Over the last several years, the growth of fantasy sports has helped usher in a new era for sports betting in general.
Fueled by a desire for large returns, it seems that people today have become entranced by stocks, cryptocurrency, and sports betting.
Americans have started to embrace gambling, and this has been embellished by the fact that sports betting is becoming legalized across the country.
Recent legalizations in several states have shown that Americans are hungry to bet on sports.
But how easy is it to actually bet on sports? And how does one start?
These are all great questions and they are easy to answer. So keep on reading and we will walk you through how to make money by trying your hand at sports betting.
Have a Budget
This is one of the most important parts of sports betting.
Before you do anything else, you need to think about how much money you are will to put on the table.
Then, you should set a monthly or weekly budget and stick to it. As a beginner, there is a good chance that you are going to lose money at the start.
This is why you should only risk money that you can afford to lose. If you need to decide between spending money on sports betting or rent, pay the rent.
This should be seen as part of your entertainment budget.
Generally, you want to risk about one to five percent of your bankroll per game. If that means that you can only bet five dollars on each game, then so be it.
After you’ve gained some experience, you can start betting more money.
Decide What to Bet On
Getting into sports betting can be very overwhelming. There are so many sports, leagues, games, teams, players, and coaches.
When you’re just starting out, it’s best to get as specific as possible.
Don’t just pick one sport. Pick your favorite team and follow them constantly. You want to know everything you possibly can about the team.
Learn their roster, the players, and even the coaches and staff.
Learn how they play when they’re away versus when they play a home game. Follow the team in the off-season too.
By knowing everything about one team, you will be able get really good at making educated bets.
If you choose to follow your favorite sports team, then you’ll be able to get much more connected with that team. However, the downside is that you might become emotionally involved.
This can make it very difficult to bet against your team. You want to keep your emotions out of your betting strategy, otherwise you risk making dumb moves.
Underdogs vs. Favorites
The oddsmaker is going to post a betting line on the game. The first thing the oddsmaker is going to do is figure out which team will be the underdog and which one is going to be the favorite.
The favorite will be expected to win the game. If you bet on the favorite and win, you’ll get a smaller payout then if you bet on the underdog and win.
The favorite will be designated by having a negative sign next to its odds. The underdog is predicted to lose the game and will get a positive sign nexts to its name.
If the game seems like an equal match, you’ll see something like “pick ’em” or “pick.”
Moneyline Bets and Point Spreads
There are two main ways in which you can bet. First, you can go wtih the point spread. This is when you bet on the margin of victory.
An underdog will get points and a favorite is going to give them.
For example, let’s imagine that the New York Giants are 14-point favorites (-14) against the Philadelphia Eagles.
If you bet on the Giants, then they need to win the match by at least fifteen points in order for you to win the wager.
If the Giants do win by at least fifteen points, then you “cover.” If the Giants win by exactly fourteen points then that leads to a “push.” This is when you get the money that you wagered back.
If the Giants win by thirteen points or less, then you lose the bet. So even if the Giants win, you can still lose your money.
On the other hand, if you bet on the Eagles “plus the points” (+14), then you need the Eagles to win the game or lose by thirteen points or less.
Although you can make this kind of bet for any kind of sport, point spreads are mainly used for games with a lot of scoring.
That includes basketball and football. You can learn more about NFL betting at https://www.howtobet.com/nfl-betting/.
There are also moneyline bets. This is when you simply bet on the team you think will win the game. This is a much easier and simpler bet to make and is recommended for beginners.
The Importance of Knowing How to Start Sports Betting
Hopefully, after reading the above article, you now have a better idea of how to start sports betting.
As we can see, it might not be the easiest thing to start doing.
But it can be both fun and lucrative, as long as you don’t get too carried away with it.
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