How to Bet on Sports

Last Updated: March 22, 2023 References

Betting on sports is done for the thrill of the game and to make money. While betting on sports can seem almost impossible, especially in today's competitive world, it is actually fairly simple. First, you will need to understand the basics of what types of bets are placed. Second, you will need to find a local, or online sportsbook to bet at. Finally, if traditional gambling doesn't suit you, you can always set up your own fantasy sport's league. Once you learn the fundamentals, you will be on your way to gambling on sports in no time!

Part 1

Part 1 of 3:

Understand the Basics of Betting Odds

1
Bet on point spreads. Point spreads help to balance out the odds of each team winning. When people bet on point spreads, they usually talk about (+3.5), (-7.5), (+4), etc. This is how many points are added or subtracted from a team's final score. Take, for example, the Chicago Bears (+5) and the Green Bay Packers (-5) are playing each other this Sunday. The Bears are less likely to win, so 5 points are added to their final score.^{[1]
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- In this example, the Packers will have to beat the Bears by at least 6 points for people who bet on them to win. If the Packers beat the Bears by 5 points or less, people who bet on the Packers to cover the spread will lose money.
- The basic premise is that you need your betting team to either cover the spread, or underperform. In the same example, if you think the Packers will win but won't cover the spread, put money down on them to do so. If the Packers win by less than 5 points, you will win money.
- If teams wind up meeting the spread (not under or over) than you neither win or lose money. In the same example, if the Packers beat the Bears by exactly 5 points, no one wins or loses. When point spreads are (+7.5), (-4.5), (-8.5), (+1.5), etc. they are much more dangerous bets. This is because teams don't score half points, so you will either win or lose.
2
Place a bet on the money spread. This is a very simple method. You are betting on who will win the game outright. If you think the Chicago Cubs will beat the Pittsburgh Pirates, you will bet on them, and vice versa. The key here is to look at the point spread of the game. If the Chicago Cubs are given a large point spread (-5) then they are seen as more likely to win. If the spreads are pretty even (-0.5)(+0.5) then the game is largely seen as a 50/50 matchup.^{[2]
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- Look at the point spread first before you move onto the money spread. If the point spread seems way too high (-8.5) it is best to place your money down on the point spread.
- If the point spreads are fairly even (-1)(+1) then move on to the money spread. You will be much more likely to win covering a tight money spread.
- If there is inclement weather, that also is a heavy factor in money spreads. Snow, rain, sleet, fog, etc. can rapidly even the playing field between the two teams, and therefore even up the point spread. The worse the weather, the more random the outcome, and therefore the more money you should put down on the money spread.
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3
Put your money down on the totals. Totals is commonly referred to as the over/under. This is where the betting organization will give you a number (9), (4), (10), (175), etc. The number they give you represents the total number of points scored by both teams combined. You have to place a bet as to whether or not the teams combined will score below or above that number.^{[3]
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- Take for example the Los Angeles Lakers playing against the Oklahoma City Thunder. The total over/under will be 215. You have to bet whether the Lakers and Thunder will score combined over or under 215 points.
- Factor in different circumstances. If superstars are hurt on both teams, and the over/under seems pretty high, you might place your bets on "under." If superstars are playing lights-out of late, and the over/under seems too low, you might place your bets on "over."
4
Take decimal odds into account. Beside every point spread, money spread, and total (over/under) is a number in decimal form. Decimal odds are always written as positive numbers, never negative. For example, next to the New England Patriots point spread (-8.5) is a decimal figure of 2.798. Then imagine that you bet 0.1 bitcoins (BTC) on the the Patriots point spread that week on an online website. Multiply the bitcoins you bet by the decimal figure, and that is how many bitcoins you will win, if you betted correctly.
- So for this example, 0.1 X 2.798 is 0.2798. This would most likely be rounded up to 0.28 bitcoins on most websites. You will earn 0.28 bitcoins if you bet correctly.
- It is important to remember that decimal odds include your initial stake. So, for this example, you will not get 0.28 plus your initial stake. The stake is already included in the 0.28 bitcoin winnings.
- Bitcoins are a form of specialized online currency.
5
Use American odds. Next to every decimal odds number is either a positive or negative number in parentheses. If the number is positive, this is how much much money you will make on a standard 100 bitcoin stake win. For example, American odds are (+170) for the money spread on the Miami Marlins this week. This means that for every 100 bitcoin stake, you will receive 170 bitcoins back. If you put up 0.1 bitcoins as your stake, you will get 0.17 bitcoins back.
- The great thing about American odds is that you get your initial stake back. So if you bet 1 bitcoin, and receive 2 bitcoins as your winnings, you will get 3 bitcoins back in total.
- If the American odds number is negative, this is how many bitcoins you have to produce as your initial stake in order to get 100 bitcoins back. So if the odds are (-105) you will have to produce at least 105 bitcoins as your initial stake in order to get 100 bitcoins back.
- Bitcoins are a form of online currency.

