Sports betting is somehow one of everyone’s early interactions with the world of predictions. People have long thirsted to play with the power of probability to play God. I suppose that placing bets on athletic events or athletes is double the joy of this power because we are directly engaging with like-minded people who see the future as we predict it or we can leverage money from our opponents!

After a history of human betting, we now have more manageable systems for the basics of sports betting and easier ways to make more money. This guide will analyze the different types of bets, decoding odds, setting a smart budget and mastering strategic betting tactics. By the time you're done, you should tell us if sports betting is more manageable now.

What do we mean by Sports Betting?

“Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises referred to as "bookies,” according to Wikipedia. 

A Brief History and Legality of Sports Betting

Sports betting is married to Gladiators, fights, predictions, stories, thrills, and success. Back in ancient times, people bet on terrifyingly violent races, and honestly, the Olympics were like a banking system for Greeks and Romans. 

The 20th century made a market for everything, and sports like horse racing and football started to attract an enormous betting appeal.

Today, it is a highly regulated industry with varying legal statuses worldwide. While some countries have fully legalized sports betting, others impose strict regulations or outright bans. 

However, since the Covid-19 lockdown, it has become a discussion on many governments' tables about allowing it. Popularity and online platforms are changing universal laws.

The Supreme Court’s 2018 ruling in the United States allowed individual states to legalize and regulate sports betting, leading to its rapid expansion. Now, many states are becoming part of the legalised sports betting states.

Decoding Sports Betting Odds

No one sounds smarter than a pro-suited individual decoding the betting odds in a sports event. Understanding how to read and interpret different types of odds is essential for making informed wagers. So let’s decode them together:

Fractional Odds (e.g., 7/1): The Brits use these odds to indicate that for every $1 wagered, you win $7 plus your original stake.

Decimal Odds (e.g., 6.00): Popular in Europe, these show the total payout per $1 bet. A $10 bet at 6.00 returns $60.

Moneyline Odds (e.g., +500, -200): American moneyline odds, based on the negative or positive sign, show either the amount you need to bet to win $100 or the amount you would win for every $100 wagered.

Calculate Implied Probability

Implied probability is not a math lesson, or is it? It actually is a simple way to learn about luck! It calculates the likelihood of a particular outcome based on the odds provided by the sportsbook. Let’s see together:

Let's break it down step-by-step:

1. Fractional Odds

This is the standard format in the UK (e.g., 5/1, 10/3).

Formula: Probability = (Denominator / (Denominator + Numerator)) × 100

Example: 5/1 odds (5 is the numerator, 1 is the denominator).

Probability = (1 / (1 + 5)) × 100 = 16.67%

 So, with 5/1 odds, the implied probability is 16.67%.

2. Decimal Odds

Decimal odds are used in Europe, Canada, and Australia (e.g., 2.00, 3.50).

Formula: Probability = (1 / Decimal Odds) × 100

Example: 3.00 odds.

Probability = (1 / 3.00) × 100 = 33.33%

 With 3.00 decimal odds, the implied probability is 33.33%.

3. Moneyline Odds

Moneyline odds are mostly used in the US (e.g., +150, -200). Also, many online sportsbooks follow the US method.

For Positive Odds (e.g., +150):

Formula: Probability = (100 / (Moneyline + 100)) × 100

Example: +150 odds.

Probability = (100 / (150 + 100)) × 100 = 40%

 So, with +150 odds, the implied probability is 40%.

For Negative Odds (e.g., -200):

Formula: Probability = (-Moneyline / (-Moneyline + 100)) × 100

Example: -200 odds.

Probability = (200 / (200 + 100)) × 100 = 66.67%

 With -200 odds, the implied probability is 66.67%.

In simple terms:

• Fractional odds tell you how much you win relative to how much you bet.
• Decimal odds show you how much you get back for each dollar wagered.
• Moneyline odds show you how much you need to bet or how much you can win, depending on the sign (+ or -).

These formulas just help you figure out the probability or chance of something happening based on the odds given. To say the weird thing, the higher the odds, the lower the probability (and vice versa).

Key Sports Betting Terms

Here are the most required key Sports Betting terms in alphabetical order:

Buying 'The Hook: When customers buy half a point, aka the hook, to adjust a point spread or total, often to cross a key number. For example, changing a spread of -3.5 to -3.

Buying Points: It involves adjusting the point spread in your favor by purchasing additional points, usually in exchange for worse odds or a smaller payout. This strategy increases the chances of your bet winning by making the spread more favorable, but it often comes at a cost.

Favorite: Everyone’s first choice as a winner!

Futures Betting: Placing a wager on an outcome that will be decided in the future, typically throughout a season or longer. Futures bets can be placed before or during the season, but generally, the earlier you place them, the higher the odds and potential payout. They are also riskier as the outcome is often far ahead. Examples of futures bets are:

1. Division winners
2. Championship titles
3. MVP (Most Valuable Player) awards
4. Team win totals
5. Player achievements (e.g., total goals, home runs, etc.)

Hedging A Bet: A strategy when making a second bet to ensure you win a little or lose less.

Key Numbers: Common point margins significantly impact betting outcomes in certain sports, such as 3, 7, and 10 in football or 3, 7, and 9 in basketball. 

