Understanding the Odds in Sports Betting
Sports betting has grown to be a multi-billion-dollar industry, but it isn’t without its risks. While some people do make a living off of sports betting, it is not easy and far more often than not, bettors lose money.
If you want to be successful at sports betting, it is important that you understand the math and learn how the odds work. This will help you make smart wagers and avoid making costly mistakes.
A Straight Bet
A straight bet is the most common type of sports wager. It is a bet on the outcome of one single game or event. Straight bets are available on thousands of different events and games every season, and there are multiple ways to place them. Typically, you will click on the sport you wish to bet on and all available markets will appear. From there, you can click on the bet line that interests you and the bet slip will open. This is where you will input your desired wager amount and the potential payout for winning the bet.
Spread bets, also known as point spreads, are used to make uneven games more fair for bettors. They involve a set margin of points that the favored team must win by to cover the spread. This allows the underdog to win and still profit from the bet. In addition, sportsbooks include their vig in the odds of each bet, which is the amount they must make on each bet to break even.
Prop bets, or proposition bets, are unique bets that do not relate to the actual score of a game or event. They can be placed on a variety of different topics, such as the number of total touchdown passes made in a game or even the color of Gatorade that douses the coach of the winning team. They are a great way to add some entertainment value to your sporting event viewing experience and can be profitable if done correctly.
Over/Under (Total) Bets
Over/Under bets are based on the combined scoring of two teams during a game. If the final adjusted score is exactly the same as the total, the bet is a push and your stake is refunded. However, many sports books still count a push as a loss.
New Jersey
After the Supreme Court ruling legalized sports betting, sportsbooks rolled out quickly in New Jersey. Retail sports betting began in June 2018, followed by online options from DraftKings, FanDuel, BetRivers, and Caesars. The state also offers a handful of mobile apps, including those from New Jersey Lottery and the Garden State Raceway.