Millions of sports fans watch their favorite games not just for the sport, but also to place bets. This wagering has exploded since the Supreme Court lifted a long-standing ban on states’ legalization of sports gambling in 2018. Here’s what you need to know about betting on sports, and how to do it smartly.
Many people who bet on sports began as die-hard fans, with allegiances to one team or another. Those allegiances can often influence their bet decisions, and lead them to make unsound choices. This is why it’s important for sports bettors to avoid placing bets on teams they care about, and instead make bets based on objective research and analysis.
The biggest challenge for new sports bettors is learning the difference between risk and reward. The higher-risk bets, like multi-leg “parlays,” generally offer the highest potential rewards, but they can also lose money quickly. For this reason, it’s best to focus on low-risk bets, such as single-team point spreads. A successful professional sports bettor will keep near-obsessive records of their bets, and review those records at least once a week to identify errors or misunderstandings in their thinking.
Prop bets are bets on specific aspects of a game or event, usually related to an individual player or piece of information not included in the box score. For example, the odds to win the 2022 men’s World Cup were Brazil +350, France +500, England and Argentina both +550, and Germany and Austria both +600. The lower the number, the more likely a team or individual is to win.
These types of bets are usually limited to a small amount to prevent insiders from cashing in on them. However, they can still be profitable if the player or team performs better than expected.
In addition to bets on teams and players, sportsbooks also offer a variety of other types of wagers. These include staking on the total points, goals or runs scored in a game. A bet on the over is a winner, while a bet on the under is a loss.
The most common type of bet in sports betting is a straight bet, which is a wager on the outcome of a particular event or game. The most common example is a NFL game, where bettors can place a bet on which team will win a particular game. The odds are reflected by the negative and positive signs next to the bet options. A positive sign indicates a favorite, while a negative sign means the underdog is favored to win.
