New sports betting enthusiasts can feel overwhelmed by the learning curve, but once you master some of the basics, it’s easier to understand why it all works. From understanding odds to using a bet tracker, here are 12 things every beginner needs to know about sports betting.
For beginners, a big hurdle in sports betting is understanding the terminology. Odds are the implied probability of a particular team or outcome winning, and they also indicate the potential return for successful wagers. They are typically listed starting with a plus or minus sign, and they can be either positive or negative, depending on whether the team is considered a favorite or underdog. Odds can also be written in a variety of ways, and some are better than others for different types of wagers.
Most bettors place bets on their favorite team, thinking that they have the best chance to win because they watch the team the most. However, that logic is flawed in a few ways. First, it is likely that the team you favor has a similar amount of knowledge about their opponents as you do, so your advantage is minimal at best.
In addition, bettors must factor in the impact of variance in the betting market, as there may be more money on one side than the other. This can lead to a discrepancy in the final payout, as well as a change in your overall profit.