Sports betting is one of the oldest and most popular forms of gambling in the world. For sports fans, participating in sports betting is a way to engage with their favorite sports event. It is also a way for fans to use their knowledge of the game or the players to earn extra cash. There are many sports out there to bet on, but we will be focusing on basketball betting today.
Basketball is one of the four major professional sports in the US. And it still continues to deliver excitement to both spectators and sports bettors. Basketball betting can be very fun and profitable if you bet wisely, but it is also important to recognize that it involves risk. Every form of gambling always involves risk.
That is why before placing your bets on your favorite teams for your favorite sports events, you need to arm yourself with at least the basics of sports betting. Since you’re here, you are probably a beginner who’s still researching everything you need to know about sports betting. Here are seven easy steps so you can start your sports betting journey today.
Step 1: Make sure you have the money to gamble
You definitely cannot start a betting journey if you don’t have the money to bet. Before placing your bets, you need to make sure you have the money to do so. Sports betting or any form of gambling is not just about having fun when placing your bets in ways you want to. You gamble because you want to have fun at the same time, to win.
Step 2: Use your head, not your heart
The goal in gambling is to win while having fun. When placing bets, you need to consider lots of things. In gambling, you need to sober up and think thoroughly about taking steps. This is why it is really important to do your research not just how to wager on your favorite team but also on the game itself and the teams and players participating in it.
Step 3: Learn to read odds.
Odds are a very important part of sports betting, and they serve two purposes. The first is they are used to calculate the payout of winning wagers, and the second is they are used to know any particular outcome happening in the sports events. Oddsmakers make these odds, you can check on them on sportsbook sites.
Another thing to know is that there are three different formats of odds which is as follows:
This format is more commonly used in the United States. American Odds are usually displayed as either negative or positive. A negative odd, expressed in a minus (-) sign, represents the favorite, while a positive odd expressed in a plus (+) sign represents the underdog.
Decimal odds are also called European Odds as it is most commonly used in Europe and Australia and Canada. The decimal odds represent the amount you will win in every $1 bet.
Fractional odds are also called UK odds because they are commonly used in the UK and Ireland. It is one of the oldest odds in sports betting and is originally used in horse racing.
Step 4: Learn the sports betting math
Gambling obviously involves money, and with money, it also involves math. To gamble effectively, you need to understand how the math in sports betting works. It is a bit complicated, but with a bit of research and experience, you’ll definitely get the hang of it.
Step 5: Know the different betting options
Before placing your bets, you need to know that there are different ways to bet on sports betting. There’s Money Line, Point Spread, Totals, Futures, Parlays, Props, & Live Betting. You just have to choose what suits you best. Knowing these different betting options is also essential when formulating a strategy.
Step 6: Formulate a strategy
After researching, learning to read odds, learning the sports betting math, and knowing the different betting options, it is time to formulate a strategy. Since gambling involves risk, it is wise to formulate a strategy before you place your bets. It will help you a lot in winning sports betting and in all forms of gambling.
Step 7: Pick a sportsbook & place your bets
Lastly, it is time to pick a sportsbook to place your bets. There are a lot of Sportsbook sites on the web as of today. You can pick whatever you like and start looking at odds made by oddsmakers on different sportsbook sites. After picking a sportsbook, you’ll just have to sign up, make a deposit, and you can finally place your bets.
Basketball betting is another fun way to engage in the event. You can use our seven easy steps above in basketball betting to help you in your sports betting journey, and we made it seven so you can easily start today. Happy betting!