Are you thinking about getting started with sports betting? If you have never done it before, you might be feeling a little overwhelmed with all the information available. Well, here is a guide for beginners to sports betting that you should consider.
With sports bets, you need to consider up of 3 key components. Here’s what you need to know:
- Selection – Here, you need to choose the specific type of bet you want to make. You need to select a team and particular odds before making a bet.
- Stake – It’s the total amount you want to bet.
- Odds – Refers to the probability that a specific outcome will occur.
Placing The Bet
Now that you know the various terms used with sports betting, you need to know where to place the bet. You can either a bookie, casino sportsbooks or online bookmakers. You need to check all these options and choose the most convenient one for you.
Understanding The Odds
Understanding the odds of any bet is part of the beginners guide to sports betting that you need to know. Bookies use odds to calculate the payouts to the winners and also reflect the probability of something happening. They come in different formats.
- Decimals – Often used for sports betting in Australia, Canada and Europe. They also use them in most online casinos, except those used US. They are popular because they are very straightforward. Here, you will get an idea of the total payout per the original stake. For instance, if the odds are 1.5, you would get €1.5 for every stake of €1.
- Fractional Odds – It is the traditional format used in the UK. Here, they display how much profit you will make as a fraction such as 3/1. Therefore, you will win three units for every unit staked.
- Moneyline or American Odds – It’s the most common format used in American sports betting. Here, they display the odds are as a negative or positive number. The negative figure shows how much you have to stake to win €100. The positive number indicates how much you would win from a wager of €100.
As mentioned, you need to choose the best bookmaker to place your odds. That’s because different bookmakers have varying odds. Choose the best bookmaker with the best odds to make a considerable profit on your stake.
Mistakes To Avoid
As a beginner to sports betting, there are common mistakes to avoid. These include:
- Making bets without understanding the basics.
- Gambling under the influence of drugs or alcohol
- Not checking the best bookmakers with good odds before
making a bet.
- Not cashing out and betting too often.
In conclusion, sports betting is a great way to spend some extra money. Make sure you choose a safe betting site for the best results.