Sports in the Time of Corona: A Guide to Sports Betting for Dummies
Things have gotten crazy in 2020, and sports are no exception. The postponement of all the different sports’ leagues due to COVID-19, and then the reinstatement of those leagues led to some pent up sports betting demand.
But what to choose, and how is the betting different from before? Read on to discover the ultimate sports betting for dummies guide.
How Do I Bet on Sports?
There are ten basic principles you need to follow while sports betting, no matter the sport. Though some sports might not have all of these components built into their betting structure, these tips will aid you on your sports betting journey no matter where you are on that journey. So what are you waiting for, get bettin’!
Favorites and Underdogs
The first concept to consider while sports betting is whether to bet on a favorite or underdog. Oddsmakers release the betting line based on these two concepts: who’s more likely to win and who’s more likely to lose.
The favorite team has to cover the number of minus points attributed to them by the oddsmakers. For example, on a simple bet, San Antonio plays Boston, and the spread favors San Antonio by three points. If you bet on San Antonio, they have to win by three points or else you lose.
If there are no clear favorites, the game is a “pick ’em.”
Spreads
We already briefly discussed the point spread, which is the margin of victory. If you bet on the favorite, the favorite has to win by the number of spread points to win the bet. If you bet on the losing team, they can’t lose by more than the spread points.
If the team wins or loses by the exact spread number, the bet is a push, and you get your stake back. Though spreads are available in all sports, they’re primarily used for football and basketball.
Money Lines
If you don’t want to bet on spreads, you bet on money lines. Moneylines account solely for who wins the game. Favorites receive a minus number. This process is also referred to as sports handicapping.
This minus number is the minimum amount of money you have to bet to bet on the winning team. For example, San Francisco is the favorite, and the money line is -300. You have to put forth at least $300.
Underdogs receive a plus sign. For example, Houston is a +200 underdog. If you bet $100 on them and they win the game, you win the $200. If Houston loses, you only lose $100.
Money lines are usually for baseball, hockey, and soccer.
Over/Unders
Over/under totals are the point totals for the game/match. You can bet on whether you think a game is going to have more points scored, or fewer points scored than the over/under the total.
For example, the over/under total for Boston vs. Cincinnati is 250. If you take the over option and the two teams only score 210 points, you lose.
Bet Numbers
If you’re asking what the numbers are next to your bet, the answer is the added oddsmakers’ tax. People refer to this tax as the “juice,” “takeout,” or “vig.” The vig is the tax the bookie takes to place your bet.
For example, the Blackhawks are -3 (-130); this means to bet on Duke, you need to spend $130 to win $100.
The vig can also be positive. If you have a positive vig, you win the vig on top of your initial bet winnings.
Placing a Bet
Placing a bet is easier than ever. For starters, legalized sports betting is spreading across America state by state. The internet also increases access to sports betting by plenty of online sports betting sites.
As America becomes more better-friendly, more and more states join the sports betting party. Some of the primary states that have legal sports betting are New Jersey, Pennsylvania, Indiana, Nevada, and West Virginia.
Placing Smart Bets
How much you bet depends entirely on your situation. No one can tell you how much you need to bet. That said, it’s not smart to spend your college tuition on the game you were sure about that wound up wiping out your savings.
It’s best to pace yourself with sports betting. Dabble before jumping in. The best way to do this is by adopting a flat-betting approach. A flat-betting approach is an approach to gambling where you place the same amount of money on every game.
By using a flat-betting approach, you protect yourself from losing massive amounts of money and set yourself up for a substantial rate of investment success.
Rotation Numbers
You can find rotation numbers left of the team on a betting board. Rotation numbers are also called Vegas ID numbers and NSS numbers. These numbers are designators for each team.
For example, if you want to bet on the Chicago White Sox, and their number is #403, you have to tell the window you wish to place your money on #403.
Betting Lines Don’t Stay the Same
Similar to the stock market, betting lines are always changing. Bookies change the odds depending on injury news, weather, and the action they’re receiving.
For example, to start the day, the Yankees are favored by three runs, but it comes out that Aaron Judge is sidelined with an injury. The Judge news could modify the betting line.
Take the Best Line
Finding the best line depends on where you live and what sports booking resources you have at your disposal. You may even want to place flat-betting across multiple lines to protect your money.
Even half-point differences can make or break your betting experience, so it’s wise to search for the best deals.
Sports Betting for Dummies Should Be Easy and Fun
Sports betting should never push you to the brink. It should be an enjoyable hobby that gives you some easy cash. Following this sports betting for dummies guide sets you up for sports betting success. So what are you waiting for?
But sports betting can’t be your only form of entertainment throughout this pandemic. Check out more of our blogs for your entertainment needs!
