If you want to start betting on sports, it is not enough that you fork over your money to a bookie and tell him who to place the money on. To ensure that you don’t get ripped off and that you would be able to properly explain the nuances of your newfound passion to your friends.
Naturally, you should first have an affinity with sports. You should be familiar with the teams, the games, how these are scored, who the players are, when the games are scheduled, and other details such as handicaps, odds and spreads. You can only be good at sports betting if you are familiar with these.
If you already have a firm grasp of sporting concepts and you know who to bet on, you can then look for a place to bet. Gambling is illegal in the United States, except in Las Vegas so if you are based in the United States, you may have to forego your new interest or find a bookie in Las Vegas. There are underground bookies in the US but dealing with them is not recommended. If you live in Europe, you should not have a problem because in most European countries, gambling is legal and there are many licensed sportsbooks (places licensed to take bets) you can go to. If you can’t find a bookie you feel comfortable with, you can always place bets via the internet.
It goes without saying that you should be able to read and understand all the figures that you will encounter while placing bets. The basic figures you should know are the odds, which are used to calculate the payout of any sports wager; and the handicap, which may be used to identify trends.
There are three kinds of odds formats used in sports betting: American, Decimal and Fractional. American odds use a base system of 100 listed either as positive or negative integers; Decimal Odds (more commonly known as European odds) show the figures in decimal format; and fractional odds are used in the UK and, as the name implies, show the odds in fractions.
In American odds, the amount denoted by a negative sign show you how much you should bet to win 100, those with positive signs show how much you will win if you bet a hundred. To get the possible payout using European Odds, simply multiply the odds by a hundred and subtract a hundred from the ensuing product. As for fractional odds, multiply the numerator by a hundred and divide the product by the denominator to get the payout.
These are the basic concepts you should be familiar with, at least at the beginning. As you become more adept with sports betting you will be able to understand other more complex themes, such as parlays and teasers. By then, you would be able to discern whether or not placing bets on these would be worth the gamble.