Sports Betting 101: Common Bets and Terminology for Beginners
If you’re new to sports betting, the wide range of betting options and unfamiliar terminology can feel overwhelming. But once you understand the basics, it’s easier to get started. Let’s break down the most common types of bets and important terms you’ll need to know to place your wagers with confidence.
Common Types of Sports Bets
- Moneyline
The moneyline is the simplest and most common type of bet. You’re just betting on which team or player will win the game. Each side will have odds (usually with a + or – next to a number). For example:- Bucks -150: The Bucks are the favorite. You’d need to bet $150 to win $100.
- 76ers +130: The 76ers are the underdog. A $100 bet would win you $130 if they win.
- Point Spread
A point spread levels the playing field between the favorite and the underdog. The favorite must win by more than a certain number of points (called “covering the spread”), while the underdog can lose by fewer points or win outright for your bet to pay off.Example:- Bucks -5.5: The Bucks must win by at least 6 points.
- 76ers +5.5: The 76ers can lose by 5 points or fewer, or win outright, for your bet to win.
- Over/Under (Total Points)
This is a bet on the total number of points scored by both teams combined. You can bet that the total will be over or under a set number.Example:- Over 220.5: You’re betting that the total points scored by both teams will be 221 or more.
- Under 220.5: You’re betting that the total points will be 220 or fewer.
- Parlays
A parlay combines two or more bets into one. All parts of the parlay must win for you to collect your winnings, but the payout is higher than if you bet on each event individually. For instance, you might bet on multiple games or combine different types of bets (moneyline, spread, over/under).Example:- Bucks to win, Chiefs to cover -3, and Over 45 points in another game. All three need to hit for you to win.
- Prop Bets (Proposition Bets)
Prop bets focus on specific outcomes within a game that don’t necessarily relate to the final score. They could involve individual player stats (like how many points a player will score), or team achievements (like which team will score first). Common prop bets include:- Player Prop: Giannis Antetokounmpo to score over 25.5 points.
- Team Prop: The Bucks to score the first basket.
- Futures Bets
Futures are long-term bets placed on events happening down the line, such as who will win the championship, or which player will win MVP. Futures usually have high payouts because of their unpredictable nature.Example:- Bucks to win the NBA Championship at +600 (meaning a $100 bet would win you $600).
Key Betting Terms
- Odds: The likelihood of a particular outcome occurring. Odds can be displayed in three formats: American (e.g., -150), Decimal (e.g., 1.67), or Fractional (e.g., 2/3). They also determine how much you can win from a wager.
- Juice (Vig): This is the commission that sportsbooks charge for taking a bet. For example, in a point spread bet with odds of -110, the extra $10 beyond the even $100 bet represents the juice.
- Push: When a game ends exactly on the spread or total, it’s called a push. In this case, you get your original bet back, and no one wins or loses money.
- Handle: The total amount of money wagered on a particular game or event.
- Bankroll: The total amount of money you have set aside for betting. Managing your bankroll effectively is critical to long-term success in sports betting.
Tips for Betting Success
- Manage Your Bankroll
Set a budget for your betting activities and stick to it. Never bet more than you can afford to lose. - Do Your Research
Just like you’d research a stock before investing, look at stats, trends, injuries, and other relevant information before placing a bet. - Avoid Chasing Losses
It’s easy to get emotional when things don’t go your way, but chasing your losses with bigger bets often leads to deeper losses. Stay disciplined. - Avoid Parlays
While parlays may seem tempting with their high payouts, they’re a sportsbook’s best friend. They carry a much higher risk of losing your entire bet. Stick to simpler bets for a better chance at success.
Sports betting can be both fun and profitable if approached with the right mindset. Stick to the basics, educate yourself on the games and teams, and always bet responsibly.
Conclusion
Sports betting may seem complex at first, but with a solid understanding of the types of bets and terminology, you’ll be ready to dive in confidently. Whether you’re betting on the moneyline or looking into player props, knowing your options and the risks involved is key to enjoying the experience.
By following this guide, you’ll have a better foundation as you begin your sports betting journey.