan, won’t help it win the match. Also, if you win, pocket the money and take a break before betting again – the excitement might determine you to bet the whole amount again on the next match, possibly leading to losing the whole amount.
Always make cold, calculated decisions, and never go overboard with excitement – these things can help you maximize your winnings and also have a lot of fun betting. Also, never forget to enjoy the game: this is the point, after all…