Many people find it surprising to learn that gambling has been around for thousands of years. As such, sports betting gained popularity almost immediately after organized sports were created.
But, those who are looking to get involved aren’t always quite sure what steps they need to take. Fortunately, we’ve put together a quick guide with all the details.
Let’s take a look.
Table of Contents
Only Wager What You Can Afford
As you might expect, it’s highly recommended that you only bet what you can afford to lose on sports games. This is especially true for those who are just entering the world of sports betting.
To elaborate, it can be fairly easy to become captivated with the thrill of betting on your favorite teams. This can result in someone continuously placing risky wagers that would be financially crippling if things don’t go their way.
Instead, you should set aside a small amount of money for sports betting after you have taken care of all of your other financial obligations for that month. Additionally, you should assume that any money you bet on sports will be cash that you don’t get back.
Understand How to Place a Bet
Interestingly, many people who are looking to get involved in sports betting don’t know how to go about placing their first bet. You have a handful of options at your disposal.
Depending on where you live, you might be able to find a bookmaking shop near you. These are locations where you can physically present a betting slip alongside the requisite amount of cash in order to place your bet.
For those who are unfamiliar with this process, the cashier can help walk you through it if you need more information. After you have made your bet, you’ll need to keep an eye out for the results.
In the event that you win, simply return to the bookmaking shop to claim your money. More often than not, you will be paid in cash, but it will depend on the amount you have won.
Other options include telephone betting services and placing bets online. Both of these are often more convenient options, especially the latter.
Online bets have become notably easy over time, and even first-time sports bettors will be able to quickly find information about how to place the bet, claim their winnings, etc.
Educate Yourself About Odds
The outcome of the sports game is far more involved than a coin toss. This often means that one team will have a significantly higher chance of winning than the other.
As such, it’s in your best interest to educate yourself about sports betting odds. In general, you will find odds expressed in a multitude of ways, but the easiest to deal with are known as moneyline odds.
These are displayed as a single number accompanied either by a + or – in order to convey whether they are odds for or against the team.
For example, let’s assume that you encounter moneyline odds that read -150. This number illustrates how much money you need to bet in order to win $100.
In this case, you would need to bet $150 in order to win $100. After you win, your initial stake is also returned, so you would be awarded $250 in this case.
Odds like these are used when a specific outcome has a high chance of happening.
In contrast, odds that read +150 mean that you could win $150 by betting $100. This is due to the fact that this outcome has been deemed to be relatively unlikely to happen.
As with the above scenario, your initial stake is also returned, meaning betting $100 could cause you to receive $250 if you win. For those who are interested in baseball, you can visit this resource to learn more about MLB baseball free picks.
Avoid Betting For Your Favorite Team
Unfortunately, many new sports bettors fall victim to this mistake. Although it can be difficult to bet against your favorite team, it is sometimes a necessary action to take. Alternatively, you could avoid that bet altogether.
When you consistently bet on a single team simply because of your personal sentiment toward them, however, you put yourself at significant risk of financial loss.
Instead, it’s imperative that you mentally distance yourself from the teams you place bets on in order to give yourself the greatest chance of placing a fair bet.
Keep Track of Your Winnings and Expenditures
This is one of the most important obligations to keep in mind as a new sports bettor. For example, let’s assume that you have been consistently placing sports bets for the better part of six months.
During your sixth month, a wager you placed awards you with $5000 in cash. More likely than not, you are ecstatic to receive this amount of money.
However, if you had cumulatively lost $7500 since you began placing bets, this money isn’t quite as significant as it seems. In fact, you would still be at a notable net loss even after a big win like the one above.
Instead, keep track of each bet that you place and the outcome of it. If you notice that you are beginning to lose too much money, you can take a break for a while, switch up your strategy, etc.
Sports Betting Can Be a Rewarding Hobby
But you’ll need to participate responsibly. Fortunately, the above guide will ensure that your sports betting goes as smoothly as possible.
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