How to Bet – A Comprehensive Guide

America’s love of sports is no secret — from world-renowned leagues like the NBA and NFL to a diverse mix of collegiate competitions. As well as simply watching the game, many sports fanatics like to bet on the outcome. 

Wondering how it’s done? You’re in the right place. Our comprehensive guide will teach you all you need to know about how to bet on sports, as well as some considerations when choosing a betting site. Read on to get started.

Getting Started with Sports Betting

Before you can bet, the first order of business is checking whether it’s legal in your state. Since 2018, sports betting has been permitted at a federal level, and its popularity has continued to grow as more and more states have moved to legalize it. 

There are now 37 states where sports betting is legal, plus Washington, DC. 28 of these jurisdictions permit online sports betting, with Vermont being the most recent to add its name to the list. To check the legal status of sports betting where you live, check our sportsbooks page and select your state from the list. 

It’s also worth noting you don’t have to be a resident of a legal state in order to bet on sports, provided you’re within state lines when you place the bet. 

Signing Up at a Sportsbook

We’re stating the obvious here, but you’ll need to register an account with a sportsbook before you can place any bets. Consider the following aspects when choosing a bookmaker:

• Choice of markets – Does the sportsbook take bets on your desired events, and what types of bets does it offer? All betting sites feature the biggest leagues and contests, but it’s worth checking beforehand if you’re interested in things like Esports or tournaments from around the world. 
• Bonuses and promotions – As a new customer, you’ll get to take advantage of a welcome offer, and sometimes it’s worth shopping around. Likewise, check out what’ll be available once you’ve been at the site for a bit longer.
• Supported payment methods – Managing your money is an essential part of online sports betting, so make sure you’re happy to use the available services for your deposits and withdrawals.
• Additional features – Got a particular interest in live betting, or want to stream matches straight from the sportsbook? Many bookmakers use added functionality to stand out from the crowd.

Here at BettingOdds, we’ve partnered with the top names in the business to make your search easy. Take a look at our featured sportsbooks to get started with a betting site in your state. Once you’re signed up, make a deposit and you’re ready to go!

Key Betting Concepts

Once you’re logged in, you’ll be amazed at the huge number of sporting events you can bet on — not to mention the vast global coverage. From popular domestic sports like basketball and football to the latest Esports titles, you’ll never be short of choice. 

Simply select a sport from the navigation bar and take a look around. You might see many types of bets within each event, which we’ll explain next.

Types of Bets

If you’re new to betting, you might assume you’re betting on who you think will win. But there are many more options than that. Here are some different types of bets you can make at US sportsbooks:

• Moneyline – Betting on the winner of a game or event, with odds presented as positive and negative numbers.
• Point spread – Betting on whether a team will win by a certain number of points (the favorite) or not lose by that many points (the underdog).
• Totals (over/under) – Wagering on whether a certain statistic, usually the total points scored in a game, will be over or under a set threshold.
• Props – Betting on specific events within a game, like which player will score the first goal or how many yards a quarterback will pass for.
• Parlays – Combining multiple bets into a single wager. All selections must be correct for the bet to win, but the potential payout is higher.
• Teasers – Similar to parlays but allowing you to adjust point spreads or totals in your favor, albeit at lower odds.

Understanding Odds and Probability

For each betting market you see, you’ll be presented with the odds — these are what dictate the amount you stand to win. You can think of these as the likelihood of something happening. An outcome that has a higher chance of occurring will have shorter odds and thus pay out less than an outcome with longer odds and less chance of occurring.

Sportsbooks present odds in a number of different ways, typically defaulting to American or ‘moneyline’ odds. You may also come across decimal odds or fractional odds. 

Imagine two teams are set to play each other. Here’s what the odds could look like in these different formats:

Negative moneyline odds indicate the favorite and are the amount you need to bet in order to win $100. Positive moneyline odds indicate the underdog and are the amount you’ll win from a $100 bet. Alternatively, simply multiply your stake by the decimal odds to calculate the total return (stake plus profit) if your bet wins. 

The last column, implied probability, is the rough chance of each outcome and can be calculated using the odds. Keep in mind these numbers don’t add up to 100% because of the sportsbook’s margins — called vig or juice — which are built into the odds. 

The types of bets you make depend on your own preferences. Some like a greater chance at a smaller win, while others favor high risk but high reward.

Research and Analysis

It’s always a good idea to do a bit of research before you bet. The savviest punters factor in things like recent results, historical performance, the form of teams and players, any injuries sustained, and the other minutiae of the ongoing season. 

Fortunately, you don’t have to spend hours on end staying up to date — here at BettingOdds, our resident tipsters will be providing expert picks to help you decide who to back. 

