With the advent of online platforms, sports betting has multiplied. Every day, the number of players betting on their favorite team or athlete continues to rise. It must be said that sports betting can reach colossal sums and make you win astronomical amounts. That said, the risks of loss are also high, potentially reaching millions of dollars.
Are you a beginner in the field and want to know more before your first bet? This guide is for you.
Understanding the types of sports bets
Your extensive research has allowed you to discover a new sports betting casino that is highly recommended by enthusiasts. However, before betting on sports, know that there are different ways to do it.
- Single bet: this consists of betting on the final score of a match. For example, 1 to 0 in favor of team A.
- Parlay bet: here, you bet on the final score of multiple matches at once. If your teams win, your winnings are higher. But be careful, you only receive your winnings if all your predictions are correct.
- Handicap bet: this involves giving an advantage or disadvantage of one or more points to a team. The handicap bet allows you to increase the odds of an outsider by giving them points/goals in advance to balance the match.
How to read and analyze odds
Now that you know the different types of sports bets (at least, the most common), you need to learn how to read and analyze odds.
Before getting to the heart of the matter, what are odds? Well, an odd is a number that defines both the estimated probability of an event and the amount you can win if you bet correctly. It reflects the bookmaker’s analysis of the chances of success of a team, a player, or a specific outcome. The lower the odds, the more likely the event is considered; conversely, high odds reflect an event deemed unlikely.
To calculate your potential winnings, the formula is as follows:
Potential winnings = stake x odds
There are different types of odds.
Decimal odds, used in Europe, Canada, and Australia: it is the simplest to understand. It is directly related to winnings. Decimal odds are expressed as a decimal number, such as 1.80 or 2.50… For example, you bet €10 on a team with odds of 2.50. Your winnings if the team wins are: 10 x 2.50 = €25. You will have made a profit of €10.
Fractional odds, used in the United Kingdom: it is written as a fraction, for example, 3/1, 5/2… and represents the profit relative to the stake. The numerator (top number) shows how much you win while the denominator (bottom number) shows how much you need to bet to get that profit.
For example, odds of 5/2 mean that for every bet of €2, you win €5 in profit. If you bet €10, your winnings will be:
10 x 5/2 = €25
American odds, used in the United States: they are presented as positive or negative numbers, for example, +150 or -200, and focus on the amounts wagered or won in reference to 100 units (usually in dollars).
A negative odd indicates the amount you need to bet to get a profit of $100 or the equivalent in your chosen currency. For example, by betting €100 on odds of +200, you need to bet €200 to win $100. As for positive odds, it indicates the potential winnings amount for a stake of $100 or the equivalent in your chosen currency.
Basic strategies for starting in sports betting
Before making sports bets, analyze the statistics of the teams and players. For this, check their current form, past confrontations, and any external factors, such as injuries or weather conditions, as this data could change the game in the final minutes.
Moreover, follow the trends and do not let your emotions influence you.
In summary, adopt a rational and disciplined approach to increase your chances of long-term success.
Tips for managing your bankroll effectively
Establish a budget (or bankroll) for your bets and never wager more than you are willing to lose without affecting your financial situation or essential needs. Then, never bet your entire bankroll on a single bet. Ideally, stake between 1% and 5% of your budget per bet.
Furthermore, always wager the same percentage of your budget, regardless of the odds, or adjust the size of your bet according to your current bankroll. Above all, avoid risky practices like chasing losses, which consists of raising bets to try to recover previous losses.
Common mistakes to avoid for beginners
The most common mistake when starting out in sports betting is to bet under the influence of emotions. If your favorite team or player has no chance of winning, do not bet on them.
Moreover, beginners tend to wager their entire budget on a single bet. Diversification helps to reduce losses.
Finally, do not ignore analytics (both from professionals and your own). Knowledge of sporting events allows you to make informed decisions.
Conclusion: Becoming an informed bettor
Everyone makes mistakes before becoming an informed bettor. However, you can certainly reduce the risks of loss by refining your knowledge of sports betting and establishing basic strategies. Study the different events, establish a bankroll, bet gradually, and do not let your emotions influence you.