How to Bet on Sports: Sports Betting Explained

Betting on sports can be both exciting and rewarding when you understand the basics.

This guide covers everything from understanding odds to choosing the right sportsbook, helping you start your sports betting journey with confidence.

How does sports betting work?

Before you get started betting, it's best to understand online sports betting a top level.

Sports betting involves placing a wager on the outcome of a sporting event. The basic idea is simple: you predict the result of a game or match and place a bet on that prediction. If your prediction is correct, you win money based on the odds of your bet.

Here are the five key components of sports betting:

Odds

Odds represent the probability of an outcome occurring and determine how much money you can win. They are typically presented in three formats: fractional (e.g., 5/1), decimal (e.g., 6.00), and moneyline (e.g., +500). Understanding how to read and calculate odds is crucial for any bettor.

Bet types

There are various types of bets you can place, including:

• Moneyline bet: This is a straightforward wager on which team or player will win. Favorites are indicated with negative odds (e.g., -150), meaning you must bet $150 to win $100. Underdogs have positive odds (e.g., +200), meaning a $100 bet wins $200. This type of bet carries varying payouts based on each side's likelihood of winning.

• Point spread bets: In this bet, the favorite is assigned a points handicap (e.g., -6.5), meaning they must win by more than that number for the bet to succeed. The underdog (+6.5) can win outright or lose by fewer points than the spread for a successful bet. This evens the field by factoring in expected performance differences between teams.

• Over/Under bet: This wager is based on the total combined score of both teams. If the total is set at 50 points, you're betting whether the score will be over or under that number. Factors like team performance, weather, and injuries play a role in setting the over/under number, and bettors use these to make more informed decisions.

• Parlay bet: Parlays combine multiple bets into one wager, such as a moneyline and an over/under. All selections must win for the parlay to payout, making it riskier. However, the potential payout is much larger than placing individual bets, as each winning selection increases the overall return.

• Prop bet: These are wagers on specific events within a game, such as a player scoring a certain number of points or even fun outcomes like the result of the coin toss. While often seen as entertainment bets, with proper research, they can offer valuable opportunities for informed bettors.

Bookmakers

Bookmakers, or sportsbooks, set the odds and accept bets. They make money by setting odds that give them a slight advantage on each bet, ensuring long-term profitability. It's important to choose reputable sportsbooks that offer fair odds and secure transactions.

Bankroll management

Successful betting requires careful management of your funds. This involves setting a budget for your betting activities and sticking to it, ensuring you don't bet more than you can afford to lose. A smart approach is to bet only a small percentage of your total bankroll on each wager, typically between 1% and 5%. This method minimizes the risk of losing your entire bankroll in one bad day, allowing you to stay in control and bet responsibly based on your confidence in each wager.

Research and strategy

Knowledge of the sport, teams, and players is essential for making informed bets. Analyzing statistics, recent performances, and other relevant factors can help you make better predictions. Developing a betting strategy and being disciplined in its execution is key to long-term success.

By understanding these fundamental aspects, you can approach sports betting with a clearer perspective and improve your chances of making successful wagers.

For more detailed guides on the basics of sports betting, check out the comprehensive guides we've written below.

Once you have a good understanding of the fundamentals, you will want to find a suitable sportsbook to use.

How to bet on sports online

To bet on sports online, start by checking the legal options available in your region, as some areas allow online betting while others only offer mobile sportsbooks tied to physical locations.

Once you find a licensed sportsbook, you can sign up and deposit funds using methods like credit cards, bank transfers, or PayPal.

Placing bets is straightforward, and withdrawing your winnings is easy, with funds sent back through your preferred banking method.

Always ensure the sportsbook is legally approved for your location.

By following this simple advice, you will bet with safety online whilst having fun.

Deciding which sportsbook to use

Choosing the right sportsbook is a crucial step in your sports betting journey.

With numerous options available, it's essential to select a platform that meets your needs and provides a safe, enjoyable betting experience.

Here are key factors to consider when deciding which sportsbook to use:

• Reputation and trustworthiness: Ensure the sportsbook is reputable and trustworthy. Look for reviews and ratings from other users, and check if the platform is licensed and regulated by a recognized authority. This helps guarantee that your money and personal information are secure.

