With the official launch of sports betting at French Lick Casino coming up on Friday, September 6, here's 6 sports betting basics to brush up on before you place your wagers:
Understanding the
Odds
This is crucial, because as a bettor you need to understand
what your wager will pay out if you pick correctly.
An easy way to explain odds/spreads is that the negative
number typically represents the favorite, while the positive number represents
the underdog. For example: The Green Bay Packers play at the Chicago Bears on
the NFL’s opening night September 5, and the Bears are a -3.5 point favorite.
Meaning if you take the Bears, they have to win by 4 or more points to cover
the spread. If you take the Packers, they can cover by losing the game by 3
points or less, or by winning the game outright.
Money line wagers are also popular because there is no
spread and the bettor is essentially just picking who wins the game. For
example, let’s use the same game of Packers (+150) at Bears (-170). In this
scenario, you would have to bet $170 on the Bears to win $100. If you bet $100
on the Packers, they would pay $150. An important reminder for odds is that all
numbers listed are to represent a $100 winning wager. Any negative number must
be bet to win $100, and any positive number would be what you win if you bet
$100.
Money Management
It’s the most important consideration in sports betting, or
betting in general. Always have a bankroll to begin the season/month/week —
finding amounts that are comfortable truly makes the betting experience more
comfortable. Typically it’s a good idea to wager nearly the same amount on each
game, because this will help determine wins/losses at the end of the betting
period. For example: the bettor has a $100 bankroll each week and decides to
place five $20 wagers each week — but never more — no matter the outcomes.
What Types of Bets?
In today’s sports betting world you can wager on practically
anything. It’s important to pick the type of bets that fit your betting style
and are easy for you to understand.
The most popular bets are ATS (against the spread), money
line, totals, parlays and teasers. Bettors must understand which bets are
optimal for them and their bankroll. Using the Packers/Bears example, the total
is listed at 46 points. The number represents the number of points scored by both
teams; it doesn’t matter who scores what, the bettor just needs the total
number of points to go over/under the number 46.
Parlays are bets placed on multiple games that increase odds
depending on how many games the bettor chooses. The tricky part about parlays
and teasers is that you have to win every game. If the better makes a
three-team parlay and only two of them cover, the entire bet is lost.
Teasers are also called alternative line bets, meaning the
bettor can change the spread line/total to a number he likes better. For
example: Using the Packers/Bears at -3.5, the bettor wants to bet the Bears and
use them on a 7-point teaser. The teasers allow the bettor to add 7 points the
spread, essentially flipping the spread from -3.5 to +3.5. With teasers, it’s
important to note your odds change dramatically. For example: a two-team parlay
will pay odds of 13-5, and a two-team 7-point teaser will only pay 5-8 odds.
Pick Your Strategy
It’s all about what the bettor is comfortable with. Some
bettors stay away from certain sports; some bettors will play only the spreads;
and some bettors will bet any sport. If the bettor isn’t familiar with a sport
or a type of bet, it’s advisable to do more research before placing a wager.
For example: Bettor #1 only bets home underdogs — meaning no
matter what the spreads are, this player will only bet on games where the home
team is considered an underdog. Better #2 only wagers on favorites who are
favored less than 7 points. Each of these could become a winning strategy — it
just depends which one is suitable to the certain bettor.
Gather Information
A crucial component of making an informed wager. Today with
the internet at your fingertips, nearly all the info you’d like to know can be
found pretty easily. Several websites list injury reports and weather forecasts
for games. Football is especially important to follow closely, because several
players each week will be listed as questionable on the injury report, meaning
they are 50/50 whether they will play. Knowing the difference between a player
being probable (most likely will play), questionable (50/50 chance to play) and
doubtful (highly unlikely to play) is important to know hours before game time.
Remember Discipline
The most important tool for a bettor to have at his
disposal. It’s important to understand there will be bad beats and human error
that end up changing the outcome of games. The bettor must understand these
will happen and not to overreact or allow previous outcomes to affect future
bets. Bettors must be able to set limits within their bankroll and stick to
those limits over time.
In the earlier example about the bettor who places five $20
bets, even if they lose all of them, they must have the discipline to not
attempt a $100 wager to get back to even. On the flip side, if they win all
five bets, avoid the temptation of making a $100 wager to try and double
profits.
Pick a bankroll you are comfortable with and stick to it —
bettors can always make adjustments to things, but need the prudence to follow
a money management plan.