Sports betting has emerged from the shadows and into the mainstream in recent years. The long-standing anti-gambling stigma eroded fast in American popular culture, paving the way for the emergence of large, multibillion-dollar legal sports betting businesses.
With sports betting now legal in many jurisdictions, millions of sports fans will be seeking to have their first taste of the betting industry. But where do you start if you’re not familiar with the jargon?
How to Gamble on Sports for Greenhorns
- Favorites vs. Underdogs
The first thing oddsmakers do when they post a betting line for a game is to identify which team should be the favorite and which should be the underdog.
The favorite is predicted to win the game and will have a minus sign next to its odds, whilst the underdog is likely to lose and will have a plus sign next to its odds. If the game is a toss-up, the book will start with “pick” or “pick’em.”
- Strews
There are two primary methods for sports betting on a favorite or an underdog. The first is a wager on the margin of victory, known as the point spread.
Assume the Patriots are 7-point favorites over the Jets. They’d be rated -7.
If you bet on the Patriots, they must win by 8 points or more for you to win your wager. You “cover” if the Patriots win by 8 points or more. If the Patriots win by precisely 7 points, it is dubbed a “push,” and you will receive your initial wager back.
You lose your bet if the Patriots win by 6 points or less (or lose the game straight up).You lose your bet if the Patriots win by 6 points or less (or lose the game straight up).
On the other hand, if you bet on the Jets “plus the points” (+7), you must have the Jets win or lose by six points or less to win (or cover) your wager.
Spreads are available for many sports, although they are most commonly employed when betting on high-scoring games such as football and basketball.
- Monetary lines
The Moneyline is the second option to gamble on a favorite or an underdog. This is simply dependent on which team will win the game, and the payment is calculated using American odds.
Favorites are once again assigned a “minus” value, such as -150, -200, or -500. If a favorite is -200, that indicates you must risk $200 to gain $100. If the favorite wins, you receive $100; if the favorite loses, you lose $200.
Because favorites are anticipated to win, betting on them carries a higher risk.
Underdogs are labeled with a “plus,” such as +150, +200, or +500. If an underdog is +200, it indicates that if you wager $100 on them and they win, you will receive $200.If they lose the game, you just lose the $100 you bet. Because underdogs are supposed to lose, betting on them has a higher payout.
Moneylines are available for many sports, although they are most commonly employed in lower-scoring games such as baseball, hockey, and soccer.
