Sports are arguably one of the biggest pastimes in Britain today. There are so many different ways in which you can engage with your favourite sport, and one of the most popular is placing bets. Betting on their favourite sport has allowed fans to get more out of it, figuratively and literally, in the form of excitement and money won. That being said, sports betting without the right strategies and knowledge will simply lead to losses, which is why we have put together a list of the basics you should know before getting started so let’s take a look.
Betting forms the basis of most types of gambling. Take casinos as an example; whether you are playing poker or roulette, you are still making bets; you are betting that you can beat the house and achieve the outcome that you want, and this can be done in a traditional brick-and-mortar casino or online on https://www.onlinecasinos.co.uk/.
The concept of sports betting is pretty simple, a bookmaker determines and sets the odds. The odds themselves act as a representation between the stake and the amount you could win, depending on the outcome. The odds themselves are usually shown as fractions, so a 4/1 odds would mean that if your bet won, you would stand to win £4 for every pound that you have bet; betting £10 would mean a £40 win.
Different Types of Bets
There is a wide range of bets that you can place, but as we are simply covering the basics, let’s look at the most common. Firstly, there are match bets – which are widely seen as the easiest and often most popular form of sports bet. They rely on three outcomes: either team winning or the teas drawing. It is the most accessible, and you do not have to know too much about the intricacies of the sport either. You simply need to know which team is likely to be stronger.
The next type of bet is a bet builder, which is a relatively new form of sports betting. This is where you place a number of different bets on a single game or match; the bets build upon and rely upon each other. This can make them slightly riskier because if one part of the bet doesn’t pan out, then the rest of the bet is likely to fail too.
That being said, if you would describe yourself as knowledgeable about said sport, then the risks might be mitigated somewhat. You can place bets on any number of different events happening during the match, game or sporting event. There are some common mistakes or pitfalls that novice gamblers fall into so you do need to be wary when making your bets.
You could also use your knowledge of the different players when it comes to making bets. There is a whole subsection of sports betting dedicated to the players; these are called player stats. They are a little different to some of the other forms of betting because you need to know a lot about the player; after all, you are betting on what they are going to do during the game. You can even combine these player stats with bet builders to increase your potential returns.
Player stats as a form of bet are a little unpredictable, which can add to the thrill you get from sports betting, but obviously, it can also increase your risk of losing too. Within player stats, there is another smaller subsection. You can bet on who you think will score during the match or the game. This might look a little different depending on what type of sport you are watching. You can also choose to make this more difficult by betting on who will score the first versus the last goal, et cetera. Obviously, you need to know each player well in order to maximise your profit potential.
Finally, the last of the most basic and common forms of sports bet is in-play betting. This is where you place bets during the game. Effectively you can react to the game in real-time and place your bets accordingly. You can use any of the bets listed above and place them during the game or match. A lot of people tend to like these forms of bets because you can get a better handle on how the game is going to go before you start to place your bets.
It is important, to be honest, and realistically it is all but impossible to ensure that you are going to have success when it comes to sports betting or gambling in general. There are some bets that are a safer option than others, but they don’t offer as high a reward as the riskier bets. It is all risk versus reward when it comes to betting. Doing your research is imperative to ensure that you are giving yourself every chance of success.
The better that you know the game, the teams and the players, the more likely you are to come up with a smart bet. Initially, you should stick to what you know. Start off with simpler forms of a bet before you gain confidence and get more comfortable with other forms of bets and other markets too. Finally, remember to read the small print when you join a sports betting site or make a bet to ensure that you are not going to find yourself on the hook for hidden fees or loopholes which could eat into your winnings.
The Bottom Line
Sports have a huge following, and they bring in a massive revenue through match or game tickets and various forms of merchandise, et cetera, every single year. It only makes sense then that the fans want to get in on this and make their won money from their favourite sport that they have contributed enough to over the years.
Sports betting sites and bookmakers going digital have made it easier than ever before for fans of all betting abilities to have a go. If you are a novice, then it is important that you are sensible. Make an effort to do your research first before you place any bets and try not to overextend yourself – even if you think you have a sure thing – you should never bet on anything that you aren’t willing to lose.