How to Bet on Sports: A Step-By-Step Guide

Understanding The Role of Sportsbooks

The key in how to understand sports betting is know that legal sports betting sites are the only place where you can place legal sports wagers. These sites set odds, take bets from people on either side of the wager and deliver cash payouts to the winner's accounts. These sites are also the best place to bet on sports online because they are licensed and regulated. That gives bettors protections that aren't available at offshore sportsbooks that are not legal, licensed or regulated.

Understanding Bet Types

If you are wondering how to start sports betting, a great place to start is to understand how to place a bet at a sportsbook. The first step there is picking which type of wager you want to make. Below you will find some information about the ten most popular sports bet types at various online sportsbooks.

1. Moneyline – This is a wager on which team or player will win a game.
2. Point Spread – This is a bet on the margin of victory. You can pick either side of this wager.
3. Over/Under (Totals) – You are betting on how many total points will be scored in a game.
4. Parlay – This pairs two or more bets into a single bet that pays out only if all the bets win.
5. Same-Game Parlay – This is a parlay bet where all the wagers are on a single contest.
6. Prop Bets – You are wagering on the over/under of an individual or team achievement.
7. Teasers – A special parlay. You get improved bet variables in exchange for lower odds.
8. Futures – You are betting on the outcome of an event in the future.
9. Odds Boosts – A bonus that gives you an improved payout on a specific wager.
10. Live Bets – This is where you place bets after the beginning of a sporting event.

Factors to Consider

Once you have determined how to bet on sports game options you want, you then need to account for some other factors to consider when placing these bets. Here are three prime examples.

1. 🏈 Sport and Event: There are similarities in betting markets, but don't forget that every sport has wager elements that others don't have. NFL, NBA, NHL and MLB games all have point spreads, but these vary widely and require unique betting strategies.
2. ⚠️ Risk Tolerance: Every bet type has a different risk level. The higher that risk level, the greater your chance for downside. Determine what your risk tolerance is before making bets and stick to that plan when planning on how to bet on sports online and win.
3. 💰 Betting Budget: It's a longstanding rule of thumb when you figure out how to place sports bets - never bet more than you can afford to lose. If you don't follow this rule, you will never learn how to get good at sports betting.

1. When you want to know how to understand sports betting, the first thing you need to do is learn how to read sports betting odds.
2. The keys to these basics of sports betting is knowing the difference between a plus odds and minus odds bet.
3. A plus odds bet is an upside path in how to make money sports betting. It tells you how much you will win with a $100 bet. To clarify, an NFL odds $100 bet at +200 odds will give you a payout of $300 ($100 wager stake plus $200 in profits).
4. A minus odds bet is the percentage path to how to win sports betting. This tells you how much you need to wager to win $100. For example, a point spread at bet at -110 odds (a common odds level) indicates that you need to wager $110 to win $100.
5. Those rules tell you how to calculate sports betting odds. Now note that the higher the plus odds wager, the lower your percentage chance of winning that bet (e.g., +100 has a better chance than +200).
6. The reverse is true for minus odds bets. A wager at -300 odds is considered much more likely to win than a bet at -100 odds.
7. Add it up and the key in knowing how to earn money betting on sports is that you have to balance the percentage of plus and minus odds wagers in your favor.

How to Calculate Sports Betting Odds

1. You can convert betting odds into probability percentages by using a betting calculator.
2. Just type in the odds you want to convert into a probability percentage and hit calculate.
3. The calculator will then display the implied percentage chance of winning that bet.
4. For parlay bets, be sure to input the final odds rather than the odds of an individual bet.

1. When you want to know how to read a sports betting line, a good place to start is with the moneyline odds. Whichever team has the minus odds is the favorite.
2. If two teams have minus odds, the one with the lower odds is the favorite. If they both have the same odds, the game is considered a push.
3. Next up in this basics of sports betting is looking at the point spread. In all sports, the team with the minus point spread is the favorite. That could be the Giants -3 over the Cowboys, which means New York is a field goal favorite over Dallas. A bet on the Giants will require a New York victory by four or more points to win.
4. In the NFL and NBA the point spread favorite will almost always have minus odds. In MLB and NHL wagers, the favorite may have plus odds or minus odds. This is because the point totals in those sports is much lower than in the NBA and NHL, so the odds payout has to be adjusted.
5. The last step in how to place sports bets using a sports betting line is reviewing the total points. This will tell you whether or not a high scoring game is expected. This can be a key element if you want to know how to earn money betting on sports.

Here are some important sports betting tips for beginners.

