WHAT IS THE PROCESS OF SPORTS BETTING?
You have already dabbled in sports betting if you have ever joined a props pool for “The Big Game” or a pro football pick’em game. The Supreme Court’s decision in May 2018 to strike down the Professional and Amateur Sports Protection Act made it possible for any state to authorize sports betting nationwide.
Beginning in 1949, Nevada turf clubs allowed wagers on the four main professional sports. In the years following, a plethora of new venues, from casinos to online platforms to mobile apps, have joined the ranks of those where gamblers may legally place wagers on sporting events. And you’re not confined to just the Big Four in the pros anymore. The vast majority of bookmarkers now place wagers on a wide variety of sports, from NFL and NBA games to cricket, golf, car racing, and even international soccer.
Moneyline bets, spread bets, totals bets, futures bets, and parlay bets are the five most common wagers in sports betting. In a minute, we’ll delve into the meaning of each of those.
HOW DO YOU PLACE AN ONLINE SPORTS WAGER?
Because of the autonomy of the states, the regulations around online sports betting are not uniform. For instance, if you want to bet on sports in Nevada but you don’t live there, you may do so at any land-based sports book in the state as long as you open an account and deposit money there beforehand. The state lottery of Oregon is responsible for the only legal online sports betting platform in the state at this time. Although it was the first state other than Nevada to legalize sports betting, Delaware does not yet allow internet wagering.
Know what services and legislation are available in your state and the states around it. Seeking information specific to sports betting in your state? See our resource “Where is Sports Betting Legal?” for additional details.
IMPORTANT WAGERING TERMS to be Familiar with
Explanation of Sports Betting Odds
It might be nerve-wracking to enter a sports book for the very first time. Sportsbooks often display their daily odds in two ways: on an odds board and on printed sheets. The printed papers are useful for marking your preferences and making notes, but they are usually many hours (or even days) old. The odds boards are where you should direct your attention if you are looking for the most recent updates. The four most important aspects of the odds board are the rotation number, the point spread, the total, and the moneyline.
Learning the Language of Odds
Sportsbooks are on rotation #. When writing tickets, numbers are used, not names. You will likely be chastised if you stroll up to the window and ask for $100 on (team name). The rotation numbers, which are often three or four digits long and shown to the left of the respective teams’ names on the odds board, are typically around the middle of the range. Writers of tickets depend on the rotation number to avoid any ambiguity while communicating with the bettor. Get familiar with the game’s rotation number before placing a wager.
There will be a point spread for every football and basketball game. The odds board will show a negative sign in front of the spread for the favored team. To cover the spread, that’s how many points a team has to win by. When looking at a point spread, you won’t see a figure for the underdog team since it is assumed that they are also getting the full amount of points.
The total number of points scored by both sides is up for grabs as a betting market, with options to go “over” or “under.”
The moneyline: Moneyline bets are presented on a $100 scale, with a negative sign in front of the favorite’s number and a plus sign in front of the underdog’s number to indicate the betting line. If you bet on the moneyline, all your team has to do is win. Bettors won’t have to worry about any point spreads.
The Basics of Spread Betting
In sports, the point spread is a leveler. No one with any sense would wager on a football game between the league’s top and worst teams. When the poor team is given a 20-point advantage, the result becomes much more intriguing. There will be a point spread for each and every football and basketball game. Point spread wagers require the favored team to win by a certain margin. If you choose the underdog with the point spread, they may lose the game, but not by more than the spread.
Similarly to football, point spreads are used in hockey and baseball, but with several important differences in operation. The favorite is usually -1.5 on the spread in hockey (the puckline) and baseball (the runline), while the underdog is +1.5. If you want to make money betting on the favorite, your hockey club or baseball team has to win by at least two goals or two runs. Alternatively, if you bet on the underdog at +1.5, your ticket will still win even if your side loses by one run or one goal.