Whether you’re looking to make some extra cash on the side or just enjoy wagering on your favorite sporting events, sports betting offers a fun and potentially profitable hobby. However, to be profitable in sports betting requires a lot of work — and it’s certainly not a get-rich-quick scheme. It requires a clear strategy, in-depth analysis, and strict discipline.
Legal sports betting is on the rise across the country, thanks to an evolving public opinion and a fierce competition for market share among licensed operators. And while regulated markets are not without their issues, they’re generally safer and better for all parties involved than the unregulated black market.
The influx of new betting options has opened up opportunities for the NBA, MLB, NHL, and NFL to strike various partnerships with gaming entities, including sportsbooks, while also boosting their own revenues. For example, the NBA has a partnership with MGM and the MLB has an official sportsbook partner in FanDuel.
There are a variety of ways to place bets on sports, from straight bets (wagering on the outcome of a single game) to totals bets on things like points, goals, and runs. You can even make bets on the performance of individual athletes, aka player props.
The most important thing to remember when placing a bet is to know the odds. Odds are based on the relative probability that something will happen, with higher numbers denoting favorites and lower numbers indicating underdogs. The numbers are rounded up to the nearest half-point and then multiplied by the number of bettors. This number is then divided by the amount of money wagered on a bet to find out how much vig a bookmaker collects (aka their cut, similar to a small fee for taking your bet).