Sports betting is a fun and exciting way to watch your favorite team play while earning cash on the side. But before you put your hard-earned money on the line, it’s important to understand how sports betting works and what your chances of winning are.
Betting Odds and the Difference Between American and Decimal odds
When you’re placing a bet on a sport, oddsmakers assign probability to each team. A favorite is given a positive number and an underdog is given a negative one. The higher the positive odds, the better the chance of winning; a lower negative number means the underdog is more likely to win.
A common gambling saying is “good teams win, but great teams cover.” Understanding how these odds work can make a huge difference in your betting strategy.
Parlays are an easy way to add variety and risk to your bets, but don’t overdo them. They’re not as profitable as a single bet, and they’ll drain your bankroll quickly.
Futures bets are another exciting way to get involved in sports betting. Instead of wagering on today’s game, you’re predicting which team will win in the future.
Prop bets are a popular way to bet on specific outcomes of games. UFC and MMA are ideal candidates for prop bets, as you can bet on how a fight will end.
You can also place a bet on whether a total will go over or under a certain amount. This is called an over / under bet and can be very rewarding, especially when it’s a high-scoring game.