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Home » Blog » Mobile Industry » Sportsbooks: Everything you need to know on Sports Betting

Sportsbooks: Everything you need to know on Sports Betting

Written by Bharath

Sports betting has been going on for ages. People have been placing bets as long as sports have existed. The reasons for betting on sports are always the same; it is fun and there’s a chance of winning a lot of money. And in the 21st century, with the inception of online betting, it can’t be easier to get your money down. Everybody has access to top online sports betting sites, also known as Sportsbooks, where they can bet with various parameters, smartly filling their pockets or in most cases, emptying them. This is where beginners should start. We will go through Sportsbook, the basics of sports betting, and advice on how to develop some fundamental betting skills.

Sportsbooks

What are Sportsbooks?

Sportsbooks are companies or individuals who accept bets from individual sports bettors for various sports. 

Most of these bets are placed on a specific sporting event, where a team or individual is probable to win. Sportsbooks offer bets and accept wagers for both sides in a sporting event. 

Generally, sportsbooks have a specific set of rules that defines a winning bet for them. 

Sportsbooks have an established set of lines and odds which they adjust from time to time to evade huge losses and attract players simultaneously.

Most bookmakers or sportsbooks offer similar features to their players, despite the increasing uniqueness of strategies that they adapt to stay relevant in the iGaming industry

Basics of Sports Betting

Most people think of betting as pure luck. Well, we believe it’s a lot of smart work and a little bit of luck. Crazy, right? Sports Betting is all about math and probability. You just need to know where and when to put your money. Before you start, here is a glossary to develop your Sportsbook vocabulary.

Let’s start with the most traditional form of betting, the Fixed-Odd Betting. The term “fixed odds” means that the odds are agreed when a wager is placed. It simply means you predict an event to happen and place a wager for it. If your wager wins, the payout is based on those agreed odds. 

What kind of sports bettor should you be?

There are two kinds of sports bettors:

Casual Betting

Casual sports bettors make up a majority faction in the sports betting market. They may not know much about betting, but they do enjoy betting on the sport they love. 

Casual betters are not likely to place large wagers on a single event or a game. Instead, they go for smaller but consistent wagers throughout the sport’s season

Full-time Betting

Full-time Betting requires significant effort and is considered a huge risk. However, that hasn’t stopped bettors across the globe to place their wallets on the line for their favorite sport. Full-time bettors make a considerable fortune with their betting skills. They place large wagers on an eventful game with fewer odds, increasing their profits considerably.

The Mechanics of Sportsbooks and Betting

There are five main components of any sports betting platform:

  • Parties to the wager: There are always two parties to a sports wager, the bettor and the bookmaker. The bettor is the one who places the wager, and the bookmaker accepts the wager. 
  • Selection: The selection is the event that the bettor is betting on. Selection can be on a team or individual to win a game and even the odds of a particular event happening in the game.
  • Stake: The stake is the amount of money being bet on a wager. The bookmaker retains the stakes from losing wagers and awards them to winning wagers in addition to the initial wagers placed.
  • Odds: Sportsbooks pay you based on the Odds you are betting on or against. In sports betting, odds refer to the probability for a particular event to occur that you have placed a bet on. If the odds are likely to happen, then the payout will be less. But if the odds are rare, and make it less likely to happen, then you will be paid more if you win.
  • Payout: The payout is the total amount that the bookmaker must pay to the bettor if his selection is correct. It is the initial stake along with the winning wagers that are given to the winning bettor.

Different Types of Sports Bets and Sports Wagers

Let’s take a look at the various types of sports betting. 

Point Spreads: Point spread betting gives you the chance to apply your own knowledge of the game and lets you bet on a team even if you expect them to lose.

Parlays: Parlay bets are one of the highest-paying and one of the most difficult to win. 

Parlay bets multiple single bets into one which means you need complete accuracy to win.

Prop Bets: Prop bets, or proposition betting, lets you bet on really specific events and multiple aspects of an event, irrespective of the final score or outcome. Prop bets offer high payouts but come with higher risks. 

Live Betting: Live bets are placed while the sporting event is happening. Various live bets offer intriguing betting odds and high payouts.

Teasers: A teaser involves an exchange of points for volume. In layman’s terms, a teaser bet is a type of parlay bet in which you can pay to make the bet easier to win.

Teaser bets do provide amazing opportunities for good returns on low-risk wagers, however, they are one of the most advanced types of bets out there.

 Pleasers: In simple terms, a pleaser bet is the exact opposite of a teaser bet. The payouts are considerably higher than teasers which makes it a favorite for expert bettors, however, it is one of the most complicated and difficult bets to win.

Moneylines: Moneyline bets are the easiest bets for amateur sports bettors. In Moneyline bets, you need to bet on who you predict to be the winner of a game, race, tie, etc.

Totals: Total bets or over/under bets, lets you bet on whether or not the combined goal, point, or run total that will be scored in a single game will be more or less than what the oddsmaker sets before the match or the event.

Futures: A futures bet or outright bet, allows you to bet on an event before it even happens. This offers a lucrative opportunity for bettors who follow a sport for a long time and can predict games from a larger view.

IF and Reverse Bets: In an IF bet, if your initial wager wins, the next bet in the sequence is automatically placed. If the initial wager loses, no additional bets are placed. A reverse bet is just multiple overlapping IF bets. It is a bit complicated to understand in the beginning, but you’ll soon realize the potential it has for you to make money.

