Sports betting is a challenging form of betting and despite its seeming lack of strategy and complete reliance on knowledge of the event, good sports betting actually relies on a great deal of strategy which must be used in order to win. The most important tactics involve a close analysis of the information upon which a sound judgment must be based and thereafter the bet must be placed. A winning strategy takes a few salient factors into account which are:
- The amount of the bid
- The kind of bet
- The odds on offer
Sportsbooks in the US and Bookmakers in UK are entities that accept sports bets. The bets can be placed predicting the outcome of several sporting events like Baseball, Snooker, Basketball, Hockey, Soccer, Football, Tennis and hundreds of other sports and athletic activities. Just to cover some basic definitions: a sportsbook is the one that accepts the sports bet. An oddsmaker is the one who sets the odds of betting.
Betting the Odds
In order to place a bet, you must first select the type of bet and the amount you will wager. This naturally will depend upon the odds that are being offered. Before you go ahead and place the bet, carefully scrutinize the range of available odds.
The odds must be in the ratio of at least 2:1 for the bet to be worthwhile. Another factor that must be taken into account is the amount being given by way of commission to the sports-book. This ideally should be a minimal percentage of the total value of the odds.
Given below is a list of some common kinds of bets:
- Single or Straight Bet: This is betting in its most basic form and allows you to bet at given odds, upon a winner.
- Point Spread: Under this bet one can bet on one of two selections that have been equated through the allocation of suitable points. In the Point Spread the number of allocated points are shown with a + sign for the favorable side and a sign for the underdog. In order that the better wins, the favored team must win by more than the Point Spread. On the flip side, if a bet has been placed on the underdog, that team has to lose by less than the Point Spread for the better to win.
- Buy Points: This involves moving the Point Spread positively, by paying a price.
- The Moneyline: This type of bet is simply on who will win. It establishes the odds for each side but is the reverse of the Point Spread, with a sign standing for the favorite and the + sign for the underdog.
- Total Bet: This is similar to point spread bets, only in that the better bets on the total points scored.
- Over/ Under: This is a bet as per which the number of points scored by the teams in any game will be beyond/ over OR below/ under the total set by the oddsmaker.
- Parlay of Accumulator: This is a way of betting on multiple sporting events in the hope that a big payoff will be made if all win. The picks made are in relation to the point spread. Even if one event does not win or draw, the better loses the entire bet. Huge amounts can be made through parlay betting, in the event of a win.
- Teaser: A teaser is similar to a parlay, however it has the option of adding or taking off points from one or more than one Spread bets. The odds depend upon the number of points the spread is moved as well as upon the number of teams that are combined to form the teaser.
- Futures: These are bets on who will win the championship in the event that there are more than two possible teams to bet on. Substantial variations between sportbooks exist in house edge on futures.
- Buying Half a Point: In this, the straight bet player gets the option of moving the point spread half point to his advantage. The most appropriate time to buy a half point is when one team is favored by 2.5, 3, 6.5 or 7 in football. This is primarily due to the fact that several games end in a 3 or 7 point difference. The extra half point may end up turning a loss to a draw or a draw to a win.
Of all these types of bets, three types of bets are prominent and must be used for the simple reason that they are simple themselves, are easy to win and have a good chance of winning. These are the Straight bet, the Doubles and the Future.
Here are a few Betting tips that will help you to place the Best Bets and push you towards a big win, they are:
- Always make an intelligent analysis of the odds and the offer of the bet.
- For a simple bet, stick to the Straight bet as it is non-complicated and has good winning prospects.
- Bet wisely by keeping your selections limited. Also try to limit the influence of bias in your betting. If you are a fan of a team try to limit the effect of that favoritism when betting.
- One of the most rewarding bets is the Future bet but only if you know a lot about the sport being played and about the players.
- By betting regularly though systematically and in an analytical manner, one can improve your judgmental ability.
- Contain the urge to bet with you winnings immediately. If you do not follow the standard rule of 50%, at least put some of your winnings back into your pocket.
- Make sure your sportsbook is a member of a known Gambling Association, makes a quick payment and is easily accessible. Read in between the lines, about matters pertaining to disputes.
- Train yourself to look for value odds you will master this art soon, with time and practice.
- If deciding between two seemingly equivalent choices, trust your judgment and not that of those who have bet before you. In so doing, choose a selection with a little higher risk so as to hike up the winnings.
- Bet on games and leagues where the sportsbooks commission is the least. This is often in the sport or sports with which that sportsbook does most of its business, as it is likely the most efficient in that area.
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