The popularity of online sports betting is on the rise not only in the United Kingdom but all around the
world. Combining a passion for sports with the entertainment of gambling, many players seek this
activity, and there is a variety of online betting platforms offering it on desktop and mobile devices. If
you want to start placing your own bets, you've come to the right place. Here is the ultimate guide to
odds and online sports betting that you need to get started!
What are sports betting odds
You can use odds to determine a sporting event's probability of having a certain outcome. These are a
crucial part of sports betting, and you have to learn how to use them before getting started. With these,
you can easily decide whether or not it is a good idea to bet on a certain event and which bets offer the
most value.
When a certain outcome is most likely to occur, the odds will be lower, but the odds go up if the chances
are lower.
Odds come in three formats:
1. American odds (Moneyline);
2. Fractional odds (British);
3. Decimal odds (European).
These all represent the same thing, and the only difference between them is how they appear.
The American odds have a positive (+) or negative (-) sign in front of the value and are based on the idea
that one would place a $100 bet. Therefore, the positive sign shows how much you will win if you place
a $100 bet, while the negative one shows how much you need to wager to win the $100.
Fractional odds show up as fractions, as the name implies. Let’s say you want to bet on an event with
4/1 odds. If you place a $100 wager on this event, your reward would be $400 plus the original stake.
When the first number is lower than the second, for example 1/4, your reward would only be $25 plus
the initial stake.
Decimal odds, the easiest to understand, appear as numbers with decimals. This is only calculated for
the winnings, so 2.2 odds for an event will bring you a profit of $220 if you wager $100.
While the odds are very important when you plan your wagers, you should never base your decisions on
these alone. Betting sites may offer different odds for the same event, so it is crucial to do your research
and pick the best one for you based on which events you are interested in and what odds they offer.
How to place your bets
To start placing bets on sports events, you have to first find the right platform for you and create an
account. Make sure to provide valid information when signing up and verify your account via email or
SMS when you are done.
The next step you have to take is to fund your account. You should have multiple payment options to
choose from and even some lucrative promotions for you to enjoy upon your first deposits.
Now with the funds you have in your account, here are the types of bets you can make:
- Money line bets – this type of wager is the simplest of them all, and it represents betting on a
certain outcome of a single event. You can wager on your favourite team to win, and if they do,
you also win;
- Straight bets – for these, a betting line is set, and this is referred to as a point spread. The
event's favourite has to win by more than the set point spread, while the underdog has to either
lose less than the point spread or win outright for your wager to bring profits;
- Total line bets – with these, you can bet on the combined final score of both teams to stay
under or over the set value. Sometimes, sports betting platforms offer you the possibility to
place this wager for each half of the game for specific events;
- Parlay bets – if you want to combine multiple wagers for multiple events, this is the one for you.
It allows you to group different bets up to the limit permitted by the sportsbook. Their odds are
adjusted based on how many combinations you pick, but you only win if all your picks win;
- Teaser bets – – these are not as popular as the ones above because they are hard to hit, and your
payout is reduced. This is because it is similar to the parlay bet, but you can tweak the point
spreads in your favour;
- Head-to-Head bets – for certain sports such as golf or NASCAR, this type of bet is very popular.
It allows you to pick whichever player finishes the race or
tournament in a higher position.
Sometimes, they will have a money line attached to each player to handicap the match.
Know your rights and obligations
You have both rights and obligations when you gamble or make online sports bets. It is crucial for you to
know these, as they strongly impact your experience.
It’s important
to read this if you don't know your rights because you will find a thorough explanation of
everything you are and are not allowed to do on online casinos and sportsbooks. Here, you will be able to also find guidance offered by gambling and betting experts when it comes to making a complaint if things do not go as you expect on a platform you have chosen.
The laws and rules of all types of online gambling in the United Kingdom are stringent, and the presence
of such sources of information is crucial for all players. Experts strongly recommend you to also read the
Terms and Conditions for every gaming or betting site you join but having the option to read a simplified
and straightforward version of your rights and obligations is undoubtedly helpful.
This ultimate guide to odds and online sports betting contains the basic information that is enough to
get you started. However, you should keep on looking for reliable articles and data offered by industry
experts. These will help you dive deeper into how this works, discover all the possible ways in which you
can customize your bets, and make even better decisions.