The sports betting industry is booming, and the COVID-19 pandemic with its subsequent lockdowns has only accelerated the growth, with many people looking for ways to entertain themselves in self-isolation. According to Grand View Research, the sports betting market size is expected to reach over $140 billion by 2028.
While any form of gambling always needs to be approached with caution, sports betting is undoubtedly an entertaining and potentially profitable way to put your sports knowledge into practice. However, while it might seem pretty straightforward, there are some things you need to know before you start playing with your own money to ensure your finances are safe and you get the most out of the betting experience.
From determining what sports you want to bet on, and familiarizing yourself with betting terminology, to finding the best betting apps in 2022, creating the budget, and sticking to it at all times — these are just some of the basics to go through before you start betting. Below, we dive deeper into details.
Choosing Sports To Bet On
Betting on sports you follow is the obvious and easiest way to start placing bets. You’ll already be familiar with teams, players, their records, know the schedule of the sports season, and you may even follow the news and everything that happens in the league. It makes the whole betting process a lot easier and will help you avoid any unpleasant surprises.
Pay attention to details, build up your knowledge, and don’t make decisions in haste. It’s safe to stick to the sports you already know well at first, but taking a closer look at the betting trends and researching teams can give you an incredible advantage. Once you have more experience, don’t be afraid to take the chance and learn something new.
Sports Betting Terminology
If you’re a novice in the world of sports betting, it’s always a good idea to familiarize yourself with some basic terms you’ll come across sooner rather than later.
Betting on sports involves a lot more than just knowing the team you want to bet on wins or loses. There are different betting options that you can choose from, as well as plenty of terms and phrases you should understand.
Here’s a short list of the most common sports betting terms:
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- Odds: the ratio between the amount you bet and the prize you win. There are fractional (British) odds, decimal (European) odds, and moneyline (American) odds. While different, they all present the same type of thing;
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- Underdog: less likely to win than the other team/player;
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- Favorite: more likely to win than the other team/player;
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- Total: the combined score of both teams (over/under);
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- Parlay: a single bet that requires you to pick multiple winners;
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- Lock: what you consider a guaranteed win;
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- Action: a wager or a bet;
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- Proposition bet: a bet on something other than the winner of a game, not directly related to the outcome.
Spending a couple of hours browsing betting forums and glossaries and learning about the most common terms will help you avoid confusion as soon as you start playing for real money.
Characteristics of Reliable Bookmakers
While there are hundreds of bookmakers out there, it’s vital to understand that not all of them are reliable and safe. Always check the provider’s reputation first, especially if you want to use your credit card to deposit funds.
Here’s what you should look for when choosing a bookmaker:
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- Licensed and regulated by a recognized regulatory body;
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- Reasonable and transparent fees;
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- Relatively high betting limits;
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- Easy-to-use and fully responsive website.
Pay attention to the reputation and history of the bookmaker you want to sign up with. If it has been around for several years and is highly regarded by its customers, it’s most likely safe to do business with. Furthermore, check out the bookmaker’s terms and conditions, particularly the section regarding deposits and payouts. It’s also important to look at the minimum and maximum bet amounts and the available betting options.
Money Management
Money management is the backbone of any successful betting strategy. As with any other activity that involves money, you should always have a plan in place and stick to it. Set yourself a budget, decide how much you want to spend per week/month, and allocate a certain amount of your money to sports betting.
To avoid the urge to spend more than you planned, never go over your limit. If you see that you’re not getting enough value for your money, stop betting and walk away. At the end of the day, it’s all about working smart and getting the most out of your betting experience.
Here are some tips on how to manage your budget:
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- Set a limit of how much you want to spend on sports betting;
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- Don’t change the value of the bet during the game;
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- Avoid making big bets on games with low odds;
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- Only bet with money you can lose without getting upset;
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- If you win — consider it “profit” and don’t re-use it for further betting.
The Bottom Line
can be a lot of fun, and you can potentially earn some money on the side by making use of your sports knowledge. However, it’s crucial to approach it with care and to have all the pieces of the puzzle in place before you start playing with your own money. This way, you can ensure your finances, as well as your personal life, remain safe.
You need to do your homework first and make sure you understand everything about the sport you want to bet on. It is the only way to not only enjoy watching games and following your favorite team but also take advantage of the betting opportunities that come with it.