When millions of people watch the Super Bowl on Sunday, they won’t just be watching football. They will also be wagering billions of dollars. Since the Supreme Court opened the floodgates for states to legalize sports gambling in 2018, the sport’s betting industry has exploded. But it’s not all fun and games—it can make you broke if you aren’t careful. Here are a few important terms you should know before you start placing your bets.
Straight bets are bets on a single outcome of a game or match. For example, you may think the Toronto Raptors will win an NBA game against the Boston Celtics, so you place a straight bet on Toronto. Another common type of bet is the Over/Under. These bets are based on the total number of points, goals, or runs expected in a game. They are usually set by the bookmaker, and the over/under numbers reflect the margin of victory expectations.
The Over/Under number is usually rounded to the nearest whole number, but it can be adjusted by a bookmaker based on news about injured players or other factors. The bookmaker will “give away” or “take” a certain number of points, goals, or runs to balance the bets on both sides of an event. This will often be in increments of half-a-point (.5) even though very few sports have a point-scoring system that goes up to a full point.
One of the most important things to remember when betting on sports is that you will lose bets. Losing a bet when it looked like you were guaranteed a win is painful, but it’s also normal. The best way to prevent yourself from losing too much is to keep track of your bets (a standard spreadsheet works fine), and only bet money you can afford to lose. You should also avoid placing bets on teams or events you’re not familiar with from a rules perspective. And always be sure to check out the lines before you place your bet, as sportsbooks are sometimes slow to adjust them, especially for props.
Some people do manage to turn sports betting into a profitable full-time career, but this is more of an art than a science. It takes time, research, and discipline to be successful in sports betting. Those who follow these tips and can find value, pay as little vig as possible, and find the best lines will have the best chance of winning.