31.5 million people planned to bet on the 2022 Super Bowl, which just goes to show you how impactful and popular sports betting has become.
Sports betting can be a fun way to spend a little extra cash, especially since you can potentially make even more cash from your bets! However, doing it wrong can lead to a lot of losses and frustration.
Are you interested in sports betting, but you’re not sure how to begin?
Keep reading as we talk more about how to place bets on sports so that you can get started today.
Understand the Types of Bets
There are various types of bets that you can place, so “sports betting” in general is not going to look the same for each person. Some of the types of bets that you’ll place as a beginner sports bettor include:
- Moneyline
- Point spread
- Over/under totals
- Parlay
- Prop bets
There are others that you may want to learn about as you get better and more familiar with betting, but it’s a good idea to know about these options first.
A moneyline is your most basic bet, and it relates to which team or individual is going to win (best score). An over/under bet is when you look at the final combined score.
The point spread is when you’re betting on how many points a team will win or lose by (or if they’ll win outright as the underdog).
We won’t go into too much depth here, but it’s important to understand what sort of bets you plan to make and how they work in terms of odds and payout.
Learn the Terminology
One of our top sports betting tips is to make sure that you know the terms and how they relate to the bets you want to make. It’ll be easier to understand many of these as you actually start to play sports betting actions, but a few of the simple ones include:
- Sportsbook
- Bankroll and unit
- Push
- Futures bet
- Hedge
- Sharp or public money
- Reverse line movement
In addition to knowing what the different bets are and how they work, you also should understand what you’re using to make bets and what others in the betting world would call them.
Your sportsbook is what you’re actually using to place bets, for example, and this can be an in-person facility or an online sportsbook.
Your bankroll is how much you can bet and the unit is the percentage of that which will be your bet size.
Make sure that you check out a sports betting glossary to learn more about these terms (and others) for the best chance at success.
Set a Budget and Plan
Your betting budget, also referred to as your bankroll, is important to set up beforehand. You need to know how much you can spend before you actually start spending.
It’s easy for new bettors to get caught up in the excitement and overspend, but this will lead to a high chance of increased losses, uneducated bets, and general irresponsibility. This is not what you want to do when you plan to get into sports betting long-term!
Instead, pay close attention to how much you are able to part with and pretend like that money is already gone. As long as you are able to afford to lose that amount without putting yourself in a financial predicament, you can use it for sports betting.
Plan out your bets as well to make sure that you know how big of a unit you plan to put down on different sports, types of bets, and more. Making a strategy beforehand will help your money go further.
Choose the Right Format
As we mentioned before, you can bet on sports through regular sportsbooks or online sportsbooks. Online sportsbooks are much more convenient, but they are not legal in all 50 states. Alternatively, some people may not live close to regular sportsbooks facilities, which can make them more difficult to access as well.
Be sure that you look at the laws in your state to figure out which sports betting format is the best option for you.
Once you have this figured out, you’ll have to make an account and double-check that all of your information is correct with the facility or online app/site. If you’re using an app or a website, they will need to keep track of your location to ensure that sports betting is legal where you live, so keep this in mind as well.
Through this sportsbook, you can place any and all of the bets that you would like! This makes it easy to keep track of previous bets, figure out which bets you want to place next, and more.
Figuring Out How to Place Bets on Sports Like a Pro
While sports betting isn’t always going to lead to wins, it can be fun when you know what you’re doing. As you get more involved in the action, make sure that you’re paying attention to your odds, keeping track of your budget, and staying on top of your bets.
Now that you have a better idea of how to place bets on sports, you can start with your favorite sportsbook! Make sure to research which option has the most benefits for your anticipated betting style and sports selections.
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