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All around the world, sports betting is gaining traction among sports fans. This is especially due to the extra layer of excitement placing bets on sports adds, as the element of risk makes it more thrilling to watch sports. To become good at sports betting requires time and dedication, as it entails research, knowledge about sports and betting, and a genuine interest in odds and sports. The increasing number of sports books and online operators has made sports betting an activity anyone can take part in at any time. Sites like Betway is dedicated to sports betting, which can either be done through their website, or on their app, making sports betting an on-the-go activity.
The various types of sports bets
If you are new to sports betting, diving in can be overwhelming as there are many types of bets you can place. The good news is that the most common types of bets cater to varying levels of risk and reward, which means that knowing about these betting types can set you up for success.Moneyline bets
A simple form of betting is moneyline bet. In this type of betting, you wager on which team will win a match. It is very simple: If you place money on an underdog and they win, the payout will be larger than if you place money on the favorite. It is especially within sports like soccer, basketball, and football that this type of bet is popular, since these sports are simple and have clear outcomes.Point spread betting
In this type of bet, the playing field is leveled by giving one team a handicap. Take this example from football: A team needs to win by a certain number of points, whereas the other team might need to lose by fewer points or win to cover the spread. This type of betting increases the complexity a bit, but if you have a thorough understanding of team dynamics, it can offer more favorable odds.Over/under (totals)
Over/under bets, which are also referred to as totals, is focused on the total score in a game. The setup is very simple, as a bookmaker sets a line, and you can then either bet on whether the combined score of both teams will go over or under the line. It is especially with sports like basketball and football that this type of bet is popular, as these sports are high-scoring sports.Parlays
Parlay bets are when you combine multiple bets into a single wager. Doing so can potentially lead to huge payouts, but it is also risky since all parts of the parlay must hit to activate a win. Take this example: You are a fan of the NFL, and you have placed bets on a game where you both bet on the winner, the over/under, and a point spread. If just one of these components is lost, the entire parlay collapses. In parlays, the risk is high, but the potential high payouts make it attractive to bettors.Prop bets
In prop bets, the focus is on individual players or team performances, and not on the final score. Such bets could for example be based on how many points a player will score, or the number of fouls in a game. What makes prop bets interesting to bettors is the unique angles it offers, as it allows for inside knowledge on specific players or game situations to be leveraged.Futures
Future bets are placed on long-term outcomes. This could for example be on how will win the Super Bowl or the NBA Championship. The odds for futures are higher, since these types of bets require patience and long-term predictions.Bankroll management and research-driven decisions
It is not enough to know about the various types of bets. It is just as important to apply strategies when betting to set yourself up for success. A fundamental pillar in being successful in sports betting is bankroll management. To do so entails setting aside a specific amount of money for betting, and then only using a small percentage of the budget per bet. By setting such strict limits you can minimize the risk of losing all your money too quickly, keeping you in the game for longer.If your goal is to become successful in betting, you should not follow your gut or only bet on your favorite teams. Instead, research is key. Before you start placing bets, you should gather a lot of relevant information that can inform your decisions. This could be data on player injuries, weather conditions, team form, and head-to-head records. If you are thorough in your research you can identify value bets, which is when the odds offered by bookmakers are not reflecting the true probability of an outcome.
Value betting and line shopping
A common sports betting strategy is value betting, which focuses on identifying odds which undervalues the actual probability of an event occurring. Take this example: A bookmaker has assigned odds of 2.00 (so a 50% chance) for a team to win. However, your analysis suggests it is more likely a 60% chance of winning, making this a value bet.You will quickly find that different bookmakers offer different odds for the same event. Many therefore choses to do line shopping as a tactic to maximize profit. It is the small variations in point spread or moneyline odds which can make the difference between a win and a loss.
