How does Sports Betting work?

Sports betting is the complex, lucrative, and engaging art of gambling on sporting events. Baseball, basketball, synchronized diving, skateboarding, darts - you name the sport, and there are probably odds to be found. Even video games have grown into a whole gambling branch for themselves, so it’s quite clear how popular sports betting is around the world today, but why, and what can sports betting do for you?

Sports betting takes a variety of forms. You can bet on which team will win a game or event, how many total points, goals, runs, tries, or touchdowns they'll score, whether a knockout in a fight will happen in round 1 or round 12, and so, so, so much more. When it comes to how much your wagers are worth, there are a few factors that go into the equation, such as:

• The odds for the match, fight, or event

• The size of your wager

• The sportsbook offering (how favorable the odds your particular betting establishment of choice offers).

Now, before we get into what sorts of odds and bet types exist, let’s first dissect how sports betting payouts work.

How do payouts work in sports betting?

Sports betting may be fun, but the thing that ultimately interests sports bettors the most is the payouts. Sportsbook payouts are calculated through the odds on your bet multiplied by the amount you're wagering. Whether you bet online or in person, the potential payout is written on your betting slip. Sometimes the payout shown includes the amount wagered—for example, if you wager $10 to win $50, the payout would be $60. If not, simply add the amount you wagered to the potential payout to calculate your total winnings. Quite a few internet sportsbooks will offer payout bonuses, which is an exquisite way to boost your winnings. If and when these bonuses are available, and you’re using a trusted and quality sportsbook or bookie, you’ll receive notifications for taking advantage of these bonuses. Bettors have the option of withdrawing funds from their gambling accounts whenever they choose to do so. The time it takes for your money to show up in your checking account varies by the sportsbook, which is something else to consider when looking for the best sportsbook for you.

Everything you need to know about the odds

Everything revolves around the odds in sports betting and gambling in general. If you're new to the game, odds simply indicate the likelihood of a result occurring. All sorts of different ways of presenting odds exist, but the three most popular and accepted globally are British, European, and American odds. What’s the difference between these odds types? Let’s get into it.

Types of sports betting money lines: European, American, and British odds

Betting odds are generally classified into three types: fractional (British), decimal (European), and money line (American). These are just different ways of presenting identical odds, meaning there's no difference in terms of winnings. How are they represented? Here’s an explanation:

• British fractional odds are the ratio of the amount wagered to the amount won.

• European decimal odds show how much one will win for every $1 bet.

• Judging by whether there’s a + or - sign in front of the bet, American odds either show the amount a player needs to gamble to win $100 or how much one would win for every $100 wager.

How British odds work

In Great Britain, fractional odds are the most utilized by sportsbooks. Fractional odds are listed with a /, meaning that if you have 7/1 odds, you’ll get seven GBP (Pounds) for every pound you wager. You also receive your original investment back, obviously. To put it differently, this is the ratio of winnings to the initial bet, which means you'll get your stake ($1) plus the profit ($6) for a total payout of $7. If you bet $10 at 6/1 and win, you will receive a total payout of $70 ($60 profit + $10 stake).

How European odds work

Decimal odds, otherwise known as European odds, are popular in continental Europe, Australia, New Zealand, and Canada. The popularity of European odds globally stems from this form of odds being easier to understand than most other forms. It’s quite easy to understand who the favorite is and who the underdog is. With decimal odds, the numbers show the amount the player wins for every $1 bet. When using decimal odds, the payout indicates the whole amount you’ve won, including your bet. Here’s an example from a Champion’s League game between Liverpool and Ajax: Decimal odds on Liverpool to win - 1.53 (This means that you win 1.53$ with 1$) Decimal odds on Ajax to win - 5.25 (This means you’ll win 5.25$ with 1$)

How American odds work

Money line odds are popular in the United States. The odds for favorites are accompanied by a minus (-) sign and indicate the amount you need to stake to win $100. On the other hand, the odds for the underdogs are accompanied by a positive (+) sign and indicate the amount won for every $100 staked. American odds are, without a doubt, the hardest type of odds to master, but nothing is impossible when you’re trying to make a fortune, right? So, how does a bet with American odds look? Here’s an example from a game of American football: Odds on the Pittsburgh Steelers to win: +585 Odds on the Kansas City Chiefs to win: -760 If you want to bet on the Steelers in this situation, they are the underdogs, meaning that a bet of 100$ will net you a cool 585$. The original bet isn’t included, meaning that you’ll receive 685$ back. Should you want to bet on the Chiefs, you’ll have to bet 760$ in order to win 100$, meaning that this wager isn’t particularly profitable or desirable. Keeping track of whether there’s a - or + symbol in front of the bet is of vital importance. These signify whether somebody is a favorite or an underdog, meaning that you could make a grave error and lose money should you get the symbol wrong. That’s about that when it comes to odds, so let’s move on to the types of sports bets you can implement during your sports betting session. This part will be key to answering the question of how does sports betting work.

