The Basics of Sports Betting
There are millions of sports fans that think, “Betting on sports must be easy.” But the truth is that making a living off of this form of gambling requires hard work and time. Even the best handicappers only get more than 50% of their bets correct, which is not enough to make money at this sport. And that is just before accounting for the vig or juice!
Betting on the winner of a game is the most basic, and oldest, type of sports betting. The odds are what drive most of these wagers, which are based on the probability that a team will win. For example, if you bet $50 on a team with odds of 2 to 1, then you would earn $100 if the team won (minus the initial bet amount).
Another type of sports betting is a total bet or over/under. This bet is placed on the total number of points, runs or goals scored during a particular game. The over/under lines are set by the sportsbook and can vary based on the clientele of a specific book. The vig is also taken into account with this type of bet, which further lowers your profits.
One of the most important rules to remember when placing bets is to never chase a bad bet. This is a common mistake made by inexperienced bettors, who try to recover their losses by putting more money on the next game. Rather, bet sober and stick to your strategy. This will help you avoid bad decisions that are influenced by emotions like fear, anger or greed.