According to a report by Cricket World, the cricket betting market may expand to about $223.69 billion in 2030. Not just cricket, there has been a considerable amount of surge in sports betting, especially in sports like tennis, basketball, football, and horse racing.
The whole concept of sports betting may sound quite interesting. However, it will become even more likable if you get to understand the terms properly. In this guide, we will offer different details for beginners who wish to enter the world of sports betting.
What is Sports Betting?
Sports betting is also pure gambling. You put a wager on the final result of a game and win money if your prediction is correct. Today, people bet even on other details of a game apart from the final outcome. For example, in a football game, the betting can be on the number of goals a particular player will score. Similarly, in cricket, people bet on whether a batsman will hit a sixer on a particular ball or not. So, overall sports betting today has become an entirely huge market.
Here are the stages of sports betting that you have to follow:
- Event Selection: The first stage is to select the right sporting event. Make sure that you are well-aquainted with the sport that you have picked for the betting. Today, people bet on some of the biggest tournaments like FIFA, NHL, or IPL.
- Choosing a Medium: The next stage is to pick a medium through which you will bet on the sport. You can pick a casino or any of the Fantasy Apps for your purpose. At the same time, these days there are online sportsbooks available that help you in sports betting.
- Odds Review: When you have finalized the medium, it is time to check out the odds offered by the platform. It is based on these odds that you decide upon your stake.
- The Bet: Now when you have reviewed the odds well and have calculated the stakes accurately, it is time to place your bet. Choose a suitable bet and confirm the wager amount with the platform or the sportsbook.
- The Outcome: Once you have placed your bet, it is just the time to sit back and closely watch the event. As the game is over and the results are out, you also get a result of your bet. If you win, you gain the expected amount while if you lose the bet, you lose the money that you have placed on the bet.
Principles of Sports Betting
Even though it is gambling, sports betting runs on a set of principles. Let us know about them here.
- The Odds: The odds are calculated depending upon details like earlier algorithms, expert analysis, and similar other data. While the bookmakers may have come up with the odds at the start of the bet, they might adjust them later on according to market demand.
- Identifying Odds: The bettors will place a bet on the odd that are either equal to the event result or better.
- The Bet: The betting may include a huge amount of money. So, you must make proper calculations and analysis to place a bet in a mindful manner. Just betting based on your luck may cause extreme losses.
- The Lock-in Period: Be very sure about the odds and the stack you are putting it because once you have placed the bet, it is locked till the results are not out.
- The Winning: Once the game results are out, the medium will calculate your winning based on your stake. Traditionally, people had to go and collect the won amount in cash. But today in case of online sports betting, the money gets directly credited to your bank account.
Types of Sports Betting
During placing a bet, you must choose the right type of bet type. For doing so, you must know about these different bet types.
- Moneyline Sports Bets: This is the most common type of bet in which you bet on the winning team in an event. It is quite popular in almost all types of sports and are perfect for beginners.
- Points Spread Bets: This betting type is mostly popular in events of basketball and football. This betting type allows you to place a bet on the margin by which the winning team has won the game.
- Totals Bets: This bet type is used in a game of football and for events for NFL. This bet type usually deals with the total goals scored in a particular game.
- Accumulator Bet: If you have gained enough experience in sports betting, you can go for this bet type. As the name goes, the accumulator bet is a combination of different types of bets. This particular bet also goes by the name Parlays.
- Proposition Bets: This particular bet type is again quite popular as it is useful in almost all types of sports. This bet is all about placing a bet on the performance of a particular athlete playing the sport. So, you can bet how much the sportsperson will score or how many fouls a person may get.
- Future Bets: All the above bets are short-term bets in which you may get results in a day or so. However, you may also place a wager on future bets. This are long-term bets in which you may have to wait until the tournament is over. For example, you can bet a team that will win the tournament at the end.
Popular Sports for Betting
While betting is getting active in almost every type of sports, there are some such sports that are already extremely popular among the bettors.
- Horse Racing
- Soccer
- American Football
- Basketball
- Tennis
- Cricket
- Esports
Is Sports Betting Legal?
Whether sports betting is legal or not depends upon the country in which you are. While some countries like Australia, UK, and some parts of Europe entertain sports betting, some other countries have imposed a ban on sports betting. So, you must understand the rules and regulations about sports betting in a country before you get indulged in it.
Sports betting may seem quite attractive but it can lead you to severe losses in case if you keep on losing your bets. While a luck is a major factor in betting, the results also depend upon your calculations and analysis. If you are beginner, understand all the details and rules of the sports betting carefully and then start slow to practice and achieve bigger in the future.
