A Beginner’s Basic Guide To Sports Betting

As sports betting increases in popularity around the world, more and more beginners are looking to give it a try. The only problem is that, from an outside perspective, sports betting can seem very confusing. With strange odds formats, countless online sportsbooks to choose from, and confusing laws, where does a beginner even start?

Don’t worry, this simple guide will tell a newcomer everything they need to know to start betting right now.

Is Sports Betting Legal?

Whether sports betting is legal or not entirely depends on the region in which you reside. More and more countries are changing laws to make sports betting legal, including the United States, Canada, Germany, and more. But it isn’t wise to simply assume that betting is legal in your area.

The best thing to do is simply Google the regional laws that are applicable to you. It won’t take more than a few seconds.

How Do I Use An Online Sportsbook?

With the power of the internet, it is easier than ever to put down legal bets on sports events. Online sportsbooks are fast, easy, extremely convenient and completely legal. Using an online sportsbook is as simple as finding a preferred site, signing up for an account, depositing funds, browsing betting options, and putting down a bet.

What’s more is that all of this is possible via mobile devices, including smartphones.

What Are Odds?

You may understand full well the bet you want to make, but what exactly are NFL odds? Every betting option is assigned odds by the sportsbook. Odds determine not only how much a bet will pay out, should the bet succeed, but also give an indication of how likely that option is to succeed.

Odds are presented differently, depending on the system used. But the numbers always indicate the same thing. British odds will appear as something like 1/10. In this case if $1 is bet, $11 will be paid out. That is $10 profit plus the original bet of $1.

The American moneyline is slightly different, using $100 as the basis of all odds. American odds may appear as something like -150, or +200. The – sign indicates a favourite, making it clear that in order to win $100, a bet of $150 will be needed. Meanwhile the + sign indicates the underdog. In the case of +200 a bet of $100 will pay out $200.

Can You Win Betting On Sports?

It is, of course, possible to win money betting on sports. Online sportsbooks are fair about odds, generally pay winnings on time, and are more than happy to accept bets at any time. Hence, betting on sports and winning is as easy as putting down a bet and succeeding.

On the other hand, although it is possible to bet on sports, sports betting should always be approached responsibly. Betting is only meant as entertainment, and should never be treated as anything but entertainment. 

Remember that bets should never be made with money that you can’t afford to lose.