• Odds and betting options: Compare the odds offered by different sportsbooks. Even slight differences in odds can significantly impact your potential returns. Additionally, consider the variety of betting options available. A good sportsbook should offer a wide range of sports, bet types, and markets to cater to diverse preferences.

• Bonuses and promotions: Many sportsbooks offer bonuses and promotions to attract new users and retain existing ones. Look for welcome bonuses, free bets, and ongoing promotions that can add value to your betting experience. Be sure to read the terms and conditions associated with these offers.

• User interface and experience: A user-friendly interface and seamless user experience are vital for enjoyable betting. The platform should be easy to navigate, with a clean design and intuitive features. Check if the sportsbook offers a mobile app for betting on the go.

• Payment methods: Consider the payment options available for deposits and withdrawals. A good sportsbook should support various methods, including credit/debit cards, e-wallets, and bank transfers. Ensure the platform offers fast and hassle-free transactions with reasonable fees.

• Customer support: Reliable customer support is essential for resolving any issues or answering questions you may have. Look for sportsbooks that offer multiple support channels, such as live chat, email, and phone, and ensure they provide prompt and helpful assistance.

• Special features: Some sportsbooks offer additional features that can enhance your betting experience. These may include live betting, cash-out options, and streaming services for live games. Evaluate these features to see if they align with your betting preferences.

Through our rigorous testing methods, we've carefully reviewed sportsbooks, sports betting sites, and betting apps.

Below you can find all of our reviews and guides, split into each category: sportsbooks, betting apps, and betting sites.

It's important to remember that you need to pick a platform that is legal in your state, we only recommend legal sportsbooks in the US.

State-specific sportsbook reviews

If you are looking for a sportsbook review guide for the specific state you live in, check out our reviews below:

State-specific sports betting app reviews

If you think you'll mostly be betting from your mobile phone, we've also put together reviews of the top apps:

Sport-specific sports betting site reviews

If you have a specific sport you want to focus on, we've created betting site reviews for the most popular sports:

Sign up to your selected online betting platform

Signing up to a sportsbook is a straightforward process that allows you to start placing bets on your favorite sports.

1. Visit the Sportsbook’s Website or App: Navigate to the sportsbook's official website or download their mobile app from a trusted source. Ensure you are accessing the correct platform to avoid scams or phishing sites.

2. Click on Sign-Up or Register: Look for a "Sign-Up," "Register," or "Join Now" button, typically located at the top right corner of the homepage. Click on it to start the registration process.

3. Fill in Your Details: You’ll be asked to provide personal information such as your name, email address, date of birth, and contact details. Make sure to enter accurate information as it will be used for account verification and security purposes.

4. Create a Username and Password: Choose a unique username and a strong password for your account. Use a combination of letters, numbers, and special characters to enhance security.

5. Verify Your Identity: Many sportsbooks require identity verification to comply with legal regulations. You might need to upload a copy of your ID, proof of address, or other documents. Follow the instructions provided to complete this step.

6. Set Up Payment Methods: After your account is verified, you’ll need to set up your preferred payment method for deposits and withdrawals. Most sportsbooks offer various options like credit/debit cards, e-wallets, and bank transfers.

7. Claim Welcome Bonus: If the sportsbook offers a welcome bonus, make sure to read the terms and conditions and claim it during the registration process. This can provide you with extra funds to start betting.

You will want to check if the sportsbook promo is available in your state. You can use our guides to below to see the different promotional offers in each state.

8. Start Betting: Once your account is set up and funded, you’re ready to explore the sportsbook’s offerings. Navigate through the sports and markets, place your bets, and enjoy the excitement of sports betting.

What sports should I bet on?

Selecting the sports you want to bet on is a fundamental decision that shapes your betting experience.

Each sport offers unique betting opportunities, markets, and strategies, so it's important to consider your interests and knowledge before diving in.

Here are some factors to help you decide which sports to bet on:

• Personal interest and knowledge: Betting on sports you are passionate about and knowledgeable in can significantly enhance your experience. Understanding the intricacies of the game, team dynamics, player statistics, and other relevant factors can give you an edge in making informed bets.

• Availability of betting markets: Different sports offer various betting markets and options. Popular sports like football (soccer), basketball, and American football provide extensive betting markets, including moneyline bets, point spreads, over/under bets, prop bets, and futures. Niche sports may have fewer options but can still be rewarding if you have specialized knowledge.

