Sports betting has become one of the most popular forms of gambling in recent years and shows no signs of slowing down, even with the local and regional lockdowns that were enforced as a result of the Covid-19 global pandemic that kicked off at the start of 2020.
If anything, interest in sports betting has only increased.
For those who are new to sports betting or if you’re just getting started with gambling in general, you’re in the right place. This article will discuss the key things you need to know as well as a few of our favorite tips for how to get started with sports betting for beginners.
1. Decide on a Budget
The first step is always the most important, and when it comes to sports betting, step one should be to determine a budget that’s appropriate and in line with your income.
Although it’s up to you, of course, we’d recommend starting out with smaller bets that are only around 1 to 5% of your total budget, as this will allow you to place more bets (instead of fewer, larger bets) which will help you get in the practice that you will need to progress.
You need to seriously consider how much money you are willing to risk, especially as a beginner when you’re still picking up tips and tricks for how to place successful bets.
2. Choose a Sport to Specialize in
A lot of the time, the success of sports betting relies on a combination of sports knowledge, including performance history and statistics for certain teams or even individual players, and your ability to stay up to date with the latest odds offered for different sporting events.
There is a huge range of bets to choose from these days, but it’s worth starting out by focusing on one or two sports so you can get to know the ins and outs of it before moving onto bigger bets with a higher ratio of risk to reward.
3. Create an Account on a Reputable Betting Site or Bookies
The most important aspect to consider when choosing a betting site to join is how reputable they are, which can be easily established with a little research into former user’s reviews. It might be a digital betting service, but keep in mind that you’re gambling with real money.
Online betting is a great option for beginners as it allows you to place wagers right up until the match starts or sometimes even during the game, depending on the site you’re using. So, it’s also important to think about the site quality and the experience it will provide.
4. Get to Grips with the Odds
Understanding the odds can seem impossible when you’re first starting out with sports betting, but getting to grips with them will make your entire gambling career much easier.
Not only will you have a better chance of placing a successful bet if you are able to work out its implied probability, but you’ll be able to work out which bets are actually most beneficial to you by working out what the risk-reward factor would be for any bets you are considering.
It may take you a while before you can say you understand the odds involved with sports betting completely, but focusing on the following key points will help you learn:
- Odds can be expressed in different ways, either as fractional or decimal odds.
- Odds are used to calculate the payout from winning wagers.
- Odds provide an indication of how probable the outcome will be.
In the US, odds are given in the form of a decimal or as Moneyline odds, which is the format used by most US-friendly betting sites. Make sure that you stay informed and up-to-date with some of the best NFL odds by checking out https://www.fanduel.com/sbk/nfl-odds.
5. Learn the Basic Bet Types
It might sound obvious, but another really useful tip to follow if you’re a beginner when it comes to sports betting is to learn some of the most popular and commonly placed bets.
There are many different types of bets you can place on sporting events, so it can feel quite overwhelming at first, but try to stick to the basic bets and start to build on your knowledge from there. These can include the following simple wagers:
- Win bet/Moneyline bet
- Point spread
Once you understand these, you’ll be ready to start placing your first few bets! Good luck!