Sports betting has been going on for centuries. So, it is clear that there have been people who were indulging themselves into the sports, at the same time there have been people who were betting on them. People bet on the sports as the sports betting has entertainment value attached to it along with a chance of winning handsome money.
The Sports betting brings in the excitement of the sports and adrenaline of gambling together. So to enjoy the benefits of both worlds, people engage into sports betting and are sometimes termed as the “Recreational Bettors”. This league of bettor likes to test their knowledge about the sport and win money if they can. They feel that having wagered their own money on the game, watching the game become even more exciting than the sports itself. Most of the times, these bettors are passionate fans of the game.
These bettors have sufficient knowledge about the game they are betting on and they can win too, however, they do not know how to utilize their knowledge to make money. These fans have no idea about the strategies of the sports betting neither they are interested. But there are exceptions, who bet to win and have been extremely successful. As said, there are professional bettors who make a handsome living out of sports betting.
This article is developed keeping in mind all types of sports gambler. We have tried to incorporate the key aspects of the sports betting so that you can learn and earn. The article has been divided into sections for ease of understanding and will cover the basics of the sports betting. So even if you are seasoned professional or know nothing about the sports betting, you will find this article interesting and informative.
Do you know why so many people love the sports betting? The answer is very easy; it is absolutely simple at the basic level. As we only try to predict the outcome of a sports game, which we love to watch or play, and wager on our prediction. If it turns out to be true then we are rewarded, otherwise, we lose our risked amount. Though it looks pretty simple, you are required to have thorough knowledge about the key aspects.
Why should you bet?
The main reason is that it is very simple and easy to learn. There are no complex rules involved and one can place bets straight away. All you need is knowledge of basic mechanics behind the sports betting and you are ready to roll.
Also, unlike slots, the sports betting doesn’t only rely on luck. Your knowledge and skills about the sports will be very handy. Though the bookmaker has an inherent advantage, you can overcome that with good strategies.
The key factor behind the sports betting is that it gives a booster dose to the sports enthusiasts. For example, if you are a Liverpool fan and have wagered on the win. Think about the excitement it will bring in for you, and if your favorite team wins, then the gratification will be multifold as you will earn money too!
The online industry has made it absolutely simple to wager on the sports. All you need to do is to log in to the website and use your cards to place the bets. Further, the bookmakers have developed mobile applications so that you can place bet anytime, anywhere.
So besides money, the sports betting also offers lots of entertainment and ease of placing bets. This has made the sports betting very popular amongst the bettors.
The reality of the sports betting is that “Most bettors lose money” and “Bookmakers are very skilled at their work”. These two are undeniable facts. However, there are no substantial data but a research suggests that 90 percent of the bettors lose money in the sports betting. The sports betting is easier to learn, however, mastering it is very challenging.
Further, the opponent for the bettors are the bookmakers and whose sole purpose is to make money. They have the skill set and a clear advantage as they decide the odds and lines. They also charge a commission, so that they earn every time you wager.
We don’t want to discourage you or sound deleterious, but we want to encourage you to learn the sports betting before venturing. These guys (bookmakers) can be beaten and there are seasoned players who consistently beat them. To win over, all you need is to gain sufficient knowledge before placing your first bet along with placing the bet with your mind and not with your heart.
Types of Sports Betting
The sports betting term doesn’t provide any information regarding the variety of options for wagering. Fixed Odds betting is one of the oldest and the most popular way of betting, however, the Internet has changed the way sports betting was conducted and opened up whole new ways of wagering. In this section, we will outline a variety of sports betting types:
- Fixed Odds Betting: Odds are being agreed by both the parties before wagering. At the end of the event, the winner is paid according to the agreed odds even if they have moved a lot. The odds are placed before the event has started. For example, if you have wagered on a win of a specific player in a tennis match and if your predictionturns out to be correct then you are being paid as per the agreed odds.
- In Play/Live Betting: This is same as Fixed Odds Betting, however, it allows you to place the bet after the event has started. The bets can be placed during the game is underway, up until it is about to get over.
