So you want to get into sportsbetting but you’re not sure where or how to go about doing it? This guide will give you all of the information that you need to get started. The sportsbetting industry continues to grow as the legalization spreads across the country and that is why more and more people like you are looking for more information about it every single day. We will start by looking at the sportsbook options (where to bet) and then we will get into more detail about how to bet on each sport. Let’s get started and get you one step closer to winning money by betting on sports!
Where to bet?
As of the day that this article was written, March 9, 2019 sportsbetting is legal in Nevada, Delaware, New Jersey, Mississippi, West Virginia, Pennsylvania, and Rhode Island with bills in place to legalize it in many more states. If you live in a state where it’s not legal, you still have options as there are many online sportsbooks that operate via “offshore” accounts so technically it’s legal, there. If you live in a state with legal sportsbetting, just google “sportsbook in ______” to find the closest sportsbook to go get your bets in. If you are stuck in a state without a sportsbook, here are some online options you have to get started.
Nitrogen Sports (all bitcoin)
ACES Sportsbook (@ACESBets)
Each site has different deposit requirements/rules and different minimum and maximum deposits. You will need a credit card, bitcoin wallet, paypal, or venmo account to deposit to these sites depending on which deposit method and site you choose. One thing that may come up when depositing to an online sportsbook is that your bank may block the transaction. No need to worry, you just need to call your bank and let them know that you are attempting an international transaction and you want them to allow international transactions for 24 hours so you can complete your deposit. I probably wouldn’t tell them specifically what it’s for, they shouldn’t need more details than the fact that you are approving an international transaction. These sites offer sign up bonuses so make sure you take advantage of whatever the current bonus is that’s being offered when you sign up. You also need to make sure that you read through the terms and conditions when you sign up so that you are aware of the specific rules for whichever online sportsbook you decide to use.
Now that you know where you can place your bets, let’s get into more detail about how to bet on games and the different options you have to bet on each sport.
Moneyline: A moneyline bet is when you bet on a team to win the game outright, no point spreads. The odds will vary depending on these bets depending on the matchup. We will keep the examples simple but once you get the hang of it you can DM @kofsports on twitter or instagram for a more in depth moneyline betting strategy. So there are two teams in a matchup and you are betting on one of them to win the game. If a moneyline has a - in front of it, then that means you have to risk more to win less, if a moneyline has a + in front of it then you risk less to win more. The + moneylines sound better but that’s because the underdogs or teams less likely to win the game have the + moneylines. However, there have been plenty of + moneylines that win in sports. Here are a few examples of how different moneylines work, and in this example we will use $100 as the amount we want to “win.”
Moneyline with - in front odds
-100 = even money
-200 = risk 2 to win 1
-300 = risk 3 to win 1
-400 = risk 4 to win 1
-500 = risk 5 to win 1
Moneyline with + in front odds
+100 = even money
+200 = risk 1 to win 2
+300 = risk 1 to win 3
+400 = risk 1 to win 4
+500 = risk 1 to win 5
Now let’s take a look at some examples of how the matchup would look on your sportsbook site or betting slip:
Blue Jays (+180) @ Red Sox (-200):
If you bet the Red Sox to win this game you would need to risk $200 to win $100.
If you bet on the Blue Jays to win this game, you would risk $100 to win $180.
Point Spread: A point spread bet is when you bet on a team to win by or come within a certain amount of points. This bet type is the most popular type of bet, especially for football and basketball. Baseball and hockey point spreads are typically -1.5 unless the matchup is a major mismatch. So when you are looking at point spread bets, if it has a - in front of the number, that means that team needs to win by that many points to “cover the spread” and if it has a + in front of the number that means that team needs to come within that many points to “cover the spread.” Let’s take a look at some examples so you get a better understanding.
Point spread with a - in front:
Patriots (-7.5) - This means the Patriots would need to win by 8 or more points for you to win your bet.
Lakers (-2.5) - This means the Lakers would need to win by 3 or more points for you to win your bet.
Point spread with a + in front:
Jets (+14.5) - This means the Jets would need to come within 14 points for you to win your bet.
Knicks (+9.5) - This means the Knicks would need to come within 9 points for you to win your bet.
Over/Under bets: Over/Under bets are when you bet on how many total points will be scored between both teams combined. This is another popular bet type so let’s take a look at some examples.
Patriots / Bills Over/Under (47.5) - If you bet Over in this matchup, the total scored for both teams combined would need to be 48 or more points for you to win your bet. If you bet Under in this matchup, the total score for both teams combined would need to be 47 or less.
Parlay bet: This type of bet is quite popular because you can risk a little to win A LOT. The problem with a parlay bet is that you need all of your selections to win in order to win your bet. You can combine moneyline bets, point spread bets, and over under bets in parlays and most books allow you to parlay up to 10-15 teams. Let’s take a look at a parlay bet example:
Patriots (-7.5) point spread
Steelers / Ravens Under (48.5) over/under
Warriors (-340) moneyline
Flyers (-120) moneyline
This parlay would be a combination of the Patriots to win by 8 or more points, the Steelers and Ravens to score less than 49 points, the Warriors to win straight up, and the Flyers to win straight up. Parlay odds vary depending on the site you use but if you risked $10 on this parlay, it would pay around $75 profit so you would get $85 back (the $10 you bet and the $75 profit). Parlays can be a lot of fun because there is so much potential to win a lot of money but the chances of winning 10 team parlays are slim.
The three most popular bet types are what we covered above - moneyline bets, point spread bets, and over under bets. I would suggest you stick to these three bet types until you become more familiar with sportsbetting and hold off on trying out parlay bets until you are more comfortable. There are more advanced bet types and if you are interested in learning more about those, you can email me directly at email@example.com or follow me on twitter/instagram @kofsports. If you enjoyed this article, please SHARE it!