Online Sports Betting Tips and Strategies

You can learn how to be profitable when betting by using some of these betting strategies and tips mentioned below and more:

  • Hedging Your Bets
  • Betting the Middle
  • Low Percentage Bankroll
  • Zig-Zag Theory
  • All-In Betting
  • Betting with a statistical model
  • Betting Against the Public

How to choose the right Sportsbooks online? 

Sportsbooks offer a variety of features. Not all offer the same set of uses or sports verticals to bet on. Differences between Sportsbooks are mostly based on the following:

  1. Reputation: A sportsbook has a good reputation if its website has been online for a very long time and is licensed by a professional iGaming Authority.
  2. Sports Variety: Good sports variety is an important element to be considered as there are bettors who bet on niche sports like UFC or cycling. A sportsbook offering niche sports to bet on can have extra betting options and improve your betting experience.
  3. Opportunities and Promotions offered: Online sports betting sites offer a variety of bonuses from time to time to attract their customers and retain them. You must look for SignUp offers, wagering requirements, minimum withdrawal amount, referral bonuses, etc.
  4. Odds and Lines: Sportsbook with competitive odds and lines maximize your profits enormously. It increases your chance to bag a big potential profit.
  5. Ease of financial transactions and faster payouts: Withdrawal speeds, payout/transaction charges, and multiple banking options are a huge factor that attracts customers to a sportsbook. Customers also prefer cryptocurrency for sports betting such as Bitcoin to have better transaction speeds and less transaction charges.
  6. Security: It is a huge factor that you need to consider before opening an account with a Sportsbook. Most Sportsbooks in the recent past have taken security into consideration due to the sensitivity of the data that they are dealing with.
  7. Customer service: One should clearly ignore Email-only customer support. There is nothing worse than your issues not being resolved within the same day. Most Sportsbooks offer chat and call support which increases customers’ faith in Sportsbooks.
  8. Sportsbooks for live betting: For an experienced bettor, Live Betting options are a must to have in an online sportsbook. It’s simply like being a Stockbroker, just cooler.
  9. Location Availability: Sports betting is not available at all locations due to laws against betting in a particular country or state. Hence, it is advisable to check whether the Sportsbook offers services where you come from.

 

Sports Betting Trends to keep an eye on

The online gaming industry will reach $92.9 billion by 2023 and to make the most of it, Sportsbooks must ensure that its offerings are relevant and fit the current gambling trends. Here is the list of Sports Betting trends curated by our team. 

  1. eSports betting: eSports has generated massive figures during the pandemic, and this trend will most likely continue. When all sports came to a halt globally, eSports carried the baton and intrigued many online sportsbooks to expand this niche.
  2. Wearable: Wearable tech has been here for a decade now, and the possibility of it being utilized in the gambling business can be possible soon.
  3. Live Gaming: Live betting apps are already out there but still in their exploratory phase. Not many Sportsbooks use such streaming technology, and we are yet to see loose betting laws to make the most of this space.
  4. Social betting: Bettors can discover and share their bets with friends, family, and a larger social circle.
  5. Free Bets and Bonuses: Sportsbooks now offer free bonuses and bets to attract new customers. This allows customers to develop newer strategies in sports betting, without risking money.

Online Sports Betting & Recommended Sites

Here are some of the most recommended and the best online sports betting sites in a variety of different categories:

  • MyBookie: Best sports betting site overall
  • BetOnline: Best market options
  • Bovada: Best for prop bets
  • Sportsbetting.ag: Best for banking offerings
  • GTBets.ag: Top tennis betting site
  • BetUS: Best for reload bonuses
  • XBet: Best security offered by a sports betting site
  • Busr.ag: Best for bonus packages
  • Intertops: Top NFL betting site
  • Every game: Best for casual sports bettors
  • Sportsbetting.ag: Best for sports bonuses
  • MonkeyKnifeFight: Best for daily fantasy sports
  • Cloudbet: Best crypto sportsbook

Best Sportsbooks for Mobile Betting

There are various sportsbook mobile betting apps out there. The main criteria you need to look for in choosing the right sports betting mobile app for you are: 

  • Live betting
  • Quick transactions
  • Free bets and bonuses

Below we listed some of the best sportsbooks around.

  • Bovada
  • MyBookie 
  • BetOnline 
  • SportsBetting.ag 
  • GTbets 

The Wrap-Up: Defining Your Online Sports Betting Objectives

The sports betting market is ever-growing, and Sportsbook with their bettors will constantly make the most of it. It is up to you to decide whether you want to board this train of Sports betting or not.

As you already know, there are two categories of people who bet on sports, Casual or Recreational bettors and Full-time bettors.

First of all, the majority of sports bettors fall into the Casual bettors’ category, who bet primarily for fun. Making money is not the real reason why they bet on a sport. It is for the sheer thrill and fun that they put their sports knowledge to the test without having to put much effort.

And then there are Full-time Serious Bettors, who put a significant amount of effort into sports betting. They strategize their decisions and place bets where they can win. 

As a beginner, you need not think about whether you want to bet for fun or be a serious bettor. Once you have a firm grasp of the basics of sports betting, it will be easier for you to decide.

However, it is always good to think about your objectives, as it will have a notable impact on your approach towards betting.

 






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