Since medieval times, sports betting has been around when rich and poor used to place wagers on local fights and games. However, this hobby has evolved into a full-blown profession and helped sports betting become immensely popular amongst sports lovers. It’s now one of the mainstream gambling options.
The transition from physical sports betting hubs to online sports betting was relatively bumpy, but things have begun to settle in now. If you are one of those people who just started placing online sports bets, then here are some tips to help you place winning wagers.
Knowing the Concept of Favorites vs. Underdogs
Every sports betting website will feature their “favorites” and “underdogs” for each game that helps people understand the odds. As the name suggests, the winning team is called “favorites” and is denoted with a negative (-) sign, whereas the team expected to lose is called “underdogs” and is denoted with a positive (+) sign.
Know the Spreads
The online betting system works two ways to place wagers: the point spread and moneylines. Spreads are the margin by which the team is expected to win or lose. For example, if the Warriors are 8-point favorites against the Lakers, they will be listed at -8.
If you place a wager on the Warriors, they have to win by 9 points or more for you to win the bet. If they make exactly 8 points, it’s called a “push,” where you get the original betting amount back.
Apart from spreads, the second way to bet on sports is through Moneyline. Unlike spreads, the moneyline solely relies on the team expected to win and uses the “American” odds to calculate the payout.
The favorites are given a negative sign, such as -100 or -250. If Warriors are at -200, this means you have to risk at least $200 to win $100. If you win the bet, you get $100, but if you lose, then you’re out of $200.
How Much to Bet
The final say on how much money you’re willing to risk on a bet depends on you. However, the best thing here is to separate the total money you’re willing to allocate to gambling and divide it into bets. This doesn’t mean you should go all-in on a single bet. The best way to manage your bankroll is to risk about 1 to 5 percent of your total bankroll PER play.
For example, if you’re starting with $150 in your bankroll, don’t risk more than $7.5 per game.
What Does “-110” Mean Next to Ever Bet?
Every oddsmaker charges a “tax” on each bet made, which is referred to as the “vig” or “juice.” This can be considered the commission they charge on every bet they facilitate you with.
For example, if the site says Lakers are -5(-110), this means you have to bet $110 on Lakers to win $100. Whereas, if it says Warriors are -8(+110), this means if you bet $100 on Lakers and they win, you will take home $110. But if you lose, you’ll just lose the $100 you chose to risk.
This can be a lot to absorb as a new bettor but these terms catch on as you actively practice betting. Hop onto Betting Site Rankings to get your hands on some of the best international betting sites for sports betting. We are an online betting sites reviewing website that uses industry experts to develop the utmost honest reviews. We also rank these websites based on user experience and provide timely predictions and tips for new bettors.