Sports betting has never been more accessible than now. People can place their bets at various sports wagering websites without having to visit a traditional gaming hall. They can bet on many sporting events and win money if the teams or players they bet on win their matches. So how does sports betting work? Keep reading and we will dive in.
Sports betting is a fun activity, and it makes watching some sports contests all the more exciting. But those who are new to the field might be put off by all the numbers and betting choices involved with the work.
So how does sports betting work, and what choices do you have for wagering? Let’s take a look at how sports betting works and what you can expect.
What Are You Betting On?
The first part of how does sports betting work to follow involves understanding what you will bet on when wagering on sports. You can place a bet on one of many things:
- Moneyline – You will bet on who will win a match regardless of the margin of victory.
- Spread – You will bet on a team to beat or cover a point spread.
- Total – This betting choice entails picking whether the two sides in a game will score more or less than a specific number of points. You are not betting on a team to win, but instead on whether the match will be an offensive or defensive affair.
- Props – Prop wagers entail betting on specific events that could happen in a game. You could bet on individual players or teams attaining specific statistics or specific actions taking place, for example.
- Futures – Futures wagers involve picking things that will be resolved weeks or months later. These include bets on who will win a championship or a specific award.
You can bet on any of these events to win a profit. A successful wager will return the money you spend plus whatever profit you get from the bet. A losing wager will involve you losing your money altogether.
How Do the Odds Work?
The next part of sports betting explained entails understanding the odds for each event. The odds are a measure of what is likely to happen in a match.
The odds are traditionally listed in an American format. A negative number means that you’d have to bet that amount to earn $100. The sportsbook will say that a certain event is more likely to happen when there’s a negative number attached to the pick.
For example, if the odds for an event were -115, you would have to bet $115 to win $100. You’d have $100 at the start, and you would have $215 at the end. But you’d still have $0 if you lose.
A positive number means the event isn’t as likely to occur. The number refers to how much you’d win if you bet $100 and were successful. For a +140 line, you would win $140 on a $100 bet.
| Spread | Bet | To Win | |
|---|---|---|---|
| Chicago White Sox | -7.5 (-115) | $115 | $215 |
| Minnesota Twins | +7.5 (+140) | $100 | $240 |
The favorite for a match or event will have a greater negative number. The underdog or the entity less likely to win will have a higher positive number.
Some sportsbooks may also have decimal odds. A higher decimal number means you’d get a greater return, but the odds of something winning won’t be as successful. Decimal odds are used mostly for calculating parlay wagers.
How Does the Spread Work?
The spread is a feature of sports betting found in many games. The spread is a measure of how many points a team is favored to win by. A game with a -7.5 line means a team is favored to win by 7.5 points. You can choose to bet on a favorite to beat the spread and win by 8 or more points, or you can choose the underdog to cover the spread and either win outright or lose by 7 or fewer points.
Spread betting often entails low-level odds. A spread pick might have a line of -110 or -120. But it is more appealing than a moneyline wager for matches that might get out of hand. A basketball game with a -6.5 spread could have a -110 line on both sides of the spread, while the favorite would have a -280 moneyline pick to win outright. The underdog could have a +230 moneyline listing, which sounds appealing but is also considered highly unlikely to work. Picking the spread might be more appealing, especially when it comes to mitigating risk, or you feel a match might be closer than anticipated.
How Parlays Work
The next aspect of how does sports betting work to see involves parlays. A parlay wager is a bet where you pick two or more items on the same betting ticket. All the items on your ticket must win for you to collect your potential winnings. You can earn more money on a parlay, but the risk is also higher.
A parlay wager is a bet where you pick two or more items on the same betting ticket.
You can calculate the value of your parlay by multiplying the decimal odds of each pick together. An online sportsbook can help measure the parlay value for you. For example, if you bet on three matches with decimal odds of 1.741, 2.10, and 1.87, you’d get a parlay line of 6.83, which equals +583 in American odds. You’d earn $583 if you wager $100 and win.
Where Can You Go For Wagering?
You’ve got an assortment of places online to consider for your sports wagering needs. Sports wagering has become legal in more places over the years, and its reach is expected to become even more substantial soon. But there are a few things to note when signing up to place bets at a sportsbook:
- Check on the betting options available at a sportsbook. A useful place will offer multiple wagering opportunities.
- Your sportsbook should be registered to operate in your area. The sportsbook website should make its registration data open to the public.
- Be aware of the rules for wagering in your area. Some sporting events might not be available in your area due to legal concerns. These include college sports events involving teams in your location, for example.
- Some sportsbooks may offer bonuses where you can earn extra money for wagering purposes. Check the rules for those bonuses before accepting anything.
Still looking for tips on how sports betting works? See Online Sports Betting Tips to help You Manage Your Wagers. Be aware of what you’re doing when placing your bets, and watch for what you’re doing when finding something of value. This content is purely from my research and experience so continue to do the same. This is not financial advice.