It’s also worth evaluating the odds. After all, it’s the bookmakers’ job to know each sport inside and out, and they have a pretty good idea of each team’s chance of winning. You can use our handy odds comparison tools to browse prices between bookmakers.

Bankroll Management

Deft management of your betting funds is another important factor for successful betting. Think about the size of your bankroll and how many bets you’d like to place over the duration of your session. This can help you decide how much to wager. 

One way to think about it is the idea of betting units. A common number to use is 1–3% of your total bankroll. Let’s go with 2% and say you have a budget of $100 — one betting unit would be $2. On bets you’re more confident on, you might decide to wager two units, while bets you’re not so sure about you may just wager one unit. 

This structured approach can help you manage your bankroll more sustainably and maintain a level of discipline, even during losing streaks. 

Placing Your Bets

Taking everything we’ve learnt so far, we’ve put it altogether into this handy step-by-step walkthrough to help you place your first bet.

1. Compare sportsbooks at BettingOdds, sign up, and make a deposit.
2. Navigate to the sport you want to bet on.
3. Read our picks and see who’s tipped to win. 
4. Decide the type of bet you want to make and select your market.
5. Enter your stake, considering your overall budget and appetite for risk. If you have a free bet to use, you can select it within the betslip.
6. Confirm the bet and cross your fingers!

Once it’s settled, you can check the final outcome from within your betting account. If your bet won, the returns will be added to your balance, ready to be withdrawn or used on your next wager.

Live Betting

Live betting, also known as in-play or in-game betting, is a feature at many sportsbooks that allows you to place bets on sporting events that are already in progress. There are several benefits to live betting — namely the ability to react to changing game dynamics and exploit emerging opportunities, or simply another chance at picking a winner.

However, there are a few potential pitfalls too. The fast-paced and dynamic nature of live betting can be thrilling, but there’s also a higher risk of impulsive wagering and chasing losses. You’ll need quick thinking to capitalize on its advantages while staying disciplined to avoid emotional decisions. 

If you fancy trying your hand at live betting, most sportsbooks have a separate ‘in play’ or ‘live now’ section where you can browse every event currently underway. 

Bonus Offers and Promotions

New bettors can usually take advantage of a welcome offer when they sign up at a sportsbook. This is a fantastic way to test the waters and familiarize yourself with the betting platform. Usually, you’ll need to sign up, deposit, and make a qualifying bet to receive your bonus. There are a few different types on offer:

• Free bets are exactly as they sound — bonus credit that can be staked instead of using your own money. You can’t withdraw the free bet, but you’ll usually get to keep any profit if it wins. 
• Money back bets are a type of free bet that’s granted if your qualifying bet is unsuccessful. Your first bet at a sportsbook could be refunded as a free bet up to $1,000 if it loses, for example. 
• Matched deposits top up your betting wallet with bonus bet credit proportional to the size of your qualifying deposit, for example 100% up to $500.

When evaluating the true worth of a bonus, it’s essential to factor in the terms and conditions — don’t just think about size. Wagering requirements, winning caps, and odds restrictions are just a few key terms that can hamper the value of your bonus.

You’ll also find a number of other ongoing promotions to help you get the most value out of your betting, such as enhanced odds that boost the payouts of winning bets, parlay insurance that refunds your stake if just one leg fails, or free bet clubs for those who stake a certain amount on a regular basis.

Responsible Gambling

An unmissable step when learning to bet is understanding responsible gambling. The activity can be incredibly thrilling, but there’s a risk it can become addictive. It’s essential to start out with healthy habits — here are some of our top tips:

• Set a budget for your session before you bet, and stop once you hit it.
• Make use of on-site limiters to ensure you don’t bet beyond your means.
• Don’t place bets when you’re feeling upset or frustrated. It’s not a good idea to bet if you’re under the influence either.
• Only bet on markets and sports where you understand what you’re betting on. 
• If you feel like gambling is having a negative impact on you or those around you, take a break to reevaluate. 

If you do feel like you need some support or advice with your gambling, there’s plenty available. The National Council on Problem Gambling is a good place to start, and can signpost you to other organizations in your state that can help. It also runs the 24 Hour Confidential National Helpline which can be accessed in the following ways:

• Phone: 1–800–GAMBLER
• Chat: 1800gamblerchat.org
• Text: 800GAM

Get Started with Online Sports Betting

Now you’re at the end of our guide, you should be clued up on how to bet on sports. Ready to put down your first wager? We’ve got an excellent selection of bookmakers for you to compare — once you’ve made your decision, just click through to sign up, deposit, and claim your welcome bonus. Best of luck!

Frequently Asked Questions