In 2018, US online gambling revenue topped $306.5 billion. This is the result of millions of people logging online and placing bets. This modern and convenient method of betting has made it more accessible to people across the country.
If you’ve never gambled before, online betting sites are a tempting way to try your luck. However, you don’t want to blindly throw money at bets without knowing what you’re doing.
These online betting tips will help you get started.
1. Understanding Favorites vs. Underdogs
One of the most popular tips for betting online is to understand the favorites and underdogs. The favorite team is the one that everyone expects to win. You’ll see it with a minus sign next to the odds.
The underdog is the team the oddsmakers expect to lose. You’ll see it listed with a plus sign next to its odds. Games that are a toss-up are listed as “pick” which signals it’s anyone’s pick who will win.
2. Know the Spreads
The first method of betting on the favorite or underdog is by betting on the spread. The favorite will “give” points and the underdog will “get” points. For you to win on online betting sites, the favorite team will need to by more than what the spread is.
If the spread is five, then the favorite will have to win by six or more points. If the favorite wins by five, then it’s called a push and you get your money back. If the underdog wins, then you’ve lost your bet.
3. Try the Moneylines
The other common way of betting on favorites and underdogs is with the money line. This bet is solely based on who will win. You’ll see negative numbers listed next to the favorite. These numbers tell you how much you have to bet to win $100.
If the favorite wins, then you get the money. If the favorite loses, then you are out the money you bet.
The underdog will have positive numbers listed next to them. This tells you how much you could win if you bet $100. If the underdog wins that you receive the payout and if they lose you are out your $100.
4. Betting the Right Amount
Only bet an amount that you’re willing to lose. You always have the final say in how much you risk on a single game. Experts recommend viewing online betting as a marathon, not a sprint.
When using this strategy you’ll bet the same amount on every game. You’ll also only risk 1-5 percent of your betting bankroll on a single game. This strategy helps prevent you from losing your entire bankroll on a short bad luck stretch.
It also sets you up for a decent ROI when you’re having a good luck stretch.
5. Identify Your Strengths and Weaknesses
The most successful online betters are highly self-aware. They know their strengths and weaknesses and work with them to maximize your ROI. You can use sports gambling software to track your winnings and losses.
Use this information to find out where you’re most successful. Perhaps there’s a particular type of bet that you do best with. Or maybe there’s a sport you win more with.
Try Your Hand at Online Betting
Placing your first online bet can seem intimidating, but online betting sites make it easy. These tips should help you get started by understanding the basic terms and better methods. Remember, only bet what you’re comfortable with.
Check out our other inspiration articles for more life tips and tricks.