Here is a quick overview of what bettors should know and be doing to not only increase one's chances of winning but to also help them gamble responsibly and have fun doing it.
The sports betting industry, like Wall Street, is volatile. Bookmakers alter the odds throughout the day based on the activity they're taking and other news, such as injuries and weather.
For instance, if Team A begins as 7-point favorites and the great majority of bets are on them, their line might increase from -7 to -7.5. It's possible that the line may move much farther to -8, or that it will be "bought back" to -7.
While on the subject of lines, it's a good idea to compare lines from multiple sportsbooks. Lines might differ depending on the sportsbook because various bookmakers cater to different types of customers.
When it comes to how much to bet, a reasonable rule-of-thumb is to risk only what a player can afford to lose. Remember that sports betting is a marathon, not a sprint. There will be good days and bad days. That's why there's a great strategy called flat-betting.
Flat-betting entails wagering the same amount on each game and only risking 1% to 5% of a player's bankroll on each wager (the bankroll is the starting amount players have at their disposal to bet with). If punters have a $100 bankroll, for example, they should risk no more than $5 per game.
Types of sports wagers
A single sport can be bet on in a variety of ways, and there are numerous ways to gamble on different sports.
When it comes to sports betting, the greatest thing players can do is learn the regulations of each form of wager and the accompanying reward, starting with these most common sports betting types.
Money Line Bets: One of the simplest methods to wager on sports is via a money line bet. Players will be deciding who will win a game or a match and the winnings are determined by the odds.
Straight Bets: A straight bet is also known as a point spread wager in the United States. The point spread indicates who is likely to win and by what margin.
Total Line Bets: Here, the wager is dependent on the total number of points scored by both teams. Punters must pick whether they believe the final score will be higher or lower than the number specified by the sportsbook.
Parlay Bets: A parlay bet is placing numerous bets that must all win for a player to win. Punters might wager Team A to win the World Series and Team X in the Super Bowl in the same year, for example.
Teaser Bets: Because they feature two or more picks, teaser bets are comparable to parlays. The difference is that in exchange for a lesser overall payment, players obtain a more favorable point spread.
Head-To-Head Bets: When a bettor chooses the winner between two participants, it's called a head-to-head bet