Sports Betting: How to Do It

A Useful guide on Understanding Sports Betting

Sports betting is no child’s play, but it is entertaining and rewarding at the same time. But understanding sports betting can be tricky if you are not used to the ins and outs and even the lingo. Sports betting also grew exponentially in the United States in 2021, with $52.7 billion wagered throughout the year. That’s an insane figure. But figuring out how sports betting works, and precisely what an online sportsbook is, can prove tricky; luckily for you we have a guide to help you understand. 

You get the favorites and the underdogs

Before you dive into betting on your favorite sports team, you first need to understand the difference between the favorite and the underdog and how this works. Oddsmakers are the ones who will release a betting line on a particular game. But first, they need to decide which team will be selected as the favorite and who will be the underdog. Favorite teams are expected to win the match, and they will get a minus sign next to their odds. Underdogs are expected to lose the game, and they will receive a plus sign next to their odds. 

What is a spread

No, we are not speaking about a table spread with delicious food! Spread is all about how you will bet on a favorite or underdog. Here’s an example to help you better understand. We find that the Lakers are 9-point favorites against the Miami Heat. The Lakers will then be listed at -9. If you go and bet on the Lakers, they must win the game by 10 points or more for you to win your bet. In other words, since the Lakers won the match by 10 points or more, that means you are covered. If the Lakers win by exactly 9 points, this is called a push. A push means that you will receive back the same money you bet. If the Lakers win by 8 points or fewer or even just lose the game, you lose the bet. But there’s more. Now we have the Miami Heat. If you bet on Miami Heat plus nine points (+9) to either win the game or lose by 8 points or lower, this will cover your bet. You will more than likely find spreads across all major sports betting. 

Moneylines

A moneyline bet is the second way in which you can bet on either a favorite or an underdog; this is a much easier way of betting, based completely on who will win the game. Moneylines also use the American odds to calculate the payout. So, how do moneylines work? The favorites are given the minus designation such as -100, -200, -300. So, if your favorite is -200, you need to risk $200 to win $100. Does it make sense? Now, if your favorite wins, you, of course, win $100, but if your favorite loses, I’m sorry, buddy, you’ve just lost $200. The reason the risk is so high is that favorites are expected to win. Underdogs are assigned the plus designation, +100, +200, +300. What this means is that if the underdog is on +200 and you bet $100 and the team wins, you get $200. But, since the risk is much lower, and if the underdog team loses, you only lose the $100. Since we always expect underdogs to lose, their risk is much lower, but their reward is much higher if they do win. You will find money lines available in most major sports betting. 

How to bet

It’s terrific that we can bet on any sport, pretty much any place in the US, leaving you to take advantage of this fun pastime. But if you are unsure whether your state allows for sports betting, you can check a state-by-state tracker just to be sure. Right, so you’ve checked if your state allows sports betting, so now’s the time to find an online sportsbook. A sportsbook is where you can place sports bets. It’s super convenient as it’s right at your fingertips. Want to bet on the Patriots game, find a sportsbook, and go on and bet. 

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