Betting on a Sportsbook is exciting and can be financially rewarding. Researching and gaining knowledge about Sportsbook betting can significantly increase your chances of winning. Our guide to sportsbooks will be helpful for those unsure what they are and where to start.
History of the Sportsbook
Sports betting has existed for centuries, but modern sportsbooks gained traction in the U.S. in the 20th century. Initially restricted due to gambling laws, they gradually grew in popularity, especially as online sportsbooks became legal and accessible. Today, sportsbooks are widespread, with online betting options from virtually anywhere.
Common Sportsbook Bets
Sportsbooks feature various types of bets to suit different interests. Here are the most common types of bets:
Moneyline
Moneyline bets are the simplest way to bet. You predict which team or player will win the game or match. There’s no need to worry about the margin of victory; you’re only concerned with the outcome. Moneyline betting provides odds to show the favourite and the underdog. The favourite usually has lower odds, meaning a smaller payout, while the underdog has higher odds, offering a more significant payout. For example, if Team A has odds of -150, you must bet £150 to win £100. If Team B has odds of +200, a £100 bet would win £200. Moneyline bets are popular with casual bettors as the rules are simple.
Point Spread
Point spread betting allows you to wager on the margin of victory rather than the winner. The sportsbook assigns a “spread” or point differential to even out the odds between the favourite and the underdog. For example, if -5.5 points favour Team A, they would need to win by at least six points for bets to be successful. Alternatively, bets on the underdog would win if they lose by fewer than six points or win outright. Point spread betting is common in sports like football and basketball, where scores are high. This makes the margin of victory an exciting factor to bet on.
Totals (Over/Under)
Totals, also known as over/under bets, focus on the combined score of both teams rather than which team will win. The sportsbook sets a total score. Bettors then guess if the score will be over or under that number. For instance, if a football game has an over/under of 48.5 points, you would win an “over” bet if the total score is 49 or more. If you bet “under,” you need the combined score to be 48 or fewer. Over/under bets are popular because they offer a simple way to wager on the overall game instead of on a specific winner.
Parlays
A parlay bet combines multiple bets into one, with the potential for a higher payout if all bets (or “legs”) win. Each outcome within a parlay must be correct to win. If one outcome fails, the entire parlay loses. Parlays are attractive to because of the higher returns compared to single bets, but they come with a higher level of risk. As more legs are added to a parlay, the potential payout increases, but the difficulty of winning also rises.
Futures
Futures bets involve betting on long-term outcomes. This could include which team will win the championship at the end of the season or which player will receive an MVP award. Futures are typically placed before the season or tournament begins but can also be made as the season progresses. If bets are placed after the start of a season, odds will fluctuate based on performance and injuries. Futures tend to have higher odds, and payouts are bigger based on the uncertainty of placing bets in advance.
Proposition Bets (Props)
Proposition bets, or props, are wagers on specific events within a game rather than on the outcome. Props often focus on player statistics, game events, or unique occurrences within a match. Common prop bets involve predicting which player will score first, how many points a star player will achieve, or the total number of fouls committed in a game. Props are popular during big events like the Super Bowl, where bettors can find unique options, such as the length of the national anthem or the colour of the Gatorade dumped on the winning coach.
How Sportsbooks Work
Sportsbooks act as intermediaries between bettors and sporting events. They establish odds on various outcomes and accept bets based on those odds. They use complex algorithms and statistical models to assess the probability of different outcomes. These include a team winning or a player scoring a number of points. The odds reflect the probability of balancing action on both sides of a bet. This way, the sportsbook has minimal risk of loss regardless of the outcome of a game. Sportsbooks make money through a “vig” or “juice,” a small fee for each bet. For example, on a typical point spread bet, you might need to bet £110 to win £100; the extra £10 is the vig. By adjusting the odds and point spreads, sportsbooks ensure long-term profitability.
How to Place Sportsbook Bets
Placing a bet on a sportsbook is straightforward. First, you must create an account with a reputable sportsbook, which involves providing basic information and verifying your identity. Once funds are deposited into your account, you can browse the available sports and games and check the betting options. When you find a bet you like, click on the odds to add it to your bet slip. Enter the amount you want to wager, and the slip will display your potential payout based on the current odds. Once satisfied, submit your bet, and it’s locked in. It’s a good idea to review your bet slip for accuracy before submitting it, as once placed, bets are locked in.
Betting Rules
Every sportsbook has its own set of rules and policies, though many are similar across the board. For example, in cases where a game is postponed or cancelled, sportsbooks often void all bets on that game. Meanwhile, in sports with point spreads or totals, overtime is generally included in the final score unless otherwise stated. For player-specific bets (props), the player usually has to participate to validate the bet. Some sportsbooks have specific rules for unique events, like horse racing or some international sports. Before placing bets, it’s essential to read through the rules so you’re aware of how they handle different situations and outcomes. This can prevent confusion, especially in rare cases like tied or partially completed games.
How to Choose a Sportsbook
Always start with the basics when choosing a sportsbook. Look for a licensed and reputable sportsbook that follows local regulations and has positive reviews. Check the range of sports and betting options to ensure they provide the types of bets and sports you’re interested in. Pay attention to the odds and lines, as these can vary between sportsbooks. It’s wise to check for bonuses and promotions. Many sportsbooks offer sign-up bonuses or free bets to new customers. Review the sportsbook’s banking options, such as deposit and withdrawal methods, and any associated fees or processing times. Finally, evaluate the customer support options and read customer reviews to understand their responsiveness and helpfulness in case you need assistance. A quality sportsbook should always provide a secure, fair, and enjoyable environment.