Sports betting has never been more accessible, but there’s a definite learning curve to understanding how all the different bet types work. In this article, we’ll break down the most popular wagers and give you some real-world examples to help you get started.
The first thing to remember is that making money from sports betting isn’t easy. It takes months, if not years, to turn from a rookie bettor into an experienced veteran. And even then, there are no guarantees.
That said, there are things you can do to improve your chances of success. One of the most important is to understand the odds and prices that sportsbooks offer. This is crucial because odds are constantly changing. For example, a team’s odds may go from -7 to -4 or higher as the market adjusts for their expected performance. Knowing this allows you to shop for the best lines on specific bets.
Another key factor is to develop a strong handicapping strategy. This involves researching teams, players and past performance to find edges. It also means looking for inefficiencies in the betting market and finding value where it exists. The most successful sports bettors look at all of these factors and then weigh them to form an opinion on a game.
Finally, you should have a clear set of expectations and know what you’re getting into before placing a bet. The reality is that most people won’t make a living from sports betting, but if you have realistic expectations and don’t expect to become an instant expert, you can still make some money.
To start, you’ll need to decide how much money you want to bet on a game. This is usually based on your own financial situation and risk tolerance. Many people recommend starting small and increasing your wager size as you gain experience and confidence. This is called bankroll management and it’s an essential part of any sports betting strategy.
The most common bet type is the straight bet, which is simply placing a wager on the outcome of a single game or event. However, there are a number of other types of bets that can add excitement to your sports betting experience.
Spread bets, which are based on the difference in strength between two teams, are designed to level the playing field by taking points away from the favorite and giving them to the underdog. This means that for a bet to win, the favorite must beat the spread by a certain margin. Otherwise, it’s considered a loss.
Over/Under bets are based on the total amount of points scored by both teams. They have nothing to do with which team wins, but instead are a reflection of how much each team scores. If the total ends up being exactly the same as the proposed line, it’s a push and most sports books refund these bets.
Finally, futures bets are bets on events that will take place in the future, such as who will win a championship. These bets are typically made well before the season starts and have a longer horizon than standard wagers.