Pro sports bettors who make money from betting on sports recommend learning how to bet on sports as the essential step towards professional sports gambling. While the concept is mistakenly compared to trading, sports betting is nothing like trading. If you learn its basics, advanced strategies, and secrets, sports betting can be much more fun and less risky than any trading and gambling. 

This easy-to-understand and beginner-friendly sports betting guide will teach you how to read odds and make your first successful sports bet. 

What Is Sports Betting?

Sports betting is when you pick an outcome related to a specific sporting event and place a bet on it to win money. Your potential winning will be according to the odds provided by the sportsbook for that specific outcome. 

How To Bet On Sports: Step-by-Step Guide

As a beginner turned into a pro, I'll let you in on a secret: while gambling on sports seems complicated and there are many sports betting terms to learn, once you get the hang of it and learn how to gamble responsibly, you will enjoy watching your favorite matches even more. 

Here are the easy steps to get you started:

Step 1: Learn To Read Sports Odds Correctly

The first and most important thing for a successful sports wager is correctly understanding sports odds. 

Odds refer to a probability or likelihood of an event happening.

 

There are various formats of listing odds at online and physical sportsbooks. Every sporting event is assigned a number, i.e., odds, which tells you how much you should risk money to win more. The most common formats of sports betting odds are:

Moneyline or American Odds

moneyline or American betting: Sports betting

American odds are the most common format sportsbooks use in the United States. The odds are set relative to 100, show the amount of money you should risk to win $100, and are typically set at 110. The team/athlete/ side with the higher chances of winning will be considered a favorite with a negative sign. Meanwhile, the weaker side with lower chances of winning is the underdog, represented by a positive sign. For example, when team A is assigned a -110 odds, it means you should bet $110 to win a $100+ the original bet. On the other hand, a +220 odds shows that if you bet $100 and the outcome happens, you win $220 + your initial bet. 

Decimal Odds

Decimal odds: sports betting

Decimal or European odds are used for the same purpose as American odds. European odds are commonly used across Europe and European sportsbooks. This type of odds is typically set at 1.91, shows the return of your money, and equals -110 American odds. Bigger numbers show higher odds or weaker teams/sides. For example, when a team is set at 6.5 to win a game against another team with 1.3 odds, it means the first team is considerably weaker, and a winning $100 bet on them would return a $650 profit. 

Fractional Odds

fractional odds: Sports betting

Fractional odds have the same purpose as the previous two formats, mainly used across UK sportsbooks. Fractional odds are typically set as 10/11 and equal -110 Moneyline and 1.91 decimal odds. The numerator is the amount you win, while the denominator is the amount you must bet. 

Other odds listing formats, such as Hong Kong, Malay, and Indonesia, are not widely used. However, such odds are available at top online sportsbooks that are optimized to be accessible to a vast number of sports betting enthusiasts. 

I also recommend reading a hot new book by Elihu D Feustel on Efficient Market Theory and Tools For Modern Sports Bettor to get a deep insight into how odds work in sports betting.

Step 2: Understand Different Betting Options

There are literally countless ways to bet on sports. From the most straightforward outright winner to the most risky future bets. Each sport has its unique betting opportunities, too. Here are the most common and popular sports betting options:

1. What is Moneyline In Sports Betting?

Moneyline is the most straightforward way to bet on sports. It uses Moneyline odds, as explained above. To bet the Moneyline, you simply pick the side you believe will win the game. The negative sign shows the favorite with a lower possible payout, and the positive sign shows the underdog with a higher possible payout but also a higher risk of losing. 

You may wonder what negative signs on both sides mean. This means that both sides are likely to win. For example, team A with -104 needs you to bet $104 to win $100. Team B with -112 means you must risk $112 to win $100. So, higher risk implies the relatively weaker side.

2. How To Bet The Spread?

The spread, also known as the line, is undoubtedly the most popular type of sports bet. It is quite common in sports like basketball and American Football. 

Spread, i.e. point spread, is based on the margin of victory. Here is how it works:

When you bet the point spread, two numbers are assigned to each team/side: the line and the price.