1. Start small & stay disciplined: This is key in how to place a sports bet successfully, as it keeps your losses low.
2. Understand value vs odds: A high paying parlay may look like the best way to bet on sports online, but this wager type has a very low success rate. You have to balance value vs. odds.
3. Don't chase losses: You aren't going to win every bet. When you do lose one, keep it in perspective and don't let that loss change your overall betting strategy.
4. Avoid emotional betting: Anyone who knows how to win sports betting will tell you that emotion should never enter into your betting strategy.
5. Do your research (matchups, trends, injuries): Winging it is not how to bet on sports online successfully. You have to back your instincts up with research that clarifies your potential path to victory.
6. Choosing the right sportsbook: Savvy pros know that picking the right sportsbook is paramount in how to win at sports betting. Having various online sportsbooks at your fingertips will give you more odds options and wager types.

Common Mistakes to Avoid

Here are some common mistakes to avoid when you are looking into how to sports bet.

1. Betting without research: Gut instinct is typically no match for deep dive research.
2. Over-leveraging parlays: Don't add another leg to a parlay bet you like. That additional leg may increase the payout, but that payout won't occur if that additional leg results in a parlay loss.
3. Ignoring line movement: Anyone who knows how to bet on a sports game also knows that online sportsbooks don't move lines without good reason. Be sure to pay attention to these line movements and then figure out why they moved.
4. Misunderstanding odds: You will need to understand the odds and their respective payout levels if you want to know how to bet on sports and win.

1. To answer how to place a sports bet, you start by signing up for an account at the best place to bet on sports online. This can be your choice among the various online sportsbooks.
2. Once you have signed into your account, the next step in how to start sports betting is to pick a game that you want wager on.
3. You then pick the amount you want to be and add the wager to your betting slip.
4. That's the start of how to get into sports betting. If your wagers are winners, you can then stockpile your betting budget and start the process all over again.

If you are in a state where it is legal to place an online sports bet, you can pick from many leading operators to place your bets. First-time customers get a bonus when doing this, as there are many introductory offers available.

To help first-time bettors get started, we've highlighted some of these exclusive welcome offers at the leading sportsbooks.

1️⃣ BetMGM Sportsbook

The BetMGM Easy Parlay system is arguably the fastest and easiest way to build a parlay wager. The BetMGM bonus code delivers a first bet offer up to $1,500 to new customers in most states, though those in Colorado, Michigan, New Jersey, Pennsylvania and West Virginia will get a Bet $10, Get $150 in bonus bets if you win deal.

2️⃣ Caesars Sportsbook

Caesars Sportsbook is the industry leader in odds boosts by a wide margin. The Caesars Sportsbook promo code lets you potentially double your winnings with 10 100% profit boost tokens just for making a $1 wager.

3️⃣ Fanatics Sportsbook

The Fanatics Sportsbook apps do a great job of illustrating featured wager types. The Fanatics Sportsbook promo offers up new customers a bet-and-get deal in most states (ranging from $250 to $300 in bonus bets) as well as the option to claim up to $1,000 in No Sweat Bets instead. The exception is New York, where the offer is a 300% profit boost.

4️⃣ bet365 Sportsbook

The standout element at bet365 is the early payout feature that grades you pregame moneyline wagers as a win if the team you bet on gets out to a big lead at any time during the contest. The bet365 bonus code has a Bet $5, Get $150 in bonus bets win or lose introductory offer.

5️⃣ DraftKings Sportsbook

The DraftKings Sportsbook is unrivaled when it comes to player prop bets, as it has markets that are not available elsewhere. The DraftKings promo code has a Bet $5, Get $300 in bonus bets if you win offer.

6️⃣ FanDuel Sportsbook

The FanDuel Sportsbook gets kudos from sports bettors around the world for its incredibly smooth navigation. The FanDuel promo code is a Bet $5, Get $150 in bonus bets if your initial wager wins offer.

If you want to know how to win at sports betting, you need to first remember that sports betting is for entertainment and is not a reliable source of income. In other words, the answer to how to get good at sports betting is to wager responsibly. That's how to do sports betting right.

Bankroll Management

Learning how to get into sports betting in a plus way requires strong bankroll management. Getting this right will segment your wager funds from other funds. It's how to do sports betting right, and it will help you know how to place a bet at a sports book when the optimal bet is available. Smart bankroll management also ensures you're better prepared, regardless of whether you prefer PayPal betting sites or credit card betting sites to manage deposits and withdrawals.

1. If you figure out how to bet on sports game and win, you must then know how to pay taxes on sports betting.
2. The key here on state level is knowing that the rules vary depending on the state you are reporting in.
3. In addition, there may also be federal income tax to pay if you are profitable in this betting endeavor.

The best rule of thumb here is to consult tax professionals. They can help you file and pay your sports betting taxes properly and on time.

How to Stop Sports Betting

For some people, the most important question in this arena is how to quit sports betting? The sports gambling industry provides ample assistance in helping those who want to know how to stop sports betting.

Tools here include deposit limits, opt-out options, login date and time limitations and wager ceilings. Every sportsbook also provides access to gambling hotline phone numbers and websites that give you 24/7 access to help. Add it up and it gives you a navigable path for how to quit sports betting.