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Understanding Sports Betting

One form of gambling that has become highly popular is sports betting. It is wagering on the outcome of sporting events like basketball, baseball, football, cycling, boxing, mixed martial arts, among others. 

In sports betting, bettors can also wager on events that do not involve humans, such as horse racing and cockfighting. It also allows you to wager on non-athletic activities such as the Oscar Awards, the United States (US) elections, and the like.

Sportsbooks or bookmakers accept and place the sports bettors’ wagers. They also set the odds and give the winners’ payouts. 

You can bet by meeting with bookmakers in person, but online sports betting sites have made wagering more convenient. Just make sure you’re accessing secure online sportsbooks like SportsBetting.com.  

Mobile betting also allows you to wager anytime through betting apps and various betting platforms. Some websites even offer live betting, which means you can place your bet after the game has started or throughout the game’s duration. 

IS SPORTS BETTING LEGAL?

When the US Supreme Court lifted the federal ban in 2018, the different US states have been given the discretion to legalize sports betting.

These are the states where sports betting is legal and regulated:

  • Arkansas 
  • Colorado 
  • Delaware
  • Illinois 
  • Indiana 
  • Iowa  
  • Nevada  
  • New Hampshire  
  • New Jersey  
  • New York 
  • Michigan  
  • Mississippi 
  • Montana  
  • Oregon  
  • Pennsylvania 
  • Rhode Island  
  • West Virginia  

Meanwhile, in Virginia, North Carolina, and Tennessee, the legalization of sports betting is already in the works.

DIFFERENT TYPES OF SPORTS BETS

There are several ways to bet on professional sports and even amateur sports like college football and basketball. If you’re a beginner in sports gambling, the key is to find the type of bet that suits you best. 

Moneyline Bet

This type of bet depends on the outcome of the game. It is frequently used in the National Hockey League (NHL), Major League Baseball (MLB), and Major League Soccer (MLS) because of the low-scoring matches.

Favorites are assigned minus (-) odds while the underdogs get plus (+) odds. This is done by sportsbook operators to even out the bets.

To further understand a moneyline bet, let’s break down the odds for a match between NHL teams Carolina Hurricanes and Toronto Maple Leafs.

Carolina Hurricanes +145
Toronto Maple Leafs -165

In the example, the Maple Leafs are the favorites, while the hurricanes are the underdogs. 

To get $100, bettors need to risk $165. If the Maple Leafs win, the total payout is $265.

If you want to bet on the underdog Hurricanes, you need to pay $100 to win an additional $145. Backing heavy favorites really entails risking more.

Spread Bet

A point spread bet is usually used in the National Basketball Association (NBA) and the National Football League (NFL) to make the field more even for teams.

Usually, bookies would adjust the spread so that bettors will wager on both teams. For example, in a Superbowl match between the New England Patriots and Tennessee Titans:

New England Patriots -4.5, -215
Tennessee Titans +4.5, +185

The Patriots are the favorites, while the Titans are the underdogs. To cover the spread, the Patriots need to win by 5 points or more. Bettors supporting the Patriots should also risk $215 to earn an additional $100.

If you’re backing the Titans, you should pay $100 to earn an extra $185 payout. Your sports wager wins if the Titans win or if they lose by no more than 4 points.

Online betting sites assign half points (.5) to avoid a tie or a “push.” When a match ends in a push, bettors get their money back. 

Unlike NFL games, baseball, hockey, and soccer are low-scoring. Still, point spread wagers apply to these sports. Fixed point spread wagers are called runline in baseball, puck line in hockey, and goal line in soccer.

Total Bet (Over/Under)

A total bet predicts whether a game’s overall score will be over or under a threshold set by oddsmakers. 

For example, in a World Series matchup between the Houston Astros and the Washington Nationals, bookies predict that the total will be 12.

The match concluded with the Astros with three points and the Nationals with 12 points.

Since the total score for that game is 15, those who voted for “Over” win the wager.

