How Sports Betting Works – A Complete Guide
Wagering is almost as old as man. You can find places in the Bible where it talks about casting lots, which is a form of gambling.
No one knows for sure when the first bet was made on a sporting event, but the odds are that it was made soon after sports were invented.
If you want to learn how sports betting works and how to get started placing bets you’ve come to the right place.
WHERE TO PLACE BETS
The main places you can place bets are in a land based sportsbook or at online betting sites. The other options are using a bookie or placing bets with other people you know.
Land based sportsbooks are available in many parts of the world. But sports betting is illegal in many areas as well. Some places the book is in a casino and in others the book is a standalone business.
Online books are available anywhere you can access the internet, but they’re also illegal in some parts of the world. Even where sports betting is clearly illegal most people can find an online business willing to take their bets.
HOW DOES BETTING SPORTS WORKS?
The basics of how betting works are really quite simple. Two or more parties agree a bet on whether something will or won’t happen. Something of value is wagered, usually money, and there are typically odds involved. Whoever is correct wins the bet and the other party or parties must pay out accordingly
wHAT IS SPORTS BETTING?
Sports betting is what it sounds like. You place a bet on a sporting event and win a set amount of money if the team or player you bet on wins. If the team or player you bet on doesn’t win you lose your bet. You can place a wide range of different bets and find many different places to bet and ways to make the bets.
Placing bets on sports is a way for some people to make money and a way for many to enjoy watching a contest more than if they didn’t have money riding on the outcome. Only a few people are able to make money in the long run betting on sports, but millions of people bet on events every year.
According to the Daily Mail, the global sports betting market may be as high as three trillion a year.
The article states that the majority of that amount is made in illegal ways. You’ll learn more about legal and illegal betting later on this page. The important thing to do is learn if what you want to do is legal or illegal so you stay out of trouble.
PLUS AND MINUS IN BETTING
The plus and minus in betting can mean two different things. They are used in American style odds to denote how much a $100 wager will pay out if it wins (when a plus sign is used), or how much must be staked to win $100 (when a minus sign is used). Plus and minus are also used in point spreads.
Point spreads are among the most common wagers in sports betting, in the United States at least. And the lines for such wagers are displayed using plus and minus symbols.
Most contests are listed with a favorite and an underdog. The favorite gives points or runs and the underdog receives points or runs
Moneylines are a type of bet where you bet on who you think is going to win the contest. On a moneyline bet you don’t need to worry about how many runs or points a team wins by.
The moneyline is still listed with a plus or minus number, but they signify the signify the odds – or how much you need to bet or can win.
Favorites are listed with a minus number and underdogs are listed with a positive number. At first, it can be confusing to understand how to read moneylines but once you get the hang of it, you’ll quickly be able to see the possible bets.
HOW TO PLACE BETS
The first thing you need to do is look at the posted lines and decide which team you want to bet on and whether you want to bet on the plus and minus line, the money line, or the over/under line.
In land based sports books you go to a betting window and tell the person what you want to bet on and how much you want to risk. Some books offer betting papers where you can mark your selections, but most simply take bets by you stating your intentions.
When you place a bet and hand over your money the book gives you a betting slip. It lists the bet and amount. You must turn the betting slip back in to get paid when you win.
When you go to the betting window tell the person the team you want to bet on, whether you want to bet the point spread, the money line, or the over/under, and the amount.