The sports betting industry is a global success story, and one that continues to grow, despite uncertain economic times. The sector received a significant boost in 2018, when areas of the United States began to legalize the practise, and major additional revenue poured in as a result.
Millions of people across the world have accounts with at least one sportsbook, but for those who have yet to get involved, it’s essential to have a firm grasp of the basics.
Global Growth
There are many reasons why sports betting is so popular. For those who believe they can analyse a game, there is the chance to test those skills against the sportsbooks.
Others like to enhance their enjoyment of a match by taking a small bet. Markets are available for all the big competitions. Football is the most popular sport among the betting community, and it’s easy to find English Premier League odds, alongside Spanish La Liga, German Bundesliga and many more.
This is a diverse industry, and that’s another reason why sports betting is so popular. Alongside those major leagues, there are markets for all major disciplines, together with some niche sports such as volleyball, water polo and others.
There’s an interesting platform waiting, and here’s how to get involved.
Choosing a Sportsbook
There are literally hundreds of online sportsbooks available, and each offers something a little different. Some will tempt in new customers with major promotions, including free bets or a matched sum on first deposits.
Others focus solely on competitive odds. The best bookmakers provide a mix of the two, and these are the ones for new bettors to aim for. It’s also good to register with an established name in the industry, as this helps build an element of trust.
Understanding Odds
Each potential sporting outcome has a set of odds listed next to it, and these odds tell us two things. Firstly, they underline the probability of an event occurring, and secondly, they show the amount of money we can expect to receive if the bet wins.
As an example using decimal odds, we’ll say that one tennis player has odds of 1.5 available to win their game, while their opponent is quoted at 3.0. The player with the shorter odds of 1.5 is the favourite, and most likely to win, according to the sportsbook.
A figure of 1.5 also tells us that we would receive £15 for a successful bet of £10. (10 x 1.5 = 15).
Some sportsbooks use two other odds systems, American and fractional, and it’s possible to work out similar returns using the same formula.
Bet Types
The most popular bet is the outright stake on a team or individual to win a match. If you’re new to betting, it makes sense to start with the match result bet, as this is the easiest to understand. As you become more experienced, there are many other options to consider.
A futures stake is a bet on the winner of an outright tournament. It could be on the winners of football’s European Championships, the US Masters Golf, Wimbledon Lawn Tennis Championships or any event which will end with an outright victory.
Totals bets are also popular and these cover many sports. Markets will be available for total goals in a football match, total points in an NFL game or total runs in a cricket match.
Prop markets, also known as side bets in some parts of the world, cover many different options, and these will vary between sports. Typical examples include the first goal scorer in football, or the last team to score in a rugby game.
Keeping it Live
One of the newest innovations in the sports betting industry involves live markets. Also known as in-play betting, this allows bettors to stake on an event after it has started. Live markets are popular for different reasons. In some cases, it’s possible to find longer odds than those which are available pre-match. In-play betting also tests your skills as a sports analyst, as you look to judge how a game is developing after it has kicked off.
Completing the Package
It’s important to decide on which sports you wish to bet on. In most cases, bettors will focus on events where they have some specialist knowledge, and that’s one of the reasons why football is such a big draw.
It’s also acceptable to follow tipsters, but it’s a good idea to check their records first. Those with a proven run of solid results are worth checking moving forward.
With that knowledge and insight to hand, betting responsibly on a range of sports can be an enjoyable experience. As long as you are familiar with the basics, it can be a fun pastime that should enhance your enjoyment of your favorite games.
Sebastian is an accomplished author with a passion for storytelling. His works span various genres, from thrilling mysteries to heartfelt romance novels. With a keen eye for detail and a knack for character development, Sebastian weaves engaging narratives that captivate readers and transport them to new worlds.