Sports betting is becoming an integral part of the sports culture, with legalized wagering in the United States exceeding $13 billion in 2019. However, before you place your first bet, you should know the basics: how to read odds, different ways to bet and popular terms.
Understand the Different Types of Wagers
Understanding how to make a bet is one of the most important things you can do to become a profitable sports bettor. There are many types of wagers, and each has its own set of rules and guidelines. For example, a parlay is a group of bets on individual teams that are combined to form a single wager with a larger payout than any one team could produce on its own. A teaser is a similar bet but with lower payouts. Both are typically higher risk than a straight bet, but the payoffs can be significant.
Having access to multiple sportsbooks is important for finding the best odds on a game. Each sportsbook has its own pricing model, and some have better juice or better lines than others. This is why it’s a good idea to open a dedicated account for sports betting and use a system to track your plays and unit size (each bet should represent 1–2% of your total bankroll).
The next thing you should understand about sports betting is that knowledge is power. The more you learn about a team or event, the more likely you are to predict its outcome. This doesn’t mean watching a lot of ESPN or taking every pundit’s view as gospel, but rather doing your own research and determining how best to make a bet that reflects your own views.
Another key aspect of sports betting is knowing when to place a futures bet. These are bets on events that will take place in the future, such as a team winning its league championship or a player finishing in the top three in the NFL Offensive Rookie of the Year award. These bets offer much greater odds than regular bets on a current game, and they are often made months in advance.
Understand How Payouts Work
When you place a bet, the potential payout is always listed on your betting slip, whether you’re placing your wager online or in person. This includes your original bet amount and the odds attached to your wager. If the final adjusted score is a tie, you will receive a refund on your bet. A few sportsbooks count pushes as losses, but most will refund them. It’s also a good idea to bet sober, as emotions can cloud your judgement and lead to bad decisions. Also, have a betting schedule or routine and stick to it. This will help you avoid the temptation to chase a good bet with more bets in an attempt to win more money. This is known as “going on tilt.” It’s a recipe for disaster. It’s also not recommended to bet while you’re on a losing streak, as this will only cause you to increase your stakes in an attempt to break even.