Sports betting is a big part of the gambling industry, and it’s becoming more popular as it gains acceptance in mainstream culture. However, it is still a gamble and can result in losses. Before you place your first bet, it’s important to understand the basic concepts of betting on sports. In this article, we’ll discuss the different types of bets, common terms, and tips to help you get started.
Against the spread: The most popular way to bet on a game is by placing a wager against the spread. The spread is the number of points that a team is expected to win by. The more points a favorite wins by, the less money a bettor will make. Against the spread bets offer more opportunities to win than straight bets, but they also come with more risk.
Over/Under: Another popular way to bet on a game involves the total score of both teams. These bets are commonly known as “over/under” bets and are set by the bookmaker before a game. A bettor can place a bet on either the over (the total will exceed the predicted amount) or under (the total will fall short of the predicted amount).
Futures: Futures bets are placed on events that have not yet taken place, such as a team winning a championship or a player winning a playoff MVP. The odds of these bets are updated based on performance, injuries, and trades throughout the season or playoffs. These bets are much more volatile than other bets and should be avoided if you’re new to betting on sports.
Bet with your head, not your heart: One of the biggest mistakes that bettors make is placing bets based on emotion. Whether it’s rooting for your favorite team since you were a child or because you’ve always had a good relationship with the coach, bet with your brain not your emotions and you’ll start making smarter bets.
Respect the market: It’s hard to believe, but even the most successful bettor only gets about 60% of their bets right. That’s because the sportsbook takes a percentage of every bet, called the vig or juice, and it’s difficult to break even with just a handful of correct bets.
Before you make your first bet, it’s important that you establish a bankroll and stick to it. This will prevent you from going broke after a bad streak and give you the confidence to bet bigger amounts in the future. Depending on how much you’re willing to risk, some experts recommend a maximum bet size of 1 to 5 percent of your bankroll.