Sports betting is a fun and exciting hobby for sports fans who want to take their passion for their favorite team or player to the next level. It can be a great way to make a profit, too. But before you place your bets, it’s important to understand some of the basics. Read on to learn about the different types of bets, how they work and some tips for making smart bets.
Straight (Even) Bets
The most common type of bet in sports betting is a straight bet, which is an even money wager on the winner of a game or event. This is a good place to start, but you can also try betting on prop bets, which are bets that aren’t tied to the outcome of the game.
Cover and Edge
The main difference between a straight bet and a point spread bet is the amount of points that a team must win by. A team that is 5.5 points underdog against Phoenix, for example, must beat the Phoenix by at least six points in order to cover. On the other hand, a team that is 4.5 points favorite against Sacramento must lose by at least five points or win the game outright to cover.
Betting Odds
One of the most important things to know about sports betting is that the odds are made by the bookmaker, which means you can learn a lot about what’s likely to happen in a game by studying the odds. It’s also worth pointing out that betting on the underdog often pays off well.
In addition to the basic bets, you can bet on the number of total goals, points or runs a team will score in a game. There are also future bets, which allow you to bet on events that will occur in the future, such as who will win a division or championship.
Choosing the Right State for Sports Betting
In the United States, there are currently four legalized states that offer sports betting: Nevada, New Jersey, Mississippi and Oregon. Several more are considering it in the near future.
New Jersey – Legislation to legalize sports betting passed in November 2011, and the state went live on June 1, 2019. There are currently no casinos or online sportsbooks in the state, but there are a few mobile options available.
Mississippi – Laws were passed in 2018, and the first sportsbooks opened for business on January 1. The legalization of sports betting will be a key part of the state’s economy, so it is expected that it will begin seeing some revenue soon.
Missouri – A good attempt was made in 2022, but the issue of tribal exclusivity prevented a compromise from being reached. It seems like 2023 is the best time to bet in this state.
Minnesota – The state has a good chance of legalizing sports betting in the future, but there are a few obstacles that will need to be addressed before it is possible. Ultimately, the state needs to decide whether it will allow a state-owned casino or if it wants to work with local tribal casinos.