If you are curious about betting on sports, first stop and ask yourself this- how does sports betting work? If you don’t have an answer, you should read this article and learn about the basics.
Wagering is among the oldest practices. No one knows for sure about the time when the first bet was made at a sporting event. But it’s believed that it was sometime soon after the invention of sports.
The theory behind how betting works is really quite simple. Multiple parties make a bet on the possible outcome of an event. Whoever can predict it most accurately- wins.
Something valuable is wagered, generally money. And then, betting odds are involved. The party who predicts the winning team right wins. While the other party who loses, pays up. Read some sport betting tips and predictions before you start betting.
In sports betting- multiple people can place wagers on the outcome of a match or tournament, or about the performance of select players. If the party they bet on win the game or performs satisfactorily- it is a win.
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Table Of Contents
What is sports betting?- Sports betting explained for Online Malaysia & Singapore Casino
Online Sports Betting is the most common form of gambling today. You place a bet on a match or a player and win some money if they win or perform as you predicted.
If the player you bet on doesn’t win, you lose the money you bet. One can put several bets and find many games to place a bet. Also, there are multiple ways to make bets.
Placing bets on sports is how a lot of people make money. Many spectators just enjoy watching a contest more if they can’t afford to bet or don’t want to take that risk. Only some people can make a huge amount of money from betting in the long run among the millions to bet on events every year.
It is also true that the majority of the amount is made in illegal ways. However, we always recommend you to go for legal sports betting.
Understanding sports betting– Types of Bets in Online Malaysia & Singapore Casino
To understand how does sport betting work, you must be open to multiple scenarios. A number of betting scenarios are available today as the sports booking world is getting competitive with every new game. To know which bet serves what purpose and where you can win the most, you must know the types of bets. From straight to point spread bets, you can make money through a lot of ways.
The probability and betting lines will always vary, but if you understand the archetypes, you will be prepared for the possible outcome, no matter the type of bet.
Let’s get started with the popular bet types-
- Straight bets or Money line definition
Straight bets or money line, both mean the same. When it’s about a straight bet, the bet is placed on the team to win the game, just like it’s done in the money line. American odds are associated with money lines and are expressed as -/+ 100. Sometimes it can also be represented in the form of 3 digit numbers.
Consider an example with an available market pooled from a sportsbook-
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- Washington Wizards (+285)
- Philadelphia 76ers (-360)
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The (+) sign indicates your underdog, and the (-) tells you who the favorite is. How it works is, you need to bet $360 on the 76ers to win $100 as their chances of success are very high.
Also, you get to win $285 on a $100 bet on the Wizards as they stand very slim chances of winning the game.
Straights and Moneylines are the most common types of bets. As a beginner, you should bet on the money line to first get experience at a beginner level.
- Point Spreads- understanding spread betting beginners
Skilled teams are the ones who always cover the spread. Spread is nothing, but the amount added or detracted from the result. It defines the outcome of the wager but doesn’t reflect which players win the game. Let’s look at the example directly pulled from the sportsbook-
- Washington Wizards +8 (-110)
- Philadelphia 76ers -8 (-110)
You require betting $110 on either team. With 76ers, you are betting for them to win by a difference greater than 8. Although, if the Wizards lose by a few points, probably less than 8, they are winning you the bet.
- Futures
To know how does sports betting work, you must know about futures. Outright winners or futures are the kinds of bets placed very early in a competition. For example, you can bet on the Super Bowl winner at the beginning of the NFL season. The same goes for the PGA Tour, March Madness, or any other event.
All sports books will offer a list of viable and eligible candidates. Also, you might notice that the odds change slightly from one operator to another. This is where you should explore the odds and markets.
Some operators offer slightly better odds for an event. Consider that you wish to bet on the Kansas City Chiefs winning the Super Bowl this year rather than betting on the first sportsbook you see. You might also check all betting lines offered on futures.
You will get the earned money at the end of the event. To receive the profit margin and money, your team must win the game.
- Totals or Under/Over- how does over under work
Totals or under/over bets are interesting, as you don’t need to bet on a team to win outright. Instead, try that the entire points scored during a game exceed or come short of a particular pre-determined number.
The sportsbook has that number along with the odds that go with it. This decides whether this wager is worth placing or not.
- Parlays- an important sports betting terminology
How does sports betting work with parlays? Parlays are another important bet type you would like to try. You can make selections containing a few games or can bet on multiple sporting events. The risks are going to be higher, but so will the rewards. Parlays are also called “accumulators,” especially outside the US. They’re a fun sort of bet which will boost your winnings extensively but, only if you place the correct selections and every single game seems a hit.
This is clearly a more advanced type of betting. Remember that total payout is far better, and to get that, you need an understanding of the industry and sports betting.
- Props, Teasers, and Pleasers
Proposition or props bets are an exotic wager. You place them on some unique condition defined by each operator separately. You need to bet on the points a player can score by mid-game or the yards an NFL quarterback is going to get. The possibilities for props are virtually endless, so keep your eyes sharp for these.
A teaser is an interesting bet and definitely made for advanced sports bettors only. A teaser is sort of parlay, and it allows you to pick multiple games. However, you can make it easier by altering the over/under (totals) and point spreads of the bet between 4 and 10 points. Although it will also alter the time, potential payout, and odds.
Last, we have pleasers. In this, the sports book has a rather better chance of winning while you get far better odds. And, with this, you also get a better potential payout. Pleasers are very advanced bets which should not be tried by a beginner.
With this said, it’s essential to keep in mind that there are more bets out there. Some are sports-specific or wager types that might prove interesting. Our advice is to start with the ones listed here, like Moneyline, and then try the rest.
How do sports betting odds work, what are the types?
