It’s no secret that sports betting is a huge industry, with billions of dollars being wagered each year. But for many people, betting on sports can be daunting. Where do you start? What do you need to know?
Fortunately, we’ve got you covered. In this beginner’s guide to sports betting, we’ll walk you through everything you need to know to get started, from the basics of how odds work to what type of bets you can place. So whether you’re looking to bet on your favorite team or want to make some money from Maryland sports betting, this guide will help you get started.
How do sports betting odds work?
One of the first things you need to understand about sports betting is how odds work. Odds represent the likelihood of an event happening, and they’re typically expressed as a ratio or a set of fractions.
For example, let’s say you’re betting on a tennis match, and the odds are listed as 2:1. This means that for every $2 you bet, you’ll win $1 if your prediction is correct. In other words, the odds are two-to-one in your favor.
If the odds were listed as 1:2, this would mean that you’d need to bet $1 to win $2, so the odds would be against you. And if the odds were listed as even money, or 1:1, this would mean that you’d get back exactly what you bet if you won.
Odds can be expressed as either decimal odds or American (or moneyline) odds. Decimal odds are simply the ratio expressed as a decimal number, so in the example above, the decimal odds would be 2.0. On the other hand, American odds represent how much money you’ll win or lose for every $100 bet.
Positive American odds mean that the event is more likely to happen than implied by the odds, and you’ll win less than $100 for every $100 you bet. So if the American odds for an event are +200, this means that you’ll win $200 for every $100 you bet if your prediction is correct.
Negative American odds represent events that are less likely to happen than implied by the odds, and you’ll win more than $100 for every $100 you bet. So if the American odds for an event are -200, this means that you’ll win $200 for every $100 you bet if your prediction is correct.
Now that you know how odds work, you’re ready to place bets. But before you do, there are a few more things you need to know.
What types of bets can I place?
There are two main types of sports bets: straight bets and parlays. Straight bets are simply a bet on whether an event will happen or not. For example, you might bet that a certain player will score more than 20 points in a game or that a team will win by more than 10 points.
Parlays, on the other hand, are a bit more complex. A parlay bet is a bet on two or more events, and all of the events must happen for you to win the bet. Parlays can be tricky, but they offer much higher payouts than straight bets because they’re harder to win.
There are also several different types of wagers you can make. The most common type of bet is a money line bet, which is simply a bet on which team will win. You can also bet on the point spread, which is how many points one team is expected to win by.
Finally, you can also bet on the total amount of points that will be scored in a game (known as the over/under), or you can even bet on specific propositions, such as which team will score first or who will win the MVP award.
Now that you know the basics of how sports betting works, it’s time to start placing some bets.