The first number is the spread. In this example, the Chiefs are 7-point favorites, reflected by the minus, and the Bills are the underdogs, assigned a +7. If you bet on the Chiefs -7, they should win by more than seven points for your bet to pay out. If you bet on the Bills +7, you win if they don't lose by more than seven points.

If the Bills lose by exactly seven points, your bet is a "push," and your initial stake is returned and refunded. 

Sportsbooks try to avoid push results by adding .5 to the line, ensuring that a bet cannot end as a tie. They don't like refunds!

The second number is the price. The -110 means you must wager $11 or $110 to win a net of $10 or $100 to bet on the Chiefs -7 or the Bills +7. 

The "vigorish," "vig," or "juice" is the amount the sportsbook charges to place the wager. In other words, it is the cut that the sportsbook takes from every bet placed.

3. What Is A Total Bet?

The total betting option involves betting on the number of points (or another statistic) in a game or a specific time period. For example:

 

 

Spread 

Total

DAL Cowboys

-7

O 47

NY Giants

+7

U 47

 

In this example, the total is set at 47. A bettor on the over would want more than 47 points scored. A bettor on the under would want fewer than 47 points scored. You can also place bets on individual players, such as Daniel Jones, to score specific numbers of TDs (Touchdowns).  

4. Props & Futures Bets Explained

Prop or propositional bets are other popular betting options in which you bet on literally any event related to a specific match. The outcome of prop bets is independent of the game result. For example, you can bet on the number of yellow cards a specific team would score during the second half. Such bets offer higher payouts due to the higher risks involved. 

When you bet on an event long before it happens, you place a future bet. For instance, you can bet on the Super Bowl LX champion immediately after the champion for SB LIX is crowned. The only downside to this type of bet is that you must be very patient until your wager is graded. 

5. What Is a Parlay?

 

Parlays are one of the most exciting, rewarding, and tricky parts of sports betting.  Parlay tickets allow you to combine multiple single bets for a chance to win a life-changing payout. People love parlays because you could turn a $5 bet into an insane $80K win!

Sportsbooks calculate the parlay's total payout odds based on each leg's combined odds. Parlays can be built using all types of bets, including totals, props, and futures. You can also place Same Game Parlays(SGP) that include multiple events within the same sporting event. 

Step 4: Manage Your Bankroll

One of the first steps to becoming a pro sports bettor is learning to establish and properly manage a bankroll. A bankroll is essentially your gambling budget that will be used for betting on sports or casino games. You should always bet according to your budget and never gamble what you cannot afford to lose. 

One of the popular strategies for bankroll management is Kelly Criterion. It suggests risking a small percentage of your total betting funds on each wager. For a $500 starting bankroll, this might translate to individual bets not exceeding $25. You must adjust your bet size to avoid significant losses as you lose your bets.  

Here are more first-time sports betting tips to learn and remember as a beginner:

  • Avoid risking your entire bankroll on a single bet.

  • Never chase your losses. 

  • Avoid betting on bad numbers. Try to shop for the best odds. In other words, find the best odds to bet on. 

Last Few Words

I covered all the sports betting essentials in an easy-to-understand beginners guide. You can rest assured that there is no point left out, and you can start betting on your favorite sport right now by navigating our sportsbook odds and selecting your bet. While you can begin betting confidently right now, you should know there is much more to sports betting strategies than this article or any other how-to guide. You should keep learning if you want to become an actual full-time sports bettor. 

FAQs

  1. Is sports betting legal?

Sports betting laws vary by country and region. In some places, like most US states, it's entirely legal and regulated, while in others, it may be illegal or have some restrictions. If you have doubts about gambling from your location, you can always check with our customer support.  

  1. What is the easiest type of sports bet for beginners?

Moneyline, or outright winner, is the easiest type of sports bet for novice gamblers. In this type of bet, you pick the winner of the game. 

  1. What is a handicap in sports betting?

A point advantage or disadvantage that is given to one team to make the game more competitive.

  1. What is a point spread in sports betting?

Betting on whether a team will win or lose by a certain number of points.