Sports betting may seem like a rather intimidating hobby for those who have 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. As there are so many Australians interested in getting involved in betting, we’ve decided to give them a head start.
With our beginner’s sports betting guide, 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 needing 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. Basically, sportsbooks will display odds on a sports match like this:
This format is most commonly used by British and Irish sports betting sites. Odds on a sports match will be displayed like this:
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:
Online Betting Tips Guide
Below are some general betting 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 of 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 that 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 are able to 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.
Sports Betting Basics FAQs
Is online sports betting safe?
As long as Australians make use of sports betting sites that are registered and regulated with national and state gambling authorities, they should have a fun and safe time betting online. If you’re looking for the best sportsbooks, just scroll upwards.
Can I make money with sports betting?
Yes, you can! As previously mentioned, sports betting is a little different from other forms of gambling in that researching games you would like to bet on can have a significant impact on your success rate.
While you should always remember that sports results are random, research can and will help you place better bets.
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?
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.