Betting on sports online has fast become a booming industry. Now, you can indulge in the excitement of the online betting world you have been craving, especially during the pandemic.
The betting process has been optimized and streamlined efficiently to ensure that you don't lose out on any fun.
Many online betting sites have popped up over the years such, as M88 Mansion and other similar sites. They all have similar goals - to cater to all your betting wants.
Online betting works in a simple way. It allows you to place wagers on real-life sporting events, and if you correctly predict the outcome, you'll win money.
This beginner's guide to online sports betting will take you through the essential basics. From understanding bankroll management and betting odds, this guide will explain the tips to get you started on the right foot in the world of online betting.
- Sports You Can Bet On
As long as it is a recognized sport, you are sure to find an online site that allows you to bet on it. All the major sports are covered on betting sites (tennis, basketball, football, etc.), both the major leagues and their many divisions.
There are many ways to place bets. Too many to cover in this article, but the main ways to place a bet include:
- Betting on a player or team to win an overall competition/league
- Betting on a player or team to win a specific match
- Placing bets on the points to be scored by a team
- Placing bets on a particular player to score a specified number of points in a match
- Placing a bet on the specific score of a game.
However, it's important to note that some betting systems are specific to different sports, wholly dependent on their unique scoring systems.
- Bankroll Management
Before you begin placing bets, you need to decide how much you want to invest in this endeavour financially.
Certain sports are more volatile than others and are more suited to veteran risk-takers. Do you need to ask yourself how much are you willing to spend on betting? It is advisable to set how much you can risk at the start.
A smaller budget, to begin with, is a good idea. As you continue practicing and get comfortable with the process, you can increase the amount you are willing to risk.
- Reading And Understanding the Odds
Naturally, it is advisable to bet on a sport that you are well versed in. It will always be a task to reign in the excitement of watching your favourite sports. More than anything, betting requires you to have a calm mind.
A calm mind is needed when you start reading the odds. Learning how to read and interpret it is a crucial step towards making an informed bet and earning money. Your aim when placing bets is to beat the odds.
There are three common formats; the Fractional Odds format, Decimal Odds format, and the American Moneyline format.
Decimal Odds
This format displays the exact amount of the winning bet per unit. To get the potential returns, you have to multiply your initial stake by the odds given. To assess the potential profit, use the same formula and subtract one from the odds provided.
The formula looks like this.
Potential Returns = Stake x Odds
Potential Profit = Stake x (Odds – 1)
American Moneyline
In the States, the odds are represented in a 'Moneyline' or a +/- format. It shows you who the favourite is and who the underdog is. It also indicates how much money there is to be made if you bet on either one.
For example, in basketball, if the Chicago Bulls (favourites) are playing the Houston Rockets (underdogs), the Moneyline could read as follows:
Chicago Bulls -250
Houston Rockets +200
The negative sign indicates how much money you would need to invest to win USD$200 ($250 in this scenario).
The positive sign indicates how much money you would win if you wager USD$200.
An essential piece of information to note is that the odds only matter at the specific time at which you place your bet. Once a bet has been placed, your odds are 'locked-in.'
It simply means that if you discover factors after your bet has been placed (player injuries, penalties) that would affect the performance of the team or player you see wagering on, you still can't withdraw your bet. It is a part of the risk of sports betting.
Fractional Format
These are also called traditional or British Odds. This format refers to the ratio of the amount won or profit to the stake. A British Odds listing 7/1 (seven-to-one) means you win USD$7 for every dollar you bet, plus you get back the money you initially wagered.
It means you will win back what had been your stake in the game. In this case, USD$1 then gets a profit of USD$7, which earns you a USD$8 total.
The formula looks something like this:
Potential Returns = stake × the numerator/ denominator + the stake.
In this formula, the numerator/denominator stands for the fractional odd.
It means if there are three teams thought to win a soccer world cup and their odds look like this:
Brazil: 14/5
England: 10/2
France: 8/1
It means that the odds are in favour of Brazil winning, and so for every USD$5 you stake, you win USD$14. If you staked USD$2 for England, you’d win $10 if it wins. Then, betting a dollar for France will give you a USD$8 profit.
You generally get the most pay out for betting for the team with the least odds to win. In this example, that team is France.
Conclusion
In conclusion, this article has covered only the bare minimum of knowledge needed to step into the world of online betting. For further information, such as the betting laws in your area, you need to research a little deeper to become more knowledgeable in the industry.