Prop Bet

“Proposition bets” are wagers unrelated to the final match score; these are usually specific outcomes. You can bet on whether a player from a college basketball team scores the most points in a quarter, or whether a mixed martial arts player can last more than 10 minutes in a fight.

Futures Bet

This type of bet is on the outcome of future events like how many wins will a team from a sports league have in one full season. If you have a small bankroll, a futures bet is not recommended because sportsbooks will keep your money until the event you are betting on concludes.

Parlay Bet

These are multiple wagers on two or more teams. A parlay can only be considered successful if all the bets win.

Teasers

This type of parlay makes it easier for bettors to win, but the payouts are less than standard. In a teaser wager, the bettor chooses the sport, the number of games, and the number of points given. 

For instance, the bettor has decided to wager on two National Collegiate Athletic Association teams, the Duke Blue Devils and Michigan State Spartans, at +5.5 points. 

Team and Points Spread Teaser Points New Line
Blue Devils -6.5 +5.5 -1
Spartans +6.5 +5.5 +12

With the new betting line, the bettor is now at an advantage; but the payouts will become lower. 

Head-to-Head Bet

A head-to-head bet is used in major sports events where it is difficult to wager on one winner because of a large field, like golf and Formula One racing. Because the number of participants can be confusing, you gamble on the competitors’ results and not on the overall outcome of the sporting event.

Bookies would add a moneyline to the competitors to even out the match, especially if one competitor is more skilled.

SPORTS BETTING ONLINE

Las Vegas and several bookies have been offering their sports betting services online. Still, it is essential to place your bets through trustworthy gambling websites like SportsBetting.com. Here are some reasons why you should count on us for your betting needs:

  • We’re licensed and regulated so you can enjoy the SportsBetting.com experience knowing that our betting operations and practices have been checked against legal sports betting standards. 
  • When it comes to depositing to your sports betting account, we’ve got several payment options to choose from. As for cashing out your winnings, SportsBetting.com ensures smooth and convenient transactions for fast payouts! 
  • Like most secure sites, SportsBetting.com runs on an SSL-encrypted connection, so you can wager without worrying about the security of your bankroll, data, and other private information.
  • We only partner with credible software providers that are known for being fair when it comes to payouts.
  • SportsBetting.com has useful wagering tips, the most up-to-date odds, the broadest range of betting lines, and the hottest news on sports betting. 
  • We offer several betting types so you can find the betting style that suits you best. 
  • We’ve made sure your customer service experience is remarkable. Our representatives have been trained to know our bettors’ frequently asked questions and to resolve these concerns stat. 

SPORTS BETTING vs. DAILY FANTASY SPORTS

For those who are familiar with Daily Fantasy Sports (DFS), it’s easy to confuse the contest as a form of sports betting. 

DFS involves drafting a roster of players and compiling points that are awarded depending on the selected players’ statistics. The person who picks the team that’s composed of the players with the best stats wins. 

While some fantasy sports are season-long, DFS contests last for a whole day or, in cases like the NFL, a week. DFS are legal in the US because they are “skill-based” games, while sports betting is “chance-based.”

The law views those who participate in DFS the same way it sees stock traders. Stock traders invest in bonds, futures, and the like, not through chance but through skill. Fantasy sports players likewise draft their fantasy teams by understanding the sport, the teams’ dynamics, and the expertise of each player. 

If stock traders and DFS participants profit from their skill-based investments, then it is not gambling, hence different from sports betting.

Compared to sports bettors, some fantasy sports players also play for free, usually to sharpen their drafting skills or to simply enjoy competing with their friends. Sportsbooks never offer free sports betting. 

DFS contests don’t have fixed odds and payouts. There are various DFS payout structures, but usually, the host site gets a commission from the total buy-in. Winners are awarded a percentage of the pool. 

In terms of payouts, DFS contests are similar to horse racing. The prize money is determined once the competition begins, and the money for the game has been collected. This is significantly different from sports betting odds that are already fixed from the get-go.