When sports bettors start off betting, they need to be consistent with how much they bet.
Through the help of sports betting bankroll strategy, individuals can understand how to not lose money by betting too much.
Many people recommend beginners to keep a consistent betting size, where the unit size should be anywhere from between one to five per cent.
For conservative bettors, it is recommended that they keep their unit size between one to two per cent per bet.
In comparison, confident bettors can bet up to three per cent of their betting bankroll.
What Are the Different Types of Bets?
Money-line Bets
Money line bets are when an individual picks a team where they can win straight-up without having any point spread.
This type of bet is common in all major sports, but it is mostly seen in baseball and hockey.
Straight Bets
The majority of sports fans know the basic betting system in sports, which is the straight betting system.
This form of betting is the most common form of wagering placed by most people involved in sports betting. It is most commonly seen in football and basketball.
In straight bets, a betting line is kept, and this betting line is often known as the point spread.
You have two options, one is where you bet on the favourite by giving up the points, and the other is when you bet on the underdogs in the game while receiving points.
The team that was favoured the most must win the game by the setpoint spread for you to cash in.
At the same time, the underdog of the sport must win or lose by less than the betting line to win the bet or cover the cost of the bet. In terms of ties, no money is lost, and neither is any money won.
Parlay Bets
Parlay bets is when two or more picks are grouped together, and a single bet is made. This single bet is known as the parlay bet.
It can involve a few separate picks, depending on the sportsbooks set limit. The number of picks that you group together will determine the betting odds on the parlay payout.
Teaser Bets
Teaser bets are a twist on parlay bets, and in this, you group two or more picks in one bet. However, in teaser bets, you can tweak the point spreads so that you can get a lower payout.
Depending on the sportsbook point spread, your payout can vary.
For example, if a sportsbook has a six-point teaser bet, then this means that an underdog with 3.5 points will now get 9.5 points.
Conclusion
Sports betting is one of the many ways to make extra money or to even start making a living off of it once someone becomes an expert in betting.
But to become an expert, an individual must first learn all there is to know about the job.
Thus, starting off slowly in sports betting is the best way to become a professional in it.