Sports Betting – A Guide for the Beginners
Betting on the outcomes of a match is nothing new. In earlier times, betting was carried on the sports ground itself. Still, it would be a lie if it is said that the sports betting industry hasn’t developed something new in the recent years. With the advent of the TVs, betting can be done while sitting in your home on your couch. With the uprising access of the internet, sports betting has reached a new level. Sports betting is not only a game of participation but also something that is taught online. Guides to this new field are spread all across the web. This article is also a string in this whole virtual web. The article acts as a guide for the beginners in sports betting by familiarizing them with the common terminologies and strategies.
It is the bookmaker or bookie of the house, who organizes the whole game (not the game on the field). They set different payoffs for different outcomes, and people bet according to these prices set by the bookmaker. The bookmaker also maintains a record, called the book, where he or she lists the names of every participant and their respective bets.
Though this terminology is derived from its probabilistic or statistical counterpart – odds in favor or against, it is not synonymous with it. Odds in a sports bet is the ratio of the win including the initial wager to the initial wager. A simple example would help here. If the initial wager is $20 and the odds are 1.2, then it means that if the participant wins, then he would get 20% of his initial wager, i.e., $4, plus the initial wager.
Expected Values and research
This is rather a tip or strategy as a guide for beginners in sports betting. Doing a proper research before placing a bet is the most crucial strategy that will help you win a bet. This involves the following –
- Doing statistical analysis about the trends of the teams and evaluating the expected value (Probability x Payoffs) of each tournament.
- Considering the stakes involved. Weak teams also display a world-class gameplay when the stakes are high, for example, semi-finals of the world series.
- Considering other exogenous variables like weather conditions, stadium, the health of key players, etc.
Betting is not about betting on a single game. Bettors always look forward to the long run period. It is necessary to set a budget or what bettors like to call ‘a bankroll’ before actually betting. This process requires setting the amount the individual should place a bet on a single match. It is a common fallacy, which when the bettor is on a losing streak, he tends to increase the amount of bet per game. This should be avoided. Increasing the number of bets solely due to this reason is inappropriate. It must be increased slowly and in a planned manner.
This article truly serves as a guide for the beginners at sports betting because it includes both terminologies and strategical tips for the beginner. Sports betting is both about luck and science. This is because preparation requires rigorous use of statistical tools, but these are not enough if luck does not favor him.