The world of sports betting is undoubtedly exciting. Generating a lot of fun and possibly income for some participants, sports betting is here to stay. But how much do you really need to know about sports to bet on them?
Can you bet on a game, having very little knowledge about it and still have fun?
When it comes to betting on an online sports game, it can help to have a little knowledge about the game in question. However, this is not the most important thing you need to take into consideration. What you really need to have knowledge about is how to place a bet. You can pretty much bet on any game out there. However, unless you know how to place a bet, you could be wasting your time. The more you know about the betting process, the more likely you are to win some cash.
The Best Place to Bet
The best places to bet vary wildly depending on your location in the world. While markets such as the UK – or, increasingly as legislation changes, the US – have an almost absurd variety of choice, other markets are limited. This isn’t helped by the ubiquity of English as a supported language, where less spoken languages such as those found in Nordic nations are fewer and further between. Fortunately, sites such as Nordicbet recognise fans of the Premier League aren’t restricted to the UK, and offer their services in plenty of languages, including Finnish.
Understanding odds
Every single online sports bet that you make will talk about a set of odds. This concept is quite simple. It involves a ratio of the amount of money you could be paid in relation to how much you bet. Odds can be different in different parts of the world, but as soon as you understand one type, it’s likely that you’ll understand the other types.
Moneyline odds: These odds talk about the ratio of risk and reward in relation to the number 100. When you place a bet on a favourite, the moneyline will always have a minus sign. This number tells you how much you will have to risk in order to win $100. What this means is that if you place a $10 bet at 200 odds and you win, you’ll get $10 plus an additional $5. If you were to place a bet on someone who is deemed unlikely to win, the number can come with a plus sign or no sign at all. If you were to bid $10 when the odds are +150, winning would get you $10 plus an additional $15.
Fractional odds: These odds will give you a very simple reward to risk ratio. The ratio will occur using a positive fraction and it will be reduced to a very low number. The lowest number possible is typically used. For example, a 6/2 bet would become a 3/1 bet (known as a three to one bet). What this means is that you could win $3 every time you risk $1. If the fractional odd (the one in this case) is lower than one, you will win less than $1 for every $1 you risk.
How to place a bet
The method of placing a bet can differ between websites. However, they will all provide you with the instructions you need to place that bet. As long as you know how the odds work, you should have no problem working out how to place a bet.
Depending on where you are in the world, you could find that placing an online bet is different. However, you can always ask for help and enjoy the excitement of betting in a slightly different way.
How much to bet
It’s entirely up to you how much money you want to bet. One of the best things you can do is to only bet what you can afford to lose. Try not to put all of your money into one game – if you lose your bet, you’ll not have any money left over for another game. So, spread your money. Ideally, you should bet no more than 5% of your bankroll on each game, where your bankroll is how much money in total you have to bet with. If you have $200 to bet with, your bet on each game should be no more than $10.
By using this method, you can help to prevent yourself from losing a lot of money on just one game.
You don’t have to know very much – if anything – about sports to bet on them. As long as you know how to place a bet, you’re good to go. You can learn a little something about the teams that are playing, should you wish to. However, knowing how to place an online bet matters more.
