Since legal sports betting became a part of the sporting landscape, we’ve seen an explosion in popularity and betting volume. But, while many people are excited about the potential for big money, there’s a lot to keep in mind before making your first wager.
The Basics
If you’re new to sports betting, it might seem overwhelming with all the different types of bets and odds. But the premise is really simple: You’re betting on what will happen during a game or event and risking money on your prediction. If you’re lucky, you win the bet and make some money. If not, you lose the money you put down.
A straight bet is the most common type of bet. It’s when you place a wager on a single outcome, like who will win a game or how many points will be scored. You can also place a bet on multiple outcomes, which is called a parlay. But be careful with this one: It’s important to research the teams, players, and matchups before placing your bet.
The other type of bet is an over/under. This is when you bet on the total number of points, runs, or goals that will be scored during a game. It’s important to understand the terminology of this bet before you place it, because the number is calculated in a unique way. For example, a -2.5 means there’s a 2.5 percent chance that neither team will score a touchdown, while a +2.5 means a team is expected to win by more than two touchdowns.
It’s also crucial to understand how sportsbooks set their odds. In general, sportsbooks try to balance profit and risk as much as possible, so they don’t rely on weird results or freak outcomes. They include their commission in the odds, so they have a financial interest in every bet placed. The more they can earn, the better.
The biggest problem with sports betting is that it’s incredibly addictive. Add in peer pressure from your sports-loving friends, the odds stacked against you by a professional bookie, and the ease of mobile betting apps, and it’s no wonder so many people end up broke. The only thing worse than losing a few bucks is doing it over and over again, leaving you in debt with no money for rent or your Aunt Donna’s green congealed salad. That’s why it’s so important to set your limits and stick to them. Otherwise, you might end up on tilt, which is when your emotions get the best of you and cause you to make bad decisions. The best advice for avoiding this is to have a plan and to bet sober.