Part 2

Part 2 of 3:

Betting on Sports

1
Begin your search for an online sportsbook. A sportsbook is basically a place where you can go and place bets on sports games. Online sportsbooks are very convenient, but are overrun with spam websites, advertisements, etc. It is important to find a site which is safe, like Bovada or Bet365. Generally speaking, if you type into Google "online sportsbooks" the first few options have the most hits, and are reliable.^{[4]
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- If you notice that the site you are on is overrun with ads, begging you for money, try a different sportsbook. Advertisements are quick and easy ways for spammers to try and take your money.
- Stay away from sites which don't allow you to browse their site until you give a credit card number upfront. It is never safe to give out your personal identification information to a site which you have not scouted out yet.
2
Learn all you can about the betting site. You want to make sure that the sportsbooks have the sports you want to bet on. Some online sites only specialize in one or two sports. Check out the terms and conditions of the site. Don't skim over them as they contain valuable information, including what they are liable for, and whether they can be sued.^{[6]
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- Check to see whether the site requires you to put money up front. It is important that you know the exact amount, and whether you are ever eligible to get that money back.
- Find where the sportsbook has posted the minimum and maximum withdrawal/deposit limits. You will need to know how much money you can receive every day, and how much you can place as a stake.
- Use the sites resource section to find frequently asked questions, and how to contact them. You will want to put their number in your phone in case of emergencies if you join their site.
3
Decide on a reputable Las Vegas sportsbook. If you do not like gambling online, Nevada is the only state in the country where sports gambling is legal. If you are planning a trip to Vegas, you will need to find a casino that has a sportsbook. These can usually be found in phone books (Yellow Pages) or online with full descriptions.^{[8]
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- You will need to decide whether you want a sportsbook with a lot of people, or a more quiet one. Remember, Vegas is a very popular destination, so you will not be able to free yourself from everyone. However, there are some more expensive sportsbooks which offer more private rooms with 10-15 people in them.
- Look on their websites to find out what kind of furnishing they have (couches, chairs, etc.), what food they serve, and what types of drinks they offer. These are rather small things in the big picture, but when you bet you want to be as comfortable as possible.
- Another important thing to look for is how many, and how big are there TV's? When you go to a sportsbook you will need a ton of TV's to watch at once, especially if you are betting on multiple games in multiple different sports.
4
Choose a local bookie. Local bookies are numerous throughout the United States, and can almost always be found at sports bars. If you know of numerous people who use him/her as their bookie, chances are they are safe and trustworthy. You can do any of the traditional bets you can do at sportsbooks. Bookies gather together pools of money from multiple gamblers and then disperse the money once the games are over.^{[9]
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- Because sports gambling is illegal everywhere except Nevada, you need to scout out your bookie carefully. They could be an undercover police officer. Go to the bar a few times and watch the 'bookie' work. Ask your friends and family about their experiences working with him.
- Make sure your bookie pays you on time. Sometimes bookies can be passive when it comes to their clients. Tell your bookie up front that you want your money on time, every week. Make it a point of order to always meet him at the same location and time after every game.
- Only bet very small amounts at first with him in order to build trust. Once you know he will deliver every week, you can up the amount that you bet.
5
Learn about the sport you want to bet on. There are such things such as proposition bets, which are basically random bets on coin tosses, the weather in a game, etc. However, if you plan on doing some serious gambling on games, you will need to know your stuff. Remember, especially online, there are tons of gamblers who do years of research.^{[11]
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- Familiarize yourself with one sport at a time. You do not want to bet on every sport you love. Really dive into the stats on the sports organization's website or on sportsbook site.
- Keep track of the outside factors which come into play with sports, such as weather, injuries, "revenge," etc.
6
Start betting small amounts. As you win a few times and build up your confidence, you can gradually increase the amounts you bet. This is important for managing your bankroll wisely. You want to make profits overtime, as winning a huge amount once is fairly rare. As long as you are consistently winning more than you are losing, and only placing small bets at a time, you will have much better odds overall at making a profit.^{[12]
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- Never gamble away money you need to pay bills. Keeping the electricity and water running are much more important than sