Getting Started on Sports Betting: What You Need To Know

Have your pals been talking about sports betting and you want to be in the know? Did they mention handicapping on and you are not quite sure what they’ve been talking about? Or, maybe, you have the gift of knowing how any game plays out and you would like to make a quick buck out of it? We have information that you definitely will need.

Benefits of Sports Betting

Sport betting does not have a great reputation since it counts as gambling and many believe that only those who have no care for their lives are the only ones who get involved in it. But just like gambling, if done moderately, one can actually reap benefits from it.

Participating in wagers elevates the experience of watching sports games.  There is now more excitement in it as you have money at stake. There is a rush with every point your favorite scores against the other team. Each win feels like you’ve won too – because, technically, you did.

Betting also allows you to get to know more people. It’s a good way to keep in touch with a community. Ever since the pandemic happened, socializing in public spaces has become limited. A little gambling helps start conversations with people who participate in the same activities.

These are only some of the advantages of participating in sports betting, there are some more that you will definitely learn as you go. 

Now that you know what else you can get from sports betting, — other than easy cash, of course — let’s explore how to get started. 

Learn the Lingo

The first thing you have to do is to familiarize yourself with the terms used in the field. This way you do not get lost in translation when discussing bets or even when placing your bets. Here are some of  the basic terms that you will encounter and need to know the meaning of to get you started:

  1. Sportsbook – This is where you can place your bets for different sports. There are a lot of them online that you can choose from. 
  2. Sharp – Bettors with a long track of success are referred to as sharps. They can also be called “pros” or “wiseguys”. They are the ones who have had a lot of experience betting and could be called veterans in this field.
  3. Square – This is the term used to refer to people who only bet for entertainment. Also known as “casual bettors”. Due to most of the participants being squares, they are called the “betting public” as well.
  4. Parlay – Bets are placed on independent events. One must win in every line in order to win.
  5. American Odds – A way to present odds. In this way, positive and negative signs (+/-) are used to show how much money you need to bet in order for you to win. Negative (-) shows you how much you need to bet to win a specific amount; while a positive (+) shows you how much you can win for every amount you risk. It can scale up or down.
  6. Favorites – The team/person that is most likely to win based on their performance.
  7. Underdogs – The team/person that is least likely to win.
  8. Point Spread – Betting advantage given to the underdog. In this type of bet, a certain amount of points is required from the favorite to count as a win. For example in a -5/+5 spread, the favorite must win more than 5 points and the underdogs must lose less than 5 for bets to count as a success. 
  9. Moneyline – a bet placed on the team you think will win.
  10. Handicapper- a person who analyzes sports to help bettors choose the best lines.

For more terms, you can check out the glossary here:

Common Rookie Mistakes to Avoid

It is not enough to learn the basics, one needs to know what should be avoided. This way you would not be losing a lot of your hard earned income on casual bets. Read on to find out what you should NOT do.

Betting Without Knowing Anything About It

Learn what you can before picking a sportsbook and placing your bets. Know how to shop for betting lines, what odds mean, and maybe even get a handicapping service to help you out.

Not Planning Your Bets

In addition to learning how to place a bet, do your best to think about how much you want to bet and what is most likely to give you a return on investment. Going with your gut feeling may work the first time but it might not be the smartest move the next time you place a bet. Bankroll management is important if you want to make the most out of your bets.

Betting When Under the Influence

If you decide to bet while under the influence, there is a high chance that you will lose a lot as your decision-making abilities are not fully there. All your hard work on managing your bets and choosing wisely may be put to nought the moment you decide to let loose. 

Sports betting can be a fun activity to do on the side as it enhances your sports watching experience. Just remember to bet wisely! 

To know more about sports betting and handicapping head over to their website, Kyle Covers.

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