Now, you might see several sportsbooks offering a drop-down menu containing a list of different types of odds. These odds are usually three main ones, fractional, decimal, and American odds. All three show you an equivalent probability of the outcome going but they are put forward differently.
To understand how does sports betting work, you must know these. Let’s consider the example of a game between the Memphis Grizzlies and the Utah Jazz.
- American Odds
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- Memphis Grizzlies +340
- Utah Jazz -435
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American odds state the amount you must bet to win $100. The baseline team will win $100. However, there is no restriction to bet exactly as the displayed amount because the formula is flexible.
Also, the Utah Jazz has a better probability of succeeding. You must risk $435 to turn a $100 profit on this bet.
Now, you might think of it as a hassle to figure it all out. But don’t worry, as sportsbooks do all the calculations for you. Depending on the bet, they give you a possible and calculated estimate of how much you stand to win.
- Decimal Odds
- Memphis Grizzlies (4.40)
- Utah Jazz (1.23)
Decimal odds are easier to calculate if you are not familiar with Moneyline. For every $1 you bet, you get a chance to win back $1.23 with Utah Jazz. While with the Memphis Grizzlies, you get to win $4.40. Remember, the number displays the total payout, not the profit.
- Fractional Odds
- Memphis Grizzlies 17/5
- Utah Jazz 2/9
Expressed as fractions, these odds are easy to understand. The left side indicates the amount you stand to gain after winning the bet. You need to bet the amount displayed on the right side. For every $9 you bet on the Utah Jazz, you might win $2. For every bet of $5 on the Memphis Grizzlies, you can win $17.
These amounts may look different for different types of odds. These types are also necessary to learn to know how does sports betting work. But the probability remains precisely the same.
Plus and Minus units in gambling
The plus and minus can mean two different things in betting. They are used in American-style odds to show the amount a $100 wager will pay out if it wins. It is displayed in the plus sign. The minus sign indicates how much must be staked to win $100. Plus and minus are also used in point spreads.
Point spreads are the most common wagers in United states sports betting. Plus and minus symbols are used to display the lines of such wagers.
Most contests are listed with an underdog or favorite. The favorite wins give runs or points, and the underdog receives the same.
For example.
Miami vs. Dallas
(Point spread)
- Dallas (-3)-110
- Miami (+3)-110
In this game, Miami is playing with Dallas. Here, Miami is the underdog, and Dallas is the favorite. The home team is listed second.
-3 shows that, if you bet on Dallas, you give 3 points. If you want to win the bet, Dallas must win by 4 or more points.
On the other hand, if you bet on Miami, you get 3 points. That simply means you win if Miami loses or wins the game outright by 1 or 2 points. Also, you get to win if the game ends in a tie.
However, you won’t lose or win If Dallas wins by exactly 3 points.
The -110 for each team represents the odds. Meaning, you must wager $110 to win $100.
How betting lines work?
Next is- lines. Those are not whole numbers. Half parts are part of the minus or plus line wager. This makes the push or tie impossible.
For example.
Philadelphia VS. New York
(Point spread)
New York (-4.5)-110
Philadelphia (+4.5)-110
If you bet on Philadelphia, You can win once they lose or win the game outright by 4 lesser points. But in case you bet on New York, they must win by at least 5 points to give you the win.
Plus and minus in Money lines
Here you can only bet on someone you think is going to win. It is listed with – and + numbers, which signify the odds (odds work) or how much you need to bet or win. Underdogs are positive, and favorites are listed as – number.
You must bet this much for a favorite with a negative number on the money line to win 100.
For example,
- Baltimore (-200)
This means you must risk 200 to stand a chance to win 100.
- San Diego (+180)
Here you can win 180 if San Diego wins, only if you bet a hundred.
You will see a money line in the evenly matched contest with both teams at -110 or -105. Meaning, you can bet on any team and win a hundred by betting 105 or 110.
However, you don’t need to bet a hundred on the total amount on the minus or plus lines. Any amount between the minimum and maximum benchmark accepted by the sports book can work. The numbers can be adjusted according to your wager.
Conclusion
This guide was just an overview of how does sports betting work and the basics you should know before you start betting. Even if you never placed a bet in your life now, you can understand many terminologies clear enough to get started.
Ensure that you understand the working of a sports book and also how you can make bets without vig. Everything covered here is on a basic level; you might need to read more blogs on ASAA88 Online Malaysia & Singapore Casino to clear the concept of sports betting.
FAQ
How do odds work in sports betting?
To know how does sports betting work, you should be familiar with the odds. The odds are usually listed with a ‘-‘ sign for a favorite team to win the game. It shows how much a better would need to bet to win $100.
The odds are denoted by a ‘+’ sign for the underdogs. This shows the amount a better would win if they stake $100.
For a positive money line, the odds are the amount you would win if you bet $100 and turns out to be correct. For instance, consider a money line of +200. This means that you get to make a profit of $200 if you bet $100 and win.
Also, it is equal to decimal odds of 1.5 and fractional odds of 1/2.
Where to place bets?
The primary spot where you can place is the land-based sports book or the online Singapore betting sites. The secondary option is to use a bookie or with the help of experienced people. While you can opt for land-based sports books at many spots of the world, try not to, as sports betting is illegal in many areas. The risk is the same with the online bookies, but at least no one can spot you betting in the crowd with online sites.
How do sportsbooks make money?
How does sports betting work for sportsbook and bookmakers? Vig is the primary way for a sports book to profit. This is the fee that everyone pays while placing a bet. It is built in the money lines and represented by the difference in lines. Consider that your favorite is listed at – 200 and the underdog at plus 180; the difference between the two is the exact profit the sportsbook will earn from your bet.
