Before a person makes their first bet, it is important to know what betting odds are and how they work. Odds will look different depending on the online bookie, sports and betting location. Let’s take a look at the different styles.
American Odds: Also known as Moneyline Odds, these are the most popular type in the USA. When betting for your favorite team to win, it displays a negative number to show how much a person must bet to win $100.
So -110 means you have to bet $110 to win an extra $100. If betting on the underdog, it displays a positive number (+150). If they bet $100 on this team and the team wins, they get back $150 + the original $100.
Fractional Odds : Often referred to as traditional odds, these odds are those found in horse racing and show the net total that would be paid out to an individual if they won after taking into account the stakes.
For example, if the odds are 5/1 and the bet is $20, the winner will receive $120 (5 x $20 + original $20). If the odds are 1/5 and the person bets $20, they get $24. For every $5 they bet, they get $1 plus their original bet.
Decimal odds: Most common in Australia, Europe and Canada. Decimal probability is also the easiest to understand. No matter where a person lives, most online betting sites offer the option of displaying odds in this format. Decimals are displayed using this format.
Simply multiplying the decimal by the amount the person bet will give you the correct payout. For example, if you bet $100 and the odds are 3.0, the winner will receive a payout of $300.
How Does Sports Betting Work?
Sports betting is competitive. Because of this, it is best to understand a few variables before placing a bet. Let’s see.
I understand sports. For some of them, straight moneyline betting is simple. It is a bet on one person’s favorite team or underdog. If they win, they receive a payout. But what if there is a draw, like football? How does your online sports betting site handle this? Even sports like horse racing and boxing work differently than basketball.
Know the different types of bets. Sports betting is often deeper than simple moneyline betting. There are different types available for each event. The most common are:
Futures: This allows a person to bet on future events such as the Super Bowl. When betting, you never know who will be in the event.
Spread betting: This type of betting makes people focus on how much a team will win or lose, instead of focusing on who wins.
Over/Under: In this type of bet, a person bets on whether there will be a certain number of goals, baskets or points scored during a game. For example, if that person bets on a football match, the total goal could be 4. They then bet on whether the total goals will be more or less than that amount.
Parlay: A parlay involves betting on two or more components in the same bet. For example, you can bet that two different tennis players will win a match at the US Open. In this case, the bettor wins if both players win.
Live: With live betting, a person can place a bet during an event. This type requires knowledge of the team in play and quick reaction times to keep tabs on what is happening as the game progresses.
Online Sports Betting Bonuses and Promotions
Bonuses can provide extra cash when a person bets. It’s nice to have extra money, but bettors need to understand that you can’t just walk with it.
There are specific wagering requirements that different sportsbooks set when bettors can withdraw money from their account. Here are some complexities a human can find:
Rollover: This common requirement comes in many different ways, from a 3X rollover to a 10X rollover. This simply means that bettors cannot withdraw their money until they have spent 3x (or 10x) that amount.
For example, a bettor deposited $100 and received a 50%꽁머니. They can now spend $150, but their account has a 3x rollover. You cannot withdraw money until you have placed a total of $450 ($150, 3 rounds).
Time limit: Some bonuses must be used within a certain period of time, otherwise the money will be lost.
Eligibility: Some bonuses allow betting only on certain events (e.g. horse racing or certain other sports).
Each bookmaker has a list of requirements, so bettors should be aware of these different rules at each site.