- Exchange Betting: This has become popular in the recent times. As the name indicates, the wagers are not placed with the bookkeeper instead they are exchanged amongst bettors. In this case, the betting type is same as the older one but it happens between bettors.
- Spread Betting: This is completely different from the traditional fixed odds betting. In a simple term, in this type of betting, you predict that whether a specific value will be lower or higher than the amount set by the bookmaker. For example, if you want to play on a number of points scored in a basketball game and the bookmaker has set the total points as 181.5. You can either place over or under the set numbers, so if you want to bet over the set points and the score crosses 182 then you win, and if you want to bet under the set points and the score stays below 181 then you win. As you can see, there are two points 181 & 182, and you are betting for the range 181-182 and hence called the spread betting.
- Daily Fantasy Sports: Though it is not exactly a sports betting, it has revolutionized the sports betting arena. In this, bettors are allowed to select their team from real-players which competes against the other bettor’s teams. When the real-player scores, aids, steals or blocks then it is awarded a point. The best scorer at the end of the tournament wins.
- Pari-Mutuel Betting: This is one of the oldest betting types after the fixed odds betting. All the bettors wager on the outcome of an event. The amount wagered is put it into the pool. After the event outcome, the winning bettors will receive proportionately to their wagered amount from the entire pool of money. For instance, if 10 people have wagered £10 each on team one and 5 have wagered £10 on the team two. Then the entire wagered amount (10x£10 + 5*£10 = £150) will be kept in a pool. After the event, if the team one wins, then the bettors who have wagered on team one will receive £150/10 (£15) each, and if the team two wins, then the bettors who had wagered on team two will receive £150/5 (£30) each.
- E-sports Betting: This is the latest version of sports betting, wherein, people are allowed to wager on online games like the Call of Duty, Dota2, Counter-Strike, and more.
Things you should keep in mind
Players try to find some miraculous strategy in order to win, however, in reality, there is no perfect system in the world and even if you are a mathematical guru with sports knowledge, you will not be able to develop 100% winning strategy. You have to remember that “You can’t win all” but “You can win the most”. So with a right approach, knowledge, and discipline, you can make a handsome living out of the sports betting. To achieve the same, we have enlisted some key aspects which will be very useful in your journey to becoming successful:
- Research, Research, and Research: Information is the key to success, the more you know the better the chance of winning. You should stay updated with latest news and information regarding the form of a team and players. This will aid you assessing the likely performance of the team on an event day, making you place a wager on the right side.
- Bet only on the sport which you know the best: it is more likely to make a winning bet on a sport which you love the most as you would have researched it well and have been following it for a long time. Do not try to be “Jack of all games” and stick to the game which you know the best.
- Bet Online: The online betting is very competitive and offers attractive odds on the same game along with ease of placing the bet and convenience. If you have an account on multiple sites, then you can shop for the most attractive bets on the sports you love. Only advice is to use the legitimate and known bookmaker site.
- Be Prepared to Lose: Even the most successful bettors across the globe have made losing bets and you are no exception. We are not discouraging you but wants you to bet with a prepared mindset that there will be an occasional loss too.
- Keep records: There are no rules in the sports betting neither there are set strategies of winning. So try different approaches and keep a record of each wager along with the reasons for which you had wagered. This will allow you to identify your mistakes and correct them in future, ultimately making you better. It will also aid you in making the right decisions and improve your winning ratio.
- Patience and Discipline: As a beginner, these are the most important trait you should have. As said, you might lose game or two, but getting frustrated will not help rather it will affect negatively. The sports betting requires a lot of time and effort to learn everything you need. The Discipline is also equally important, as you need to make rational decisions all the time. The discipline will allow you to play responsibly and make right bets at right times.
We are very certain that the above-mentioned things will definitely help you in your journey to become a successful bettor. If you have discipline and patience, then with a right mindset and skillset you can become a successful bettor. Happy Sports Betting!