The Basics of Sports Betting: A Beginner’s Guide

Sports betting can be difficult to understand if you are just getting into it, but all you need to know are the basics.

As a beginner, sports betting can be confusing to understand even if you are a staunch follower of the sport. However, sports betting can be fun if you understand the basics.

While it is always important to practice responsible gambling, there is nothing more fun than sports betting, especially if you are an avid sports fan.

It gives you the chance to make money while watching your favourite sport, league, team or player. There is no better feeling than that.

But while it is always a nice feeling to win money from sports betting, you need to know these basics to increase your chances of winning.

What is Sports Betting?

Sports betting can simply be defined as the act of predicting the outcome of a particular sports event, but you have to place a wager on the prediction with the hope of winning. For example, if the Los Angeles Lakers are playing the Golden State Warriors and you believe that the Lakers will win. All you need to do is put money on the Lakers to win.

Understanding Odds in Sports Betting

To understand sports betting, you need to know the most important thing, which is the odd. Unlike the bets you have with your friends, odds are the most important factor in sports betting because it gives you an idea of how an event will turn out.

A betting odd represents the probability of an event happening. It is usually in numeric form, although the format could be different. We’ll get to that later.

The higher the odds, the lower the chance of an outcome happening. Meanwhile, the lower the odds, the higher the chance of an outcome playing out.

For example, if the Lakers are expected to beat the Warriors, they will receive a lower odd while the Warriors will get a higher odd.

Types of Odds

American (Moneyline) Odds

Definition:

American odds, also known as moneyline odds, are primarily used in the United States. These odds can be either positive or negative and are centred around a base value of $100.

For this type of betting odds, if a team has a negative value, it means they are the favourite. However, if a team has a positive value, it means they are the underdog, meaning you will get more money if you bet on a positive value and it turns out to be the result.

Explanation:

Positive Moneyline Odds (+): Indicates how much profit you would make on a $100 bet. For example, if the odds are +200, a $100 bet would yield a $200 profit, resulting in a total payout of $300.

Negative Moneyline Odds (-): Show how much you need to bet to make a $100 profit. For example, if the odds are -150, you would need to bet $150 to make a $100 profit, resulting in a total payout of $250.

British (Fractional) Odds

Definition:

Fractional odds are traditionally used in the United Kingdom and Ireland. These odds are presented as fractions and show the ratio of the profit to the stake.

Explanation:

Fractional Odds Format: The odds are written as a fraction, such as 5/1 or 1/5.

The numerator (first number) represents the profit you make.

The denominator (second number) represents the amount you need to bet.

For example, 5/1 means you win $5 for every $1 bet, and 1/5 means you need to bet $5 to win $1.

European (Decimal) Odds

Definition: Decimal odds are predominantly used in continental Europe, Australia, New Zealand, and Canada. These odds are straightforward and represent the total payout rather than just the profit.

Explanation:

Decimal Odds Format: The odds are presented as a decimal number, such as 2.50 or 1.20.

This number represents the total amount you will receive for a winning bet, including your stake.
For instance, decimal odds of 2.50 mean that for every $1 bet, you will receive $2.50 in total.

Sports Betting Terms You Should Know

Moneyline: This is the most popular market in sports betting. Here, you are simply betting on the winner of a game or sport.

For example, you can predict and put money on the winner of the Dallas Cowboys vs the Baltimore Ravens. It usually comes in 1 and 2 format, but in sports like football (soccer), it appears as 1X2 because there is a possibility of a draw.

For you to win a moneyline bet, you have to guess the winner correctly. Even in a sport like football that has a draw as a result, you still have to be able to predict the winner of an event to win your bet.

Over (Total market): Over and under betting, also known as Totals Market, is a type of betting where you bet on the number of points or goals to be scored above or under a particular threshold or number.

This number or threshold often takes the form of a decimal or a whole number, depending on the sport.

If the threshold or number holds a decimal form, it means whatever total you are betting on has to be over and under that threshold.

It is important to note that over or under is not limited to just the team. You can also bet over or under on a player, especially in Tennis.

For example, you can bet on Liverpool to score two or more goals against West Ham on Sunday or Lebron James to score 25 points or more against the Mavericks.

A bet like this will take the form of Liverpool over 1.5 or Lebron James over 24.5. Read more about the total market here.

Accumulators or parlay betting: This is a type of bet where you combine multiple events on the same bet slip, but all your predicted outcomes have to play out the same way you predicted for you to win the bet.

For example, if you place a bet on Liverpool to beat Manchester United, Real Madrid to beat Arsenal and Chelsea to score at least two goals against Ipswich Town on the same slip. All games have to play out the same way you predicted for you to win a bet.

This means Liverpool and Real Madrid have to win, while Chelsea have to score at least two goals. If one of these outcomes does not play out, you will lose the bet. Read more about parlay betting here

Prop Bets: This is a type of bet that does not have anything to do with the match result. In other words, you are betting on other aspects of the game. For example, Lebron James scoring over 24.5 points against the Celtics is a prop bet.

Here, you are betting on what James will do in the game, irrespective of whether the Lakers win or not. Read more on prop bets here.

How to place a Bet

Now that you have an idea of some basic terms in sports betting, the next thing to know is how to place these bets.

Firstly, you need to register and create an account with a licensed sportsbook platform. You can do that with Housebets.
Afterwards, fund your account by depositing the amount you are willing to stake on any event of your choice.
Go to the sportsbook section and check out the sporting events you want to bet on.
Make your picks.
Review your picks and enter the amount you want to stake on it.
Place your bet.

How do I deposit to fund my bets at Housebets?

It’s easy and simple as long as you follow the simple steps below:

Go to Housebets.com
Log into your account or sign up if you don't have an account
Click on Wallet
Click on Deposit
Click here to view and select your preferred Cryptocurrency
Choose your preferred Cryptocurrency and network
Copy the Wallet address or scan the QR code and transfer from your wallet.
Coins will be deposited automatically after 6 network confirmations.

Why should you choose housebets?

Housebets has some of the best offers on the site and amazing bonuses, including a 200% welcome bonus and a chance to pre-mine $1M of tokens. Also, you get to enjoy easy transactions.

You can deposit into your account with any preferred currency of your choice, with a fast payout option on winnings.

There is a wide range of casino games to choose from. In the sportsbook section, you can also bet on live events, tennis, American Football, soccer, basketball, and other sports.