How to Bet

Some say something can only be fun when you know how to do it. When it comes to betting, it can be somewhat challenging for beginners. There are several things beginners must learn to avoid losing too much money. If this is your first time sports betting, we’ll help you understand it better so you know how to bet

Before You Place Your Bet

The first step to understanding how to bet is knowing how to do research before betting. When there’s an upcoming match, there’ll be tons of information and news reports online. You can read reports about the match that you’d like to bet on, about the team, rumours about the upcoming match, and so on.

News reports will notify sports teams’ performance on their previous matches and if there are any members injured. Injuries can be a big game-changer and it could throw your predictions off, so it’s important to always be informed about a player’s injury or previous performances.

Sports previews will also notify you about the upcoming matches line-up predictions and schedules. Previews will usually contain predictions about which team will play in which match. Reading previews will help you find your favourite team easier, so you know when’s the right time to place your bet.

Favourite VS Underdog

Before a match is happening, bettors are not the only ones doing research- bookmakers do too. Bookmakers will analyse all teams’ previous results and compare those results with one another to determine which team would be their ‘Favourite’ and which will be their ‘Underdog’. Favourite teams are likely to win the game, while the underdog is expected to lose.

These odds would often change depending on the money placed for the teams. Afterall, bookmakers aim to make a profit as well, so they’d level the playing field by adjusting the odds. For example, if the underdogs suddenly gained more money than they expected, the betting site might reduce the odds. Experienced bettors would usually use in-play markets to try and bet before the bookmaker adjusts the odds. 

Steps to Place Your Bet

After deciding which team to bet on, it’s time for us to tell you how to bet. Here’s what you can do to start betting on your favourite team:

  1. Ensure you’ve funded your account and have enough to place a bet.
  2. Go to the game lobby, or click on the sports tab to find the sport you’d like to bet on.
  3. Pick the sport, the market, and the betting type.
  4. Check your bet slip and confirm it to place your bet.

Odds Formats

Understanding odds is crucial when you’re learning how to bet. When betting, you’ll encounter three sorts of odds: money line (American), fractional (British), and decimal odds (European). In short, odds are the oddsmaker’s opinion on the game or event. Odds will also reflect how much money we must risk to win a specific amount. 

For British or fractional odds, they’ll be written with hyphens (-) or slashes (/). These are odds that are popular among British or Irish bookmakers. For example, if you find a fractional odds of 3/1 odds, you’ll win $3 against every $1 you wagered (with your stake also returned, so the total amount you’ll get is $4).

Simply put, it’s a ratio of the profit won to the initial bet, where you receive your stake back along with the profit.

The decimal odds are favoured in continental Europe, Canada, Australia, and New Zealand. With decimal odds, it’s easier to spot the favourites and underdogs by just looking at the numbers.

Unlike fractional odds, the number only represents the total payout or the amount you’ll win for every $1 wagered. For example, if you bet $100 for a 3.2 event, you’ll receive $320 when you win ($100 x 3.2). Your initial stake will be included in the odds, so the total profit you receive is $220. 

For Money Line odds, or American odds, the oddsmaker’s favourites will have a minus (-) sign. It’ll also indicate the amount you’ll need to wager to win $100. On the other hand, the underdogs are marked by a plus (+) sign, indicating the amount you’ll get for every $100 stake.

For example, if you bet on a +200 market, you must risk $100 to get the potential win of $200. If you win, you’ll get $300 (the payout and your initial stake). If you decide to bet on a -160 market, you must risk $160 to win a total payout of $260 (your initial stake $160 and the profit of $100).

Live Betting

Live betting is also known as in-play betting, where bettors place their stakes after the game has started. We’ll get to bet throughout the game, causing the odds to change according to how the game progresses. When this happens, you might get more betting options mid-game. 

There are pros and cons to both choices, where we won’t be able to change our bet if we choose to bet pre-game. However, live betting allows us to have more wiggle room and options according to how the match progresses, but the constant changes can also be hard to follow. 

Comparing Odds

Now that you’ve learned how to bet on different types of odds, you can start comparing these different odds. Different sportsbooks offer different odds, so it’s best to find the best sportsbook that provides the best potential payout.

If you’re looking for an easier way to get the best outcome, you can create multiple accounts to bet on multiple markets simultaneously. There are tons of sporting markets, and when you have more than one account, it’s easier to bet on different great odds. 

One of our top choices of sports betting sites for multiple accounts is Bet365, with great overall performance in sports betting. You can also try William Hill, which is known for having one of the highest maximum payout bookmakers.

Betting Tools

Odds can confuse beginners, but this is a common problem even for experienced bettors. To help bettors calculate odds, there are several betting tools that are capable of calculating the payout of their bet. 

You can look up odds calculators, which can help you calculate all kinds of odds. There are other calculators for different bet types, like the Parlay calculator, when you’re looking to place a parlay bet. This calculator can help you determine the potential payout by the number of bets and the value of each wager.