Have you ever wanted to make money doing something you love?
Problem is, it’s difficult to crack into the big leagues of professional sports/Hollywood/Broadway (or wherever your interests may lie) without a lot of time and some luck. Thankfully, there’s a way you can still put all your sports knowledge to the test and earn some cash: online sports betting.
But that presents another question. What is online sports betting, and how does it work?
Well, you’ve come to the right place. We’re here to give you our guide to everything you need to know about online sports betting! So without further ado, let’s begin!
Rules of Online Sports Betting
One of the first things you’ll want to understand about sports betting is how the different mechanics of the site work.
For example, there are multiple types of bets that you can place. The most conventional kind is a pick, where you choose one side to win over the other in a situation where the “dealer” decides the teams have an even chance of winning.
Another popular type of bet is based on score totals. The betting house (the site you use) will predict a score value for a certain game and you bet on whether the number will be higher, lower, or equal to the set value. These bets also revolve around the winning record of specific teams.
When the sides get more off-kilter in terms of skill, that’s where the other types of betting come into play.
It Gets Complicated
When this happens, the two teams are split into separate categories: the favorite (who is projected to win the game) and the underdog (the projected loser). When this happens, you could end up betting in a point spread.
Point spreads give a slight win penalty to the favorite and give the underdog a boost. Let’s say the favorite team had a -6 balance and the underdog had a +6 one. This means that when the game is over, the bonuses apply to the score of the team you bet on.
So, if you bet on the favorite team to win and they won 90-86, you would still lose the bet because the favorites scored less when you subtracted 6 points from their score. On the flip side, had you bet on the underdogs, you’d win because the +6 point bonus brings the score total to 90-92 in favor of the underdogs.
The Money Line
The third type of betting involves the “money line”, or a scale on which the two teams are placed to delineate their odds. The favorite team gets a negative dollar value, which is what you would have to bet to receive a certain amount set by the site. For example, if the favorite team has -210 odds on the line and the site standard was $100, that means you’d have to bet $210 on the favorite team to win $100.
Underdogs get a positive value on the money line, which denotes the money you would win plus $100 if you bet $100 and the underdogs won. So, if the underdogs were at a $60 odds value and you bet $100, you’d get $160 on a win.
But what happens if one of these games end in a tie? When that’s the case, you’ll recoup what you bet but with no gain (though this can vary by platform).
Choosing a Platform
Now that you know the mechanics, you’ll want to find the sports betting site or app that’s best for you. First off, do some research to make sure the program you’re using has the proper gambling certification. Not only does using unsafe sites put your money at risk of getting stolen, but you also have to worry about possible jail time and fines depending on the gambling laws in your state.
It’s also beneficial to do some research on user reviews and expert opinions to see which site offers the best odds on certain events or is the most honest and straight-forward. That said, many people sign up with multiple betting sites to get a wider field of options to choose from when betting on a specific game.
Make sure to check what bonuses each site offers as well. Many gambling sites offer free bets for signing up or discounts on purchasing credits to bet with for new players. These can help serve as a trial of sorts for the site, allowing you to get a feel for the environment before you sink a lot of money and time into it.
It’s important to note that these bonuses vary by gambling site as well. The deal you get with a SugarHouse promo may not be the same as what you get with another site.
Finally, see what return each site will give you on various odds. Every type of bet we mentioned earlier has a conditional payout determined by each site, and you’ll want to find the arrangement that works best for you and your financial situation.
Betting Tips and Tricks
To prevent any catastrophic wipeouts, it’s important to set a limit on how much you’ll bet before you even step foot onto a gambling site. This helps to prevent the “just one more” fallacy that trips many people up. It also lets you make more strategic, economic bets rather than wagering the whole pot on a long shot.
Another tip is to pay attention to everything that’s going on in the landscape of the sport you bet on. Tracking things like lineup changes and player injuries are key for making sure your bet is as secure as possible. Otherwise, you risk tossing away money on faulty info.
You should also keep in mind that it’s beneficial to shake things up and not always pick the favorite. A large part of betting is predicting the patterns of other gamblers, and gambling on low odds when you’re confident in the team can end up netting you big-time cash.
The Winnings Roll In
And there you have it! Now that you know all about online sports betting and how it works, you’re ready to open an account today and start earning your winnings! And if you want to stay up-to-date on the latest developments in sports, be sure to check out the other articles on our blog!