Our betting expert teaches you everything you need to know about betting on sports online in 2023. From the NFL to UFC, there’s plenty of sports available to bet on, with a lot to understand for newcomers to online sports betting.
10 things you need to know about Sports Betting
- The Moneyline
- Betting on the Spread
- Totals Betting / Overs/Unders
- Parlay Betting
- Where to place your sports bets
- Comparing the best odds
- What does -110 mean?
- Watch out for line movement
- How to place a bet
- How much money should you bet?
- What sports can you bet on?
The Moneyline
Moneyline bets are the most basic type of sports wager where you simply pick the winner. The odds of a moneyline are based on the probability of a result, such as one team beating another.
Betting on the Spread
The spread is a market where the bookies give the underdog a certain amount of points head start, while the favourites start from a position of minus the same amount of points.
As a result they can offer the same odds, typically -110 about both teams.
The favourite has to win by more than the minus number (the spread) in order for a bet on them to win. The underdog can lose and a bet on them still be a winner as long as they don’t lose by more than the plus number they’ve been assigned by the books.
Totals or Over/Under
Totals bets are one of the most common bets placed by sports bettors and first and foremost refer to the total amount of points scored in a game.
This bet is also called over/under because the bookies set a ‘line’ and offer -110 odds for the final points tally to be either side of it.
- Find out more about Over/Under betting.
Parlay Betting
The parlay is a bet where you combine multiple bets on different markets together in one wager with all of the individual bets having to win in order for your parlay to be a winner.
Parlays are attractive to bettors as they offer the chance to combine several picks which have short odds together into one bet for a payout that would be much bigger than if you bet on each pick individually.
However, with each selection you add to a parlay the probability of all of them winning becomes more remote, making them a much harder bet to land than a single wager.
- Check out the best parlay betting sites
- Read more about parlay betting and examples
Where to place your Sports bets
There’s many sportsbooks in the USA competing for your sports bets, and we’ve highlighted the best sports betting sites out there. Check out the best sports betting sites in the USA, as well as the best sportsbooks available in New York.
Check Out the Best Sports Betting Sites and Apps
- Check out the best sports betting sites
- Download the best sports betting apps
Compare the best odds
The odds on a specific wager can vary based on the sportsbook, because different books have different strengths in odds.
As a result, one betting site may have the Knicks at +200 on the moneyline, while another has +225. Having access to more than one sportsbook allows you to shop for the best odds.
Getting a slight increase in odds might not seem like a huge deal, but it adds up over the long run, and if your bet wins, it will increase your payout.
What does -110 mean?
The odds of -110 are the most common odds in US sports betting. It shows the amount you need to wager on this bet in order to win $100.
Many popular markets see bookies price up both sides of a bet at -110, for example a spread bet where the favourites have a -7 point handicap and the underdogs have a +7 point handicap, or a totals market where both the under and over are priced at -110.
- Read more about how sports betting odds work
Keep an eye out for line movement
Sports betting lines are constantly changing, with many factors affecting the probability of certain outcomes. During the days and hours leading up to an event, sportsbooks will adjust lines and odds depending on news, injuries and other events.
For example, the Giants may start as 7 point favorites over the Jets, and many people could jump on the Giants to cover at -7.
This may result in the Giants line moving up to -7.5, or even -8. Or if the Giants QB gets an injury before the game, the Giants line would move the other way, to -6 or even lower.
Make sure you keep notice of line movement, and by checking the latest sports news, you may be able to catch some good breaks on some higher paying lines.
How to place a bet
Online sports betting is rapidly growing across the USA, meaning sports bettors have more options than ever before.
The following states all have legalized online sports betting, with each state having different sportsbooks available for online sports betting:
Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Louisians, Nevada, New Hampshire, New Jersey, New York, Michigan, Massachusetts, Montana, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia, Washington DC, Washington, West Virginia and Wyoming.
- Find out more about where sports betting is legal
- Check out the full step by step guide on how to place your first bet
How much money should you bet?
The amount that you should bet differs for each person, but a good rule to follow is to risk only what you can afford to lose.
Remember, sports betting is not a get rich quick scheme, and can be profitable in the long run. There will be days where you are up, and days you are down. Managing your betting funds is important, and make sure you never chase your losses.
A flat betting method is a good approach to sports betting. This involves wagering the same amount on every game and risking only 1% to 5% of your bankroll per play, the bankroll being money you have allocated for betting. For example, if you are starting with a bankroll of $100, you should risk no more than $5 per game.
What sports can I bet on?
All of the major sports in the USA are available to bet on, with the most popular bets on the NFL, NBA, NHL and College Basketball.
You are also able to wager on sports around the world, whether it is the English Premier League, tennis tournaments across the globe, or other sporting events happening outside the USA.
It is worth noting that each sportsbook will have different sports available, with the best online betting sites having a wider range of sports to bet on than others.
How to bet on Sports – A step-by-step guide
1. Pick your betting sites
While the process of joining a site is seamless and only takes a few minutes, picking a sports betting site is more challenging.
The best betting sites online come with many benefits, and you get better value for your money. They offer higher odds, better promotions, more markets, and they are safe to use.
You can do your own research and look for the best online sportsbooks, but It’s easier to pick one of these top-rated betting sites.
2. Open your account
Once you’ve selected your chosen sportsbook, it’s time to open a new account. You will be asked to fill in some personal information like name, address, and email address, and pick login credentials such as a username and password.
This will be where you enter any promo code you have, in order to claim any bonus offer. It takes only a minute and you’re good to go.
3. Make your deposit
Once you’ve created your account, now is the time to make your first deposit. Depending on which bonus offer you’ve chosen, there may be a minimum deposit requirement in order to take advantage of the promotion.
The best online betting sites will have a variety of payment options available. Debit cards, credit cards, paypal and other e-wallets are accepted at all of the best online sportsbooks, meaning you’ll have plenty of choice.
4. Place your first wager
Once your money has been deposited into your account, you’re ready to place your first bet. The layout of each sportsbook will differ, but all are easy to understand and navigate.
The main events of the day will often be on the homepage, with the most popular sports at the forefront of the site.
Having found a game or team that takes your fancy, you are able to bet on them. Once you’ve selected what you want to bet on, this will appear in your betslip.
Enter your chosen stake, and you will see the returns of your bet should the wager win. Once you’re happy with your selection and stake, hit confirm bet.
5. Withdrawing your winnings
Sit back and wait for the outcome of the game, or whatever it is you’re wagering on. If your bet is successful, you’ll be able to withdraw your winnings straight away.
Head to section of the site name ‘my account’ or something similar and choose the withdrawal option. From here you pick you preferred withdrawal method from the options available, the amount you want to withdraw and confirm the withdrawal.
Different withdrawal methods will have different time frames for the money being in your account, so it is worth checking which withdrawal methods pay out fastest.