Sports betting may seem like a rather intimidating hobby for those who have not done it before. However, it is one that can be extremely exciting and profitable at the same time if punters know what they’re doing. The best way to bet is to have a good online betting guide. There are so many Australians interested in getting involved in betting, as a result, we’ve decided to give them a head start.
With our beginner’s guide to sports betting, punters will learn all the basics including how to bet on sports and how to read odds, among many other things. So, read on down below and become a sports betting aficionado today!
How to Bet on Sports
Below we go through the most common betting options available in most sports:
- Moneyline– these are the easiest bets to place as punters simply need to pick an outright victor for a match. For example, picking a winner in an AFL match up between Richmond and North Melbourne.
- Line Betting– an adaptation of moneyline bets. Sportsbooks select a favourite to win a match up and set a score line they’ll win by. For example, sportsbooks may set Manchester United to win a matchup against Birmingham City by three goals.
- Live/In-Play Betting – punters place these bets during a live match. Odds vary depending on the performance of the teams involved. In-play bets punters can place include moneyline wagers, props, and totals, among others.
- Futures/Outrights– these bets are usually based on picking a winner in the upcoming cup matches long before it is played. For example, picking the winner of the NBA Championship, AFL Grand Final, or FA Cup long before the final is played.
- Props– these bets are made on something happening within a sports match. For example, a prop bet says that Steven Smith will bat for 100 runs.
- Over Unders– these are bets made on the total score of a match. For example, in an NBA matchup between the Milwaukee Bucks and the Boston Celtics, punters could predict the game’s score to reach 200. If it does or passes it, the bettor wins the wager.
- Multi Bets– these bets combine two or more wagers to create outcomes that are high risk but also high reward. For example, a parlay or combo bet on a weekend set of English Premier League matches may see Liverpool and Manchester United want to notch up victories if the punter is to receive a payout.
Check out our other sports betting guides:
- Bankroll Management
- Betting for Fun Vs Profit
- Betting Odds
- Big Game Prop Bets
- Biggest Challenges in Betting
- Bracket Predictions Explained
- Comparing Odds and Line Shopping
- Finding Value in Betting Odds
- Moneyline Vs Point Spreads
- Optimising Your Selection Process
- Puckline Betting
- Teasers and Pleasers
- Understanding Odds
Betting Odds Explained
There are three different ways in which betting odds are commonly displayed at betting sites across the world. These are the formats:
This is the odds format most common at Australian and European sportsbooks. Sportsbooks will display odds on a sports match like this:
Philadelphia 76ers (1.23) vs Miami Heat (4.15)
Punters can calculate how much their overall winnings from placing a wager on any of these two teams by multiplying their bet amount by the odds provided. For example, an AU$10 bet on the Philadelphia 76ers will payout AU$12,73, whereas the same bet on Miami Heat will payout AU$41,5.
This format is most commonly used by British and Irish sports betting sites. Odds on a sports match will be displayed like this:
Atletico Madrid (9/5) vs Juventus (17/10) Draw (19/10)
Punters can calculate the winnings they may gain with a successful bet by multiplying their stake by the numerator in the fraction (the first number.) So, for example, if a bettor chooses to place an AU$40 wager on Atletico Madrid, they’ll win AU$360, without counting the cash used in the initial wager.
As may be expected, American odds are mostly used at sportsbooks catering to the North American market. Odds on a match will be displayed in the following manner:
Chicago Blackhawks (-240) vs Detroit Red Wings (+100)
The team with a negative sign in front of it favoured winning, whereas the team with the positive sign in front of it is considered the underdog. In the example used above, bettors would need to bet AU$240 on the Blackhawks to win AU$100, whereas they would need to bet AU$100 on the Detroit Red Wings to win $100.
Online Betting Tips Guide
Below are our sports betting guide tips to keep in mind when beginning your sports betting journey:
- Proper Bankroll Management– never make bets with money you don’t have and don’t place ridiculously large bets that could immediately bust your bankroll. A general rule of thumb to follow is to ensure that any bet you make is consists of only 10% of the funds in your bankroll. This way you can ensure that your betting sessions are longer and more profitable.
- Don’t Gamble While Emotional– we all know that a loss can be hard, but it is important not to retaliate to such outcomes by placing larger bets to try and recoup losses. More often than not, all this ever leads to is even greater losses.
- Research– sports betting is a little bit different from playing casino games in that punters can predict reasonable future outcomes by doing research. Although all results are random, knowing the form of the teams involved in a game allows punters to predict a more likely reality.
- Use Betting Tips– there are a lot of good tipsters out there that give free betting tips on popular sports all the time. Many of them are even free. We recommend that you have a look at some of these sites before placing a wager as it may help you place a better bet.
Betting Guide FAQs
How do sports bets work?
Sports betting is a wager you place on a sports event your winnings are paid out based on the outcome of the game.
What do sharp bettors look for?
Sharp bettors look for a winning strategy to use whenever they place bets. They wager at registered sites and are always take advantage of current news and trends based on the sports they bet on.
Can you make a living gambling on sports?
Yes. Many bettors use tips and record their betting outcomes and analyse the sport they are interested in. They place wise bets which are calculated based on research and use their money responsibly to ensure that they make profits.
Is online sports betting safe?
Online betting is secure when you use sports betting sites that are registered and regulated with national and state gambling authorities.
How much should I wager?
We recommend that you never place your entire bankroll on the line for a singular bet. Ultimately, we believe that it is best not to place more than 10% of your entire bankroll on a single bet and then this may even vary based on how much you have in your bankroll.
Which sports should I bet on?
You can bet on any sport you like really. Although some people believe some sports to be more profitable than others, it is important to pick a sport that you understand and know how to follow.
Is sports betting addictive?
As with any form of gambling, it is. If you already know that you have an addictive personality, we advise that you stay away from the hobby completely. Also, if you see that you may be developing a gambling problem with sports betting, you may need to distance yourself from the activity. Many sportsbooks do offer a self-exclusion option.