Types of sports bets and how they work

Sports betting has never been easier, but if you aren't unfamiliar with the various bet types, you could find yourself lagging behind the competition. Here are the explanations for the most popular bet types and the optimal conditions under which to use them:

Straight Bets

The commonest type of sports bet is a straight bet. A straight bet, also known as a "single bet," is simply betting on the outcome of a single game, match, or fight. Here’s an example: Liverpool is playing Ajax in the Champion’s League. Your options with a straight bet are to wager that Liverpool wins, Ajax wins, or there’s a draw.

Spread Bets

Spread bets are best thought of in terms of margins of victory. A spread bet entails either "giving up" or "taking" a given number of points, goals, and so on. The sportsbook determines this number, which represents the anticipated victory margin. Bettors must decide whether to "take" the spread (bet the underdog) or "give" the spread (bet the favorite). Here’s an example: The Denver Nuggets are playing the Los Angeles Lakers in the finals. The spread on Denver is -5.5, while the Lakers’ spread is +5.5. Betting the spread would mean that you are confident that the Lakers will either win or lose by fewer than 5 points.

Parlay Bets

Parlay’s are known as the poor man’s favorite bet. Of course, some of the biggest wagers ever placed in the history of the gambling industry were parlays, so don’t get us wrong - even the richest of bettors can take advantage of parlay bets, but their hook is that they can bring in major profits even with small bets. What are parlay bets exactly? Well, when you choose multiple events, matches, games, or fights to put together on a single betting slip, you create a parlay bet. Parlays require all or almost all (depending on whether you played the bet as part of a system or if your sportsbook offers bonuses that cover your losses if you miss one leg of a parlay). There is no limit to how many games, matches, or even different sports you can put in a parlay bet, so make sure to take advantage of one of the most popular betting options around the globe. Interestingly, parlays don’t have to be multi-game parlays - you can parlay multiple outcomes in a single match!

Totals Bets

Better known as Over/Under bets, Totals bets are score-focused, like spread bets. This means that the winner of the game isn’t as relevant as the props that the player chose, like whether the score will be over or under a given amount. Here’s an example:

If the sportsbook predicts that Liverpool and Ajax will play a low-scoring game, you may be best-served to play an Over bet, meaning that the teams will score more goals than the projected amount. Seeing as both teams are generally high-scoring, going for an Over bet isn’t a bad idea in this situation, especially when you take into account the difference in the quality of the teams.

Futures Bets

Futures bets are wagers placed for something that will occur at a later, and sometimes much later, date. For example, placing a bet on the finals of the Champions League or Superbowl at the beginning of a season would qualify as a futures bet. The earlier you place a futures bet, the more lucrative your winnings will be. Betting that Chelsea will win the Premier League at the start of the season and during the winter break will not net you the same profits clearly.

Prop Bets

While other markets are concerned with the outcome of a game or event, prop bets are concerned with an individual athlete's performance—or perhaps something that does not appear in the boxscore. A player prop might be betting on, for example, Tom Brady's total touchdown passes in a game or how many saves David de Gea will make for Manchester United. Going to a whole new level of potential profit and excitement, prop bets can be placed on literally anything - like whether a streaker will run onto the football field or whether a dog will steal the ball. The more unlikely the event, the higher the odds will be. Of course, not all bookies and sportsbooks offer such extravagant prop bets, so make sure to ask around before placing such wagers.

Most-used prop bet types

These are just some of the most-used prop bet types on offer with sportsbooks all over the world:

• Game props - Perfect for those who want to bet on a single game rather than a whole event. This can pertain to bets, such as choosing who will score first in a football game for example.

• Player props - Player props include a specific player’s performance, such as the total number of points scored in a basketball game, goals in a hockey game, or rushing yards in a football game. Player props can be any statistic that is measurable, such as an offensive lineman’s blocks or an outfielder’s assists. Novelty props

• Novelty props are often reserved for major events, like the Superbowl or Champions League finals. They can range from the length of the first performance of the national anthem to whether a streaker will run onto the field during the game. The more ludicrous the proposition, the bigger the potential winnings.

How does sports betting work - is it possible to turn a profit through sports betting?

You can absolutely profit from sports betting, just as you can from the stock market. Unfortunately, it is not easy, especially over time.

Keeping this in mind, don't go into sports betting expecting to win every bet you place (you won't) and make life-changing money (very few do).

You can certainly improve your chances of profit by being disciplined (i.e., not wagering more than you can reasonably afford to lose), conducting research, and seeking the advice of respected and successful sports bettors. You can have a lot of fun on the way if you're disciplined and responsible enough not to lose your money in vain. Always remember that, as with most things in life, there are no assurances in sports betting. There is also no such thing as a guaranteed, 100% winning wager.