When it comes to sports betting, most people think of the traditional “bookie’s” odds. However, there is more to betting than just backing the favorite – or at least there should be. Before you begin your sports betting journey, you must be aware of the different types of betting available and the advantages and disadvantages of each kind. In this article, we will discuss the various types of betting available, how they work, and what decisions you should make when placing a wager. We will also discuss the role of the sportsbook, the importance of reading reviews, and offer some advice on how to make the most out of your wager.
Traditional Odds Vs. Moneyline Bets
Most people are familiar with traditional odds and bookmaker’s props – the lines that are usually presented in an attempt to give the “public” (read: average Joe’s) an idea of how much a particular team will win or lose. Bookmakers assume that most people are ignorant of the game and therefore use numbers that are easy to grasp – e.g., 3.20 odds – in an attempt to make betting as easy as possible for the little guys. While these kinds of odds are easy to understand and have been around for a long time, they are not always the best option.
For one thing, if you are a serious sports enthusiast, you might want to avoid using these types of odds, as they will limit your potential earnings significantly. Moreover, traditional odds often do not account for points scored in the course of the game, or the strength of certain teams. For example, under normal circumstances, the Chicago Cubs are considered a very strong baseball franchise and are expected to beat most teams by a significant margin. However, the point spread for the Seattle Mariners on the same day was +2.5, which is twice as much as the expected margin of victory for the Cubs. In this scenario, a bet on the Mariners would have paid +5.0, while a bet on the Cubs would have only paid 2.5.
Another significant disadvantage of traditional odds is that they do not give you any information regarding the likelihood of the game ending in a specific way – e.g., a victory for the home team or a shutout or a comeback in the match. In the first example, if you bet on the home team, New York Yankees, you are essentially placing a wager that they will win the game. However, since there is no information regarding the strength of the Indians, it is impossible to tell if a NYY victory is likely or not. In the second example, if you placed a wager on a comeback, you are essentially betting that the game will end in a scoreless draw, which would leave you unaffected by the outcome, since you came in with a “zero” bet (you didn’t bet on either team).
Moneyline bets are very similar to traditional odds, but they add another layer of complexity by including the amount of win money you are willing to risk along with the percentages of winning you are willing to accept. For example, if you wager $100 and you win, you would receive $100. However, if the game ends in a tie, your initial $100 wager will be returned with no winnings. Therefore, the moneyline bet allows you to risk a certain amount of money and win a pre-defined percentage of that money (e.g., 50%).
The advantage of moneyline bets is that they offer much more clarity regarding the likelihood of a particular event occurring. For example, if you bet on the San Francisco 49ers and they win the game, you would receive $100 with a 100% winning chance. In this case, the moneyline would be priced at -100. In contrast, a moneyline bet on the New York Giants, where you have a 50% winning chance, would be priced at +125, or 5.0 on a $100 wager (5 wins, $100).
If you are a beginner, it might be best to avoid moneyline bets completely and go with the traditional odds, as they are much simpler to understand. Moreover, if you plan on betting often, it is best to stick with the traditional odds, as they are easier to keep track of – especially if you are planning on wagering from multiple locations. However, as you gain experience and become more familiar with sports betting, you might want to consider using moneyline bets to their full potential. Just remember: the main purpose of betting is to win, and when you do win, you should feel confident that your chances of winning are as good as can be — at least, according to the odds you are playing with. In other words, if you are using these odds to their literal meaning, you are essentially gambling — and that, of course, is always a dangerous game.
Odds vs. Props
If you are a real sports enthusiast or a frequent sports gambler, you might want to consider using odds, but not bookmaker’s odds. Instead, you can use a service like oddschecker.com, which presents you with the betting lines from different sports books in one place. In this case, you can compare the odds compiled by several different organizations and choose the one that appeals to you most. The advantage of this strategy is that you will always have access to the odds you are looking for, regardless of whether the bookmaker has them posted or not. Just remember that if you are looking for a specific line, you might have to go through a few different sources to find it. However, odds are often less expensive than props – at least, on paper – and you will not run into the problem of needing to find a bookmaker that is willing to deal with you.
Props are simply the odds compiled by a bookmaker, but they can be quite a bit more. Props are usually more expensive than odds and can be found only at certain booksies – i.e., horse racing books – and can also vary by state and circumstance. As a general rule, it is best to avoid props, unless you are using them for some kind of wager or need them for some other kind of paperwork. In the first instance, you can use the above-mentioned service to compare the props from different books and choose the one that appeals to you most. In the latter case, you can either use the service to find the proper odds for the state you are in, or you can contact the bookmaker directly – if you know their phone number – to get the specifics you need.
The Importance Of Reviewing Reviews
Every gambler, regardless of experience, is susceptible to making the mistake of placing a bet on a game he or she does not fully understand – especially if the games are highly unpredictable or require a lot of research. In most sports books, there is a section called “Reviews”, which is there to give you an idea of how others feel about the particular contests you are considering entering. These reviews can help you identify potential pitfalls and highlight the advantages of each game. Even if you are playing at a reputable establishment, it is still a good idea to read reviews before making a placement, as they can help you determine the likelihood of you winning money based on the quality of your funds and the odds available.
If you are deciding to place a wager on a specific game, it is important to do your due diligence – at least, in terms of finding out as much as possible – before you make a decision. Moreover, it is important to remember that the reviews can be highly misleading, so you must be careful not to rely on them too much. In most cases, any negative reviews can be attributed to a bad experience that the reviewer had with the game or firm that ran the establishment – rather than any actual problem with the product or service in general.
Make The Most Of Your Wager
Once you have made the decision to place a wager on a specific game, it is important to make the most of it. As we discussed above, not all odds are created equal, so it is important to remember that you have chosen a game that you feel will end in your favor. It is also important to use the right strategy to maximize your potential winnings. In most books, there is a section devoted to discussing different betting strategies that you can use, so make sure you consult that section if you are not sure what to do next after you have placed a wager.