Sports Betting Explained: Full Guide for Beginners
- 1 What Is Sports Betting?
- 2 Things to Remember
- 3 Avoiding Betting Mistakes
- 4 Reasons for Betting Explained
- 5 Sports Betting: Frequently Asked Questions
In this article, the reader will find sports betting explained simply as we list some important things to remember while engaging in sports betting. We enumerate betting mistakes that must be avoided, give reasons to get involved in sports betting and answer some frequently asked questions about sports betting.
What Is Sports Betting?
In sports betting, you bet on a sporting outcome that you predict will happen. The bet could be placed on virtually any sport, including football, cricket, tennis, horse racing and golf among other sports.
In sports betting, you are competing with a bookmaker. You hand over your money to him and he will give you a return on that money if you win the bet. But if you lose the bet, the bookmaker keeps your stake as his earning.
The more popular the sport, the more heavily bookmakers promote betting on it. When you bet on a team to win a match, you are in effect betting that the opposite outcomes will not happen — the other team will not win, nor will it be a drawn or tied game. Thus, sports betting is a challenge in which you back yourself to make a correct prediction and to gain an edge over the bookmaker.
Things to Remember
Keep expectations real: Ensure that you do not harbour unrealistic goals when you bet. Also, stay focused and disciplined.
Don’t bet your shirt: Do not bet more than you are comfortable with. As your betting skills improve, you can increase your stake. Especially if you are new to sports betting, consider your betting stake as an entertainment budget.
Keep it enjoyable: If you no longer feel entertained — especially when you are on a losing streak — take a break from betting. A bit of introspection and reflection will help you tweak your betting strategy. You can gain a better perspective and come back feeling fresh.
Avoiding Betting Mistakes
- Betting too much: Don’t bet more than you can afford. Have a clear limit on how much you are willing to stake on an outcome.
- Chasing losses: Recognise when you are on a losing streak and quit. Take a break and come back when you are fresh for the battle.
- Betting winners over values: Sometimes you must admit that your favourite team is not in the best form. Follow your head, not your heart.
- Being short-sighted: Don’t stop betting on a team because of a single heart-breaking loss. If it’s a good team, it will bounce back, just as it has done often in the past.
- Not comparing odds: If you don’t shop odds you are leaving money on the table that could be yours if you wanted.
Reasons for Betting Explained
Everyone wants to have fun. People do get entertained watching games and events but with betting, some money gets added to the equation, thereby enhancing enjoyment.
You can earn money if you make accurate bets. Though you can lose money if you get your bets wrong, the chance that you may earn money will keep you engaged and want to come back for more.
People always love challenges. You might win the odd bet or two by picking an occasional winner. But the mental challenge of being able to do it on a continual basis can be hard to resist.
Having a Stake
No game is interesting when you have no stake in it. When you cannot root for either team, you are unlikely to enjoy any game. But once you have placed your money on a predicted outcome, you begin to root for the team you have backed and suddenly you find yourself enjoying the contest.
Betting can be an enjoyable pastime when it is easy to engage in. With sports betting legalised, you can download a betting app on your smartphone and carry your sportsbook with you wherever you go.
Sports Betting: Frequently Asked Questions
Should you stick to one sport?
Begin by betting on a sport you are familiar with such as cricket. Because of your knowledge of the game, you will be able to spot likely outcomes from such things as weather reports, pitch reports and the current form of key players. Once you have a solid betting base in the sport you know well, you can start branching into other sports.
How does a bookmaker earn?
A bookmaker earns on every bet you make. For instance, if you bet 100 on a team to win and the team lost, the bookmaker would earn 100 from you. The odds are calculated in such way that the lowest payouts are made on a contestant most likely to win as most people would bet on the favourite. But when a favourite loses, chances are that the bookmaker would have to make a big payout on a less favoured team or contestant that won. But fewer people would have bet on a team with long odds such as 28/1. So, the bets placed by punters on a favourite would far exceed the payouts the bookmaker would have to make when a long-odds contestant won. Even when a favourite wins and the bookmaker must make many payouts, he will still earn because the odds are calculated to allow him a margin as they factor in the bulk of losing bets.
Can you gain an edge over the bookmaker?
The bookmaker always has the edge. That’s why he is in business. The odds are calculated to allow the bookmaker to make a profit at the end of the day, regardless of the payouts he makes to winners of various bets. Whether you can make a profit from betting will depend on how much you can afford to lose. Once you are aware of your betting limits, you will refrain from overplaying your hand. You can make money if you follow some thumb rules. Stay abreast of form and statistics. You can earn slowly and steadily by avoiding long-odds underdogs. Compare odds and choose the bookmaker who gives you the best margins. If you can develop a certain discipline in your betting behaviour, it will help you to be a winner in the long run. Learn to notice basic trends. A home team in the IPL, for instance, has a better chance of winning regardless of how strong the opposition is. Teams at the top of the league table win home games more frequently than those near the bottom. Remember that small margins from five safe bets are better than losing big on one long-shot wager.