Sports betting has emerged from the shadows of the anti-gambling stigma that once surrounded it and has become a multibillion-dollar industry. With legal gambling available in more states than ever before, millions of sports fans are looking to place a wager for the first time. Before you do, make sure you have a solid understanding of the betting terminology and how it works. Here are 12 things every beginner should know about sports betting.
The most common form of sports betting is called odds betting, where a bookmaker sets a number that indicates the probability of a team or individual winning a particular contest. This is done by comparing the strength of each team or player to the opposing one. For example, a football team may be 3-point favorites against the Buffalo Bills. This is a margin of victory, and the sportsbook will set a point spread to avoid a push (where both teams would receive their bets back).
Payouts in sports betting are determined by the odds on a given bet and the amount wagered. This potential payout is displayed on your bet slip, whether you are placing a bet online or in person. Oftentimes, the payout shown includes the amount you bet, so that you can see your total payout if you win.
The best sports betting strategy is to bet on a sport you understand well, and to limit your losses. It is easy to lose a lot of money betting on random games or events if you don’t have good money management skills.