Sports betting has emerged from the shadows in the past few years as a massive industry. With anti-gambling stigmas fading, millions of newcomers are looking to jump in and make some money. But getting started can be difficult for the uninitiated, and the terminology can be overwhelming. We’ve compiled this primer to help you get started.
1. Understanding Betting Options
Sportsbetting is essentially placing a bet on the outcome of a game or event. You place your bet, and the sportsbook sets odds based on the probability that the outcome will occur. The higher the likelihood, the lower the risk and the higher the payout.
2. Betting With Your Head, Not Your Heart
A big part of making money betting on sports is removing your personal bias from the equation. This means avoiding betting on teams you support, but also not ignoring the unique circumstances surrounding a team or game. It’s important to keep in mind that you will not be able to win every bet you place (nobody does), and that you should only wager with money you can afford to lose.
3. Using Parlays
Parlays, also known as accumulators in some places, combine multiple straight bets to create one larger wager with a greater potential payout if successful. However, parlays are more difficult to hit than individual bets and therefore come with a higher risk. For this reason, they should only be placed on games that you know well and with which you are familiar enough to understand the betting dynamics.