The most crucial fact about sports betting is that it’s enjoyable. And it has always been enjoyable.
Prior to sports betting becoming legal in the US in 2018, which sparked a boom ($13 billion was wagered legally in 2019), sports enthusiasts enjoyed wagering on their preferred games and teams.
Sports bettors should still have one primary goal in mind before placing their first wager, even though it is increasingly becoming a part of mainstream sports culture: have fun.
How do sports wagers operate?
Although there are countless ways to bet on sports, the fundamental idea behind them all is to make a prediction about what will happen during a game or event and stake money on the likelihood that it will.
Sportsbooks will establish odds on these scenarios based on the likelihood that they will occur, enabling you to wager on the team you believe will win while the sportsbook essentially has the opposite view.
A high probability event has a lower risk and will not yield as much money as one with a low probability and higher risk. The profit increases with risk, but the risk also increases.
The majority of sporting events have two sides available, such as team vs. team or yes vs. no. The winner of the championship before the season even starts is one example of a gamble that offers several alternatives.
Underdogs & Favorites
Favorite and underdog are two of the most frequently used terms in sports betting, and they frequently refer to the two possible outcomes of a wager.
The side, team, or result that has the greatest chance of succeeding or occurring is the favorite. The reward from betting on the favorite is lower because there is less risk involved.
The odds of the underdog prevailing are lower. The reward for betting on the underdog is greater because the risk is higher.
Pick or pick’em is a common term used to describe a situation in which both teams have an equal chance of winning.
As we previously indicated, there are dozens of different ways to wager on sports, even though the basic idea behind it is straightforward: betting on one event or another. The most typical bet kinds are as follows:
Uneven games are made even via spread bets, sometimes known as point spreads. The predicted difference in the ultimate score or outcome determines the point spread for a game, and bettors must determine how much stronger one team is than the other.
The favorite must cover the spread (also known as the spread) in order to win the wager, while the underdog may win outright or lose by a specific margin and still win the wager. The handicap is determined by the oddsmakers.
The underdog’s point spread will have a positive (+) value while the favorite’s will have a negative (-) value. A game will be called a pick or pick’em if the score is too close to determine a spread and both teams are thought to be evenly matched. In this case, you just choose which team will win the game outright.
Picking the winner is all there is to making a moneyline bet in sports. Moneylines are determined by the implied likelihood of a particular outcome, such one side defeating another.
A moneyline represents the likelihood of the outcome, with lower-risk moneylines (favorites) paying smaller returns and higher-risk moneylines (underdogs) offering bigger returns because there are no spreads or handicaps used to level the playing field.
Favorites on the moneyline are denoted by a minus sign (-) next to their odds, while underdogs on the moneyline are denoted by a plus sign (+).
The anticipated total number of points, runs, or goals scored by both teams in a game serves as the basis for Over/Under wagers or totals.
Bettors can select whether they believe the final score will fall Over or Under the anticipated total that oddsmakers give to a game. A wager on the Over would need 51 or more total points to win if the total was set at 50, while a wager on the Under would need 49 total points to win.
It is graded a push and bets are reimbursed if the final score delivers exactly the same number of points as the Over/Under total.
The bundling of two or more wagers into a parlay bet results in a potentially higher payment. However, all of the bets in the parlay must be successful for it to win.
The risk and possible reward of a parlay increase with the number of bets included. However, even if just one of the bets in the parlay is incorrect, the entire parlay is considered a loss.
Multiple bet types, such as point spreads, moneylines, and Over/Under totals, can be used in parlays. Use our parlay calculator if you’re deciding which bets to parlay and want to know what kind of payout it will produce.