Many gamblers have heard of the term ‘outright win’ when it comes to sports betting. If you’re unfamiliar, ‘outright win’ simply means that the bettor will win or lose the total amount of money wagered by both parties. For example, a wager of $100 with an outright win of $150 means the gambler has won $50. In other words, the gambler could walk away with a profit of $50 regardless of the outcome of the game.
Traditionally, NBA fans would place their NBA bets on whether the home team would win or cover the spread in each game. If the home team won the point spread, they would get a payout of $100 for every $100 wagered (minus the vigorish, or the commission taken by the bookie). If the home team lost, they would lose their entire stake. If the visitors won the point spread, the NBA bookmaker would make a small profit ($50-$100).
With the advent of the internet and online sports books, modern-day sports bettors have more options than just playing favorites to win or lose money on. The theory of outright betting still applies, but now there are more ways to make profits. For example, you may bet on which quarterback will throw the ball and win the game, or you may choose to wager on the over or under performance of certain teams or players. Let’s take a look at some of the different ways you can profit from sports betting.
Insurance And Settlers Savings
In addition to getting an outright win, your other option is to insure your wager. For example, if you bet $100 on the over and the game ends up going over by 2 touchdowns, you would win $200. You could then cover the cost of the bet and make a profit of $100. If the point spread was 3 points, you would have lost $100 on the original bet. However, if the game ended up going under by 2 touchdowns, you would be saving $100 by not having to pay out the $100 insurance on the bet. You would walk away with a profit of $100 regardless of whether the home team won or lost the game.
This option is also referred to as ‘insurance’. Many people prefer to bet on the ‘over’ in football because they think it’s safer than betting on the ‘under’. While this may be true in some situations, ‘insurance’ can be risky and leave you with a large loss even if the game ends up going your way. As a general rule of thumb, playing favorites and avoiding ‘insurance’ is usually a good idea.
Player Performance
While you don’t have to be a professional gambler to know that players occasionally let you down, it’s still surprising how often this happens. After all, we’re talking about men and women who get paid to play games for a living. Sure, some of them have amazing careers and go on to do great things, but it might be wise to avoid betting on them. This is especially important if you’re going to be betting on professional sports, as even the best players will disappoint you sometimes. If you’re looking for a way to make money from sports, betting on players is actually a less appealing option than betting on teams.
The great thing about players is that you can always find someone to replace them. If you think that one of the players on your favorite team is going to let you down, you can change your mind about making a wager on them anytime you want. If you’re looking for a dependable source of income, you can also look to the ‘over’ or the ‘under’ to make quick cash. If you’re feeling particularly lucky, you can even place a combined wager on both players. (This is known as a ‘teammate’ wager and can be placed at online sports books.)
Teammate Wager
Some people choose to wager on whether or not members of the same team are going to perform well. For example, if you think that Randall Cunningham will have a good night throwing the ball and your teammate Carson Palmer will have a bad night, you can wager on whether or not Cunningham will score more points than Palmer. (If Cunningham scores more points than Palmer, you win your bet. If it’s a tie, you lose your bet.)
The great thing about this method is that the amount you win or lose is based on the performance of the players on the same team. So, if Palmer and Cunningham both have bad games and the score is close, you may win or lose based on the efficiency of your quarterback play. (Obviously, if one of your QBs performs well while the other one doesn’t, you’re going to come out ahead in the end regardless of what happens.)
An alternative way to look at this method is to consider it as a type of insurance. Just like in the previous example, if Cunningham scores more points than Palmer, you lose your investment ($100) on the original wager (Cunningham vs. Palmer), but you’re still in profit if the game ends up being close (Cunningham scores same as or less points than Palmer).
Point Spread
If you’re interested in making some easy money, you can also make a wager on the point spread. The point spread is simply the difference in points between the two teams involved in the game. So, if the Patriots are playing the Colts and the point spread is 3, this means the Patriots will score 3 or more points more than the Colts.
Just like with the previous two examples, if the Patriots win the point spread, you win your wager. If the point spread is 3 or more points, you win. If it’s 1 or 2 points, you lose. (The same goes for when the Colts win the point spread.) This is probably the simplest and quickest way to make money from sports betting, but it’s also the most dangerous. Just remember that if most people are picking the Patriots to win the point spread, this usually means they’re expecting the under to perform well and for the game to be close. So, while you might come out ahead at the end of the day, the risk of getting burned is still there.
The Over/Under
Finally, some people choose to wager on whether or not a team is going to cover the spread in a game. (The over is when the total amount of points scored by both teams is higher than the oddsmakers’ prediction. The under is when the total points scored is lower than the prediction.)
You can also make a combined over/under wager, meaning you’re wagering on whether or not the total number of points scored by both teams will be higher or lower than the number predicted by the oddsmakers. Just remember that in most cases, an over/under bet means that the game is relatively close and may go either way. So, while you’re sure to win or lose based on the performance of the teams, the risk of getting confused by the outcome is still there.
With so much diversity in the ways you can make money from sports betting, why not try something new? Maybe you’ve got a passion for soccer and you’ve decided that Portugal is going to win the European Cup this year. Maybe you think the Super Bowl is going to be close and you don’t want to risk getting hurt by the outcome. Or maybe you just can’t stand the sight of red sports coats and you’re wondering how to play the under on the college football team colors. Whatever your reason for placing a wager on sports, there are numerous strategies you can use to maximize your chances of making money. Just remember that if you’re not familiar with gambling, it’s always a good idea to stick with the basics – playing favorites, avoiding ‘insurance’, playing on the over or under, and the point spread. With these strategies, you’ll be able to make money in all types of sports, including the NFL, the NBA, and the NCAA.