The sports betting industry has grown significantly since the United States began opening up to online gambling in 2018. Global revenue had been steady at that point, but the involvement of selected US states has given the sector a significant boost.
That increase in income means that more bettors have joined the community, but many others may seem reluctant to get on board. For newcomers, wagering on sporting events could seem daunting, so it pays to seek some essential tips.
Know Your Bets
The first element to understand is the betting lexicon. The industry uses some jargon, which will initially seem confusing. So, a sensible starting point is to consider all the different types of bets.
A Future is at stake in the outright tournament champion. For example, we could be betting on the winner of the Ryder Cup or the FIFA World Cup.
The Moneyline is a match result market. We would specify which two opponents will win a game in this case. On occasions, there is a third option for the tie.
Spreads: Known as a handicap in some countries, spreads will give one team a theoretical head start in the game. These bets cover most sports, so there will be NFL point spreads, MLB, NBA, soccer, and more.
Props: Short for proposition, props are related to any aspect of a game that won’t necessarily affect the result. A prop could cover the first touchdown scorer in the Super Bowl or the team that scores first in a soccer match.
Favorites and Outsiders
The next point for new bettors to cover is the market odds. Those odds tell us two things: They differentiate between the favorite and the underdog and show how much we will receive if our bet wins.
Study some markets, and see where the shorter odds point to the favorite. The outsider is less likely to win and has been priced accordingly. Some bettors wager on the favorite each time, but as any sports fan knows, there is always room for an upset.
Stick to Your Strengths
The average sportsbook may cover around thirty different sports. There will be some niche events, along with core events such as soccer, NFL, tennis, golf, and others. Cycling, volleyball, and eSports are often in the mix.
An essential piece of advice is to stick to what you know. The growing eSports scene may look interesting, but it’s best avoided if you have no personal interest in professional video gaming. Similarly, golf probably isn’t for you if you don’t know Scottie Scheffler from Scott Stallings.
It’s far better to bet on sports you know extensively. You may watch the NFL avidly week after week, and understand the strengths and weaknesses of every franchise team. While there will never be any guarantees of success, it’s logical to bet exclusively on your favorite sports.
Essential Research
Every bet requires an element of research before the stake is confirmed. If, for example, you are looking to bet on Inter Miami in an upcoming Major League Soccer game, there will be key points to consider.
What is Miami’s form coming into the match? What about recent head-to-head results against their opponents? It also pays to study news updates leading up to the game. If Lionel Messi were to suffer an injury, Inter would be much weaker.
Seeking Outside Tips
Look around online and printed sports media, and you will find a host of independent tipsters waiting to give you their verdict on the latest events. As a new or experienced bettor, following these pundits is OK, but you should monitor them for a few weeks first.
Note down their tips and see how many are successful. If they land regular winners, it may be fine to follow them. In contrast, if most of their bets are duds, move on.
Stay Within Your Limits
Those with experience in the sports betting industry will know there is a lot of talk about responsible gambling right now. It’s a complex topic, but there are some elementary points that all bettors should follow.
First and foremost, stick to your limits. Never bet more than you can afford to lose, and don’t chase any losses with unnecessary follow-up bets. Set deposit limits, plus wagering and loss caps. Choose a sportsbook that offers a range of responsible gambling tools.
It may not be very clear if you are new to sports betting, but the practice is straightforward. As you continue your staking journey, keep all this advice in mind, and you can stay in control while enjoying your hobby.
Founder of Key Gamble Lucky, Erniest Adkinseler is dedicated to providing in-depth gambling news, debunking common myths, exploring the dynamics between luck and skill-based games, analyzing the psychology of luck, and offering the latest legal updates in the gambling industry. With a deep passion for unraveling the complexities of gambling, Erniest strives to create a platform that educates and empowers players. Through insightful analysis and expert commentary, Erniest aims to equip readers with the knowledge and confidence they need to make informed decisions and navigate the world of gambling more responsibly.