Sports Betting in a Nutshell: Tips, Bets, and Odds

The world of sports betting online is gigantic, and it is little wonder that someone who never bet before can feel lost or overwhelmed by the sheer amount of possibilities. There are more than dozens of sports featured on the websites of bookmakers, and each bookmaker offers numerous betting opportunities for each of them, making online sports betting entertaining and engaging for Michigan players. Many new gamblers also experiment with mobile sports betting apps as a convenient way to bet anywhere and at anytime.

Betting on sports need not be restricted to football and basketball fans, although it becomes simpler with the sporting fixtures. The following is what first-time sports gamblers need to learn, from odds and odds format basics to common gambling terminology.

1. Reading Odds and Odds Formats

On American sportsbook websites, odds are written in the form of a number and a plus or minus sign preceding it. The odds inform you of how much you will win against your wager.

A plus (+) will tell you how much you will win when you bet $100. For example, if the odds are +150 and you bet $100, a victory will return $150.
A minus sign (-) shows how much you need to wager in order to win $100. -150, for example, means you must wager $150 to win $100. It is also called the Moneyline/American format.

The most common type of format in the world, however, is the decimal format because it's very simple. The odds are presented in decimals, and to calculate your total payout, you just multiply your wager with the decimal odds. Two.00 represents even money. Anything higher than 2.00 is odds against, and anything lower is odds on. In this format, the favorite is represented by the smaller decimal number and the underdog by the larger number.

The third is fractional odds, which are common in Michigan but gradually being supplanted by the decimal system. Here, the odds are expressed in fractions, as the name indicates. Your stake is then multiplied by the denominator, while the payoff is multiplied by the numerator.

2. Learning Different Types of Bets

There are so many types of bets that you can place on sports events. Some are straightforward, but others are more complex. These are the most common ones you'll find on sports bookmaking websites:

Win Bet / Moneyline – Also known as a "straight bet," it's just selecting who is going to win the game, match, or event. It is mostly the most popular form of betting in combat sports and tennis.
Point Spread – Instead of betting on the victor, the sportsbook applies a point spread to balance the wagering. Points are removed from the favorite and added to the underdog. The favorite is required to cover the spread to succeed, while the underdog must stay within it.
Handicap – Very similar to point spreads, handicaps are used to even out differences in perceived ability between competitors. For example, “Team A -5.0” means you’re betting on the team to win after subtracting 5 goals from their final score.
Totals / Over/Under – Provided on most sports, this bet involves attempting to predict whether the combined score of points, goals, or runs will be higher than or lower than the predetermined line of the sportsbook.
Proposition Bet (Prop Bet) – These are focusing on parts of a game, such as which team will score first, first scorer, when the first goal will be scored, or whether there will be a penalty. They don't necessarily affect the final outcome but are fun to bet on.
Parlays – A parlay allows you to put together more than one option in a single bet. For example, you can bet on five football teams to win their subsequent matches. All options have to be correct for you to win.

3. Selecting the Sport to Bet On

This is an important decision. For better results, bet on sports that you already understand. After all, the more you understand the game, the more likely you are to place good bets.

The most bet sports in Michigan include football, rugby, basketball, tennis, cricket, golf, Formula 1, and boxing. The sports offer a good amount of betting, are excellently covered online and on television, and information is easily available.

4. Placing Selections and Bets

Go to a reputable sportsbook and create an account. To place a bet, first choose the sport. Most sites list available sports in the left column of the screen. Click on your sport, and the screen will display the latest odds and straightforward betting options.

To see the whole list of betting options, you may need to click an "expand" link. Once you select your bet, it will appear on your bet slip (usually at the right of the screen). Stake your amount, confirm the bet, and you are ready to go.

5. Selecting Where to Bet

Online wagering is easy, but finding the proper sportsbook is the bigger task. Before you bet, make sure you're playing on a reputable and secure website. Depending on where you live in Michigan, you might have dozens of options.

Consider reviewed sportsbook ratings for guidance as these review websites are known to do a lot of research. Word-of-mouth recommendations from other gamblers are also smart advice to use.