If you’ve ever wanted to plunk down some money on a game but don’t know the first thing about bookies or casinos, there’s good news — you don’t have to.
Online betting is all the rage today, as it holds a $54 billion market value worldwide. You can quickly set up an account to start betting on the games and sporting events you love the most.
But what should you know about U.S. sports betting? What legal betting ventures can you explore?
We’ll gladly explain.
Below are some points that you should keep in mind when you’d like to learn more about legal sports betting.
Find Out About the Legalities of Sports Betting in Your State
Sports betting in the USA is handled on a state-by-state basis. Find out whether you live in a legal betting state and what parameters you must follow.
Online betting is legal in Virginia, Colorado, Arizona, Michigan, Illinois, Louisiana, New Jersey, New York, and Tennessee, to name a few. You can sign up for an online sportsbook account that gives you action on sporting events of all kinds, with odds and lines updated up to the moment.
Keep in mind that interstate gambling is illegal federally, so you will need to show proof of residence when you sign up for the account.
Understand How Odds and Points Spreads Work
You have to learn about odds to understand sports betting. Wagers are weighted based on the team or athlete that Las Vegas and other oddsmakers deem most or least likely to win.
When a party has minus (-) odds next to their name, it denotes that they’re the favorite to win, and you’re going to have to wager more to get money back.
If a party has plus (+) odds, they’re the underdog (often just called a “dog” in the gambling world) and you will earn a much bigger return on your bet if they happen to pull off the victory.
The measuring stick for these odds refers to how much money you would need to wager in order to earn back $100.
For instance, if a football team is a -450 favorite, you’ll need to bet $450 in order to win $100. Conversely, betting $100 would earn you $450 if the team happens to win.
Points spreads are also a part of betting that makes things interesting. This spread refers to how much a team must win by in order for you to successfully earn money in a points spread bet.
For instance, if the Minnesota Vikings are favorites with a -10 points spread, they’ll have to not only win but also win by 10 points or more for you to win that bet. These bets are useful if you think a team might win, but doubt they’ll win by as much as the points spread suggests.
Learn About the Different Types of Wagers You Can Make
Sports betting is also interesting because there are several types of bets that you can place. A money line bet refers to a bet involving a team winning or losing.
An over/under bet refers to the prospect of whether or not a team will achieve more or less of what the wager denotes.
For instance, the over/under bet might suggest that Chicago Bulls point guard Lonzo Ball gets 6.5 assists. If you bet the over, he would have to get 7 assists or more. Taking the under means that you think he’ll achieve fewer than 7 assists.
Over/Under bets also have odds attached, based on the likelihood of either, or. So you might stand to earn more depending on how oddsmakers measure it.
There are also prop bets specific to an event or a season, such as whether an NFC team will win the Super Bowl this year, or whether a player will get a technical foul during a basketball game.
Online sportsbooks have gotten creative in recent years with the types of bets you can make, so take the time to explore whatever suits you.
Check Out the Best Platforms for Sports Betting
The most important step to take is making sure that you choose an online betting platform that you’d like to do business with. Check to see the different sports and bets that they offer, whether they are tight with online security, and find out what kinds of payment options they allow.
A company like Bet365 may be able to assist you when you’re ready to take the plunge into sports betting.
Study Up on Your Sports of Choice
Finally, your best bet is to learn as much as you can about the sports that you’d like to wager on. Understanding the nuances and details will help you outthink the oddsmakers and find the sweet spot for bets that can earn you some serious cash.
If you’re a boxing fan, you’ll want to keep up with the fight schedule and pay attention to things like fighters moving up and down in weight class, switching trainers, or incorporating different stances and strategies to add to their game.
If you’re into team sports, consider signing up for the sports package for the NBA, NFL, MLB, or other leagues so that you can catch games and highlights to learn as much as you can.
Get Into Legal Sports Betting
The points above are useful when you’re interested in legal sports betting. There’s plenty of potential money to be made when you do your research and learn as much as you can about betting.
So what are you waiting for? Browse our other articles when you’re ready to get started with sports betting.