• Season and schedule: Consider the seasonality and schedule of the sports you want to bet on. Major sports leagues have specific seasons, while some sports, like tennis and golf, have events throughout the year. Planning your betting activities around the sports calendar can help you stay engaged and find opportunities year-round.

• Live betting opportunities: If you enjoy the thrill of live betting, choose sports that offer dynamic in-play betting markets. Sports like soccer, basketball, and tennis provide numerous live betting opportunities, allowing you to place bets as the action unfolds. Live betting requires quick decision-making and a good understanding of the sport's flow.

• Betting strategies: Different sports may require different betting strategies. For example, betting on football might involve analyzing team form and head-to-head records, while betting on horse racing could focus on track conditions and jockey performance. Consider your preferred betting strategies and how they align with the sports you're interested in.

• Risk and reward: Evaluate the risk and potential rewards associated with betting on different sports. Some sports, like soccer, may have more predictable outcomes due to lower scoring, while others, like ice hockey, can be more unpredictable. Understanding the risk-reward balance can help you make better betting decisions.

• Community and resources: Engage with communities and resources dedicated to the sports you're interested in. Online forums, expert analyses, and betting tips can provide valuable insights and enhance your betting knowledge. Being part of a community can also make the betting experience more enjoyable and social.

We've also put together guides on how to bet on specific sports:

How much should you wager on a bet?

You should now have the fundamentals down, understand the different types of bets, and have chosen a betting site and sport to bet on.

Next, you will want to determine how much to wager on a bet.

The amount you wager should align with your overall bankroll management strategy, which helps ensure that you can sustain your betting activities over time.

A common approach is the "percentage method," where you bet a small, fixed percentage of your total bankroll on each wager, typically ranging from 1% to 5%.

This method minimizes the risk of losing your entire bankroll on a few bets and allows for gradual growth.

It's also essential to consider the odds and confidence in your prediction; higher confidence and favorable odds may justify a slightly larger wager within your set percentage range.

Remember, disciplined betting and avoiding the temptation to chase losses are key to maintaining a healthy bankroll and enjoying sports betting responsibly.

Sports betting tips

Along with the above, make sure you are following these top betting tips:

• Do your research: Before placing any bets, thoroughly research the teams, players, and other relevant factors. Analyze statistics, recent performance, and head-to-head matchups, and consider key elements like home/away performance, injuries, and weather conditions.

• Manage your bankroll: Set a budget for your betting activities and stick to it. Use the percentage method to determine how much to wager on each bet (1-5% of your bankroll), and avoid chasing losses by making impulsive bets.

• Line movement and market timing: Line movement refers to how odds adjust based on betting activity or external factors, such as injuries or weather. Different sportsbooks offer varying odds for the same event, so successful bettors and sports fans track these shifts and compare odds across multiple platforms to place their bets at the optimal moment. This ensures they get the best value for their wagers and maximize potential returns by timing their bets before or after a significant line change.

• Stay objective: Avoid letting personal biases influence your bets. Focus on the data and logical analysis rather than emotions or team loyalty. Bet with your head, not your heart, and always respect the market.

• Specialize in a few sports: Rather than spreading your bets across many sports, focus on a few that you know well. Specialization allows you to develop a deeper understanding and improve your betting accuracy.

• Keep records: Maintain a detailed record of your bets, including the amount wagered, odds, and outcomes. Reviewing your betting history can help you identify patterns and improve your strategy.

By following these tips, you can enhance your sports betting approach and increase your chances of making profitable wagers.

Sports betting FAQs

Editorial policy

Our editorial policy ensures thoroughly researched, accurate, and unbiased content through strict sourcing standards and diligent review by top betting experts and seasoned editors.

This process maintains the integrity, relevance, and value of our content for our readers.

References

To test betting sites accurately, we dive into analytical research of the gambling industry, to understand what features are best for you.

Below are the references we use when making these decisions:

• https://wsb.wharton.upenn.edu/wp-content/uploads/2023/05/Beggy_2023__Betting_Kelly.pdf

• https://sc.edu/uofsc/posts/2024/01/stephen-shapiro-sports-gambling.php

• https://www.stat.berkeley.edu/~aldous/157/Papers/clair.pdf

• https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10306238/

• https://scholarworks.calstate.edu/downloads/2j62s5932