Understanding Sports Betting Basics
So you want to bet on sports, where do you go? In the past you would have to find a local bookie to place your bets with. Depending where in the world you are, bookmaking is illegal and bookies are typically unreliable and don’t have the best record when money was owed to their customers.
Thanks to the internet, bettors no longer need to go that route. Now from their own home they can make bets online with legal reputable sportsbooks. Another benefit of signing up with an online sportsbook is that no bet is too small. Most sportsbooks will accept wagers as low as $1! Try doing that with a local bookie…
Understanding Odds
There are three major types of odds formats used: American, decimal, and fractional.
American as you may guess; is most common in the US.
An example of American odds is:
Indianapolis Colts -210
Chicago Bears +180
This means that if you wanted to bet on the Colts you would have to wager $210 to win $100. On the other side if you want to bet on the underdog Bears you would wager $100 to win $180.
Decimal odds, also known as European are different as they include the original wager into the odds. The math behind this is: multiply the amount wagered by the decimal number and then subtract the amount risked.
Here is an example. Say you want to make a bet on a boxing match:
Mike Tyson 1.65
Evander Holyfield 2.25
Placing $100 on Tyson, ($100x1.65) -100 = $65 potential winnings
Placing $100 on Holyfield, ($100x2.25) – 100 = $125 potential winnings
2.00 is even money.
Fractional odds are fractions that look like 7/1. To calculate the payout you would need to multiply the first number (numerator) by the amount wagered and then divide that number by the second number (denominator).
Example #1: Risking $100 on a horse that is 7/1. (7x$100) /1 = $700 profit on a win
Example #2: Risking $100 on a horse that is 5/4. (5x$100) /4 = $125 profit on a win
Types of Bets
Straight Bet: A straight bet is taking one side or the other to win the game or event, or on a total. If you want to bet on a football game where the Steelers are -10 against the Dolphins you would be betting on whether the Steelers would win the game by more than 10 points. On the other side if you take the Dolphins you can still win your bet even if the Dolphins lose, just as long is it’s by less than 10 points.
For that same game the total line is at 47 points. You can make a wager over or under this amount on what you think the combined total of points will be for that game.
Parlay: A parlay is a group of bets combined into one single wager. In order for you to win a parlay all of your bets need to win.
A simple $100 three team parlay with all teams at -110 will earn the bettor roughly $600 if all of his teams win. Adding one more team to that parlay jumps the payout up to roughly $1200!
Teaser: A teaser is similar to a parlay, it is a group of straight bets which is made into one wager. The difference is that the lines in a teaser are moved in your favor by the number of points of the teaser. A common teaser bet in football is 6, you must pick at least two games, and both must win in order for you to win your bet.
Example: Two team 6 point teaser, taking the Cardinals over the Ravens, and the Cowboys over the 49ers. In this situation the Cardinals are 8.5 point favorites and the Cowboys are 5 point underdogs. With your 6 point teaser you improve the line by the 6 points or your teaser. This means the Cardinals are now 2.5 point favorites and the Cowboys are 11 point underdogs. The Cardinals must win by more than 2.5 points and the Cowboys must win or lose by less than 11 points in order for you to win your bet.
Our Sportsbook information and sign-up pages