Money Line: A bet on which team will win the game outright, without any point spread.

Over/Under: Also called totals betting, this bet involves predicting whether a game's total points (or another unit like runs or goals) will be above or below a number set by the sportsbook.

Parlay: A bet that combines several bets into one, and all of them have to win for you to get paid.

Point Spread: A point spread is a margin set by sportsbooks to equal both teams' chances of winning a bet. The favorite must win by more than the spread, and the underdog can win or lose by less.

Prop Bet: A prop bet is a wager on a specific event within a game, like a player's performance or something unusual happening, rather than the final score.

Pushing A Wager: This occurs when the result of a bet is a tie, meaning the bet is neither a win nor a loss, and the bettor’s stake is returned.

Same Game Parlay: A type of bet where customers combine multiple outcomes within a single game into one wager, such as predicting the winner, total points scored, and player performances.

Teaser: This lets you move the point spread to make winning easier, but you get a smaller payout.

Two-Way Lines: Used in sports with two possible outcomes, such as football or basketball, where one team is favored, and the other is the underdog, indicated by positive or negative moneyline odds.

Three-Way Lines: Used in sports like soccer and hockey, where there are three possible outcomes: a win for either team or a tie.

Underdog: The team or player not expected to win a specific game or event.

Vig/Juice: The commission or fee charged by the sportsbook for placing a bet. The standard vig for spread and totals betting is -110 on both sides.

Wager: A bet placed on a particular outcome or event.

Placing Your First Bet: A Step-by-Step Guide

1. Pick a Well-known Sportsbook

Select a licensed and trustworthy sportsbook. Look for platforms with competitive odds, user-friendly interfaces, and secure payment options. For recommendations, visit Zopodabet.

2. Create an Account and Deposit Funds

Register with the sportsbook, providing the necessary details. Deposit funds using available methods like credit cards, e-wallets, or cryptocurrencies.

3. Learning Betting Markets

Explore as many betting markets as possible, such as match winners, total goals/points, or player-specific wagers. Pick the market that aligns with your knowledge and strategy.

4. Analyze Odds and Make Your Selection

Compare and analyze odds across different sportsbooks for the best value. Consider historical data, injuries, and team performance before placing a bet. Don’t just take any chances!

5. Confirm and Place Your Bet

Double-check your picks, confirm the wager, and place your bet. Track the event’s progress and potential payout.

Advanced Betting Strategies

Advanced betting strategies can be applied once you feel confident enough to use them:

Arbitrage Betting: Betting on different outcomes at different sportsbooks to guarantee a profit.

Hedging Bets: Placing extra bets to reduce losses or ensure a win.

Bankroll Management: Managing your betting money wisely to avoid risky or emotional bets.

Live Betting Strategies: Making bets while the game is happening, based on live odds and performance.

Handicapping: Using stats and research to make better bets.

Kelly Criterion: A way to determine how much to bet to grow your money over time.

Double Chance Bet: It isn't technically a strategy on its own; it's more of a betting option that can be used as part of a broader strategy. It’s a way to reduce risk, covering two potential outcomes instead of one, making it a safer choice for specific situations. 

Example of a Strategic Bet

Imagine a soccer/football match where Team A is a slight underdog against Team B. You analyze past performance, player injuries, and betting odds. Instead of betting outright, you use a double chance bet to increase your winning probability. These strategic decisions help you make smarter bets rather than relying solely on your chances. Remember that chance can get funny!

Responsible Sports Betting

Sports betting can be a whole lot of fun, entertaining, and potentially profitable. For that very reason, responsible gambling is essential. Here are some key tips:

Set a Budget: Determine how much you can afford to lose and stick to it.

Avoid Chasing Losses: Losing streaks happen—bet wisely and don’t let emotions drive decisions.

Stay Informed: Research teams, players, and historical performance before placing bets.

Take Advantage of Self-Exclusion Options: Many sportsbooks offer options to limit deposits or temporarily restrict betting if requested.

Know When to Walk Away: Always keep your pride. If betting stops being fun or affects your finances, take a break.

Finally,

Sports betting has long been a way of intertwining fun and power. Although betting on your favorite sports is exciting, success requires knowledge and discipline. By learning odds, betting strategies, and responsible gaming principles, you can improve your betting experience while minimizing risks.

For more expert sports betting insights, visit Zopodabet.

FAQ - Beginner's Guide to Sports Betting

How do I get started with sports betting?

Pick a trusted sportsbook, create an account, and deposit funds. After, you should search for the available betting markets and pick a go for a bet that suits your pocket, your experience, and your information. 

What do different betting odds mean?

Betting odds are straightforward and show how much you can win. If you see something like 7/1, it means for every $1 you bet, you can win $7. If you see 6.00, it means for every $1 you bet, you'll get back $6, including your $1. Odds help you know how much you can win.

How can I calculate my chances of winning a bet?

The odds tell you how likely something is to happen. For example, if the odds are 5/1, there's a slight chance (16.67%) that the event will happen. The bigger the number in the odds, the less likely it is to happen.

How do I bet responsibly and avoid losing control?

Set a budget for how much you’re willing to lose, avoid chasing losses, and take breaks when needed. Make sure to only bet with money you can afford to lose, and take advantage of self-exclusion options if offered by sportsbooks.