The United States as well as the rest of the World revolves around the sun. However, for many sports fans around the World their lives revolve around sports including sports betting. Now for others, sports betting and sports are just an event and an opportunity to lose you money. That said, not everyone including the casual sports fan honestly knows the entire scope of the sports betting industry and what sports betting is.
Yes, many if not most will respond with a response that states that sports betting is where you pick one team or person to win the specific event, they are taking part in. While they are partially correct, sports betting in general is a much larger industry that features a wide assortment of betting options for the sports fan, handicapper and professional sports bettor to take advantage of.
What is Sports Betting?
The quick answer as stated above is when an individual/group places a pick on a specific team, individual or even physical activity to occur. This individual/group will make this pick and place a wager on that specific outcome. The wager amount can vary on the individual/group, the sports betting website, the bookie and/or the casino. If the pick is correct the individual will win the bet and win a specific amount of money based on the type of bet was placed, the odds and or line that is being bet on.
That said, that amount will vary based on who the bet was placed with and the specific odds/line that was set prior to the contest beginning. For example, a bet with a friend where one individual pick one team to win and the other individual receiving the other team may be a straight up bet of one specific amount. That said, these bets will not be the same when placing sports bets through an online sports betting website, through a bookie or either an online casino/actual casino.
That said here is a deeper look at the various types of bets you may place and the various payouts:
Money Line Bet
Here is one of the most popular sport bets available in the world or sports betting. A money line bet is where you simply make a pick of the outcome of an event or game. Prior to making this pick, you will see the odds for the specific event or game with one team/individual being listed as the favorite and one team/individual as the underdog. This is displayed with a set of numbers next to each team. A team/individual with a negative number is the favorite for that specific contest. A team/individual with a positive number is the underdog for the specific contest.
For example, the Houston Astros (-110) versus the Los Angeles Angels (+120). If you elect to take the Astros, you would have to bet $110 to win $100. Meanwhile if you placed a $100 bet on the Angels, you would win $120. Money line bets are common in a wide range of sports including all professional sports leagues: NBA, NFL, NCAA Basketball, NCAA Football, MLB, Professional Soccer and the NHL. In addition, money lines are available on individual sports such as boxing and MMA fighting events.
Point Spread Bet
A second popular sport bet is a wager placed against the point spread of the outcome. While very similar based on having one favorite and one underdog for the matchup, the point spread bet is a different type of bet. Prior to making this bet, the matchup/contest will have a preset point spread which could vary from day to day based on the number of bets coming in on a specific team as well as any events including injuries that may have occurred prior to the event taking place. When looking at this matchup on paper, the favorite will have a negative number next to them and sometimes the underdog will have a positive number.
For example, the New England Patriots (-6) versus the Tampa Bay Buccaneers (+6). If you elect to take the Patriots in this matchup you will need the Patriots to win by 7 points. Meanwhile if you placed your pick on the Buccaneers the team could lose by 5 points and you would still win. If they lose by 6 points the outcome would be a push and you would not lose your wager.
Additional sports bets include Parlay Bets, Futures Bets, Bets against the Odds, Teaser Bets, Over/Under bets as well as Prop Bets. Look for us to touch base on each of these as well as a deeper look into the +/- associated with sports betting.
Now those are the types of bets you might wager on, in additional to knowing the type of bets you will place a wager on, sports betting has a few additional requirements for you to be successful. In order to place a knowledgably sports bet you must have a tablet/laptop/smart phone, you must take time to do research, leave your feelings out of your wager and bet smart in terms of your bank roll.
While Sports Betting Explained is very common to understand, sports betting in general can be very difficult. That is why we are here to help you along the way with a wide range of sports betting articles, how to’s and other posts to help you. Stay tuned for additional sports betting posts.