Sports Betting 101: A Beginner’s Guide & Tips to Betting Online
Anyone can master the art of wagering for profit while having fun with the right information. That’s why most successful sports betting enthusiasts pursue the right data and statistics about a game before they can conclude where to place their wager. This beginner's guide to sports betting will help you understand how you can take your skills to the next level while making the experience profitable and memorable.
Understanding Favorites vs. Underdogs
When the bookmakers release a betting line on any game, they decide the team that should be the underdog and the favorite. The underdog is the team that's most likely to lose the game to the favorite. However, that’s not a clear indication of the game’s final results, as the underdog can also win the match.
How to Read the Betting Lines
The bookies determine the betting odds, with the favorite having lower odds than the underdog. However, there are different betting markets you can choose from depending on the games you choose. These markets include:
– Three-way bet (1X2)
You can wager on whether the home team will win or lose to the visitors in this market. You can also wager in a draw, which is usually marked with (X). On the other hand, 1 represents the home team, while 2 represents the away team.
– Double Chance
This popular betting market works similarly to the three-way market, but it allows you to cover at least two outcomes in the game. That means you can choose either the home or away team to win(12) in a single bet, but with slightly reduced odds.
Another popular betting option, this market involves adding the goals scored by both teams and predicting whether they’ll exceed a predetermined number. For instance, if you wager on Under 3.5 goals, you’ll win if the game’s total number of goals doesn’t exceed three, e.g., 2-1.
Smart Betting Tips for Beginners
Compare betting lines
Price and value are crucial elements in sports betting. Using different sportsbooks to compare the odds gives you an edge as a bettor as a single point variance might be the difference between losing and winning the bet. Keep in mind that your odds are locked the moment you place your wager on an outcome.
Understanding your risk tolerance and the type of bettor you are is crucial to your sports betting success. Ask yourself whether you're happy with small wins or prefer to take more risk for bigger rewards. Many beginners are comfortable wagering small amounts in single bets to preserve the bankroll, while others prefer risking with parlay bets searching for better rewards.
Either way, you should not wager more than 5% of your bankroll in a single bet.
Know when to stop
Learning when to quit is a crucial factor in managing your money. As such, punters can set a limit and stop wagering when their losses have reached the set amount. Chasing losses will only open doors for more trouble and, therefore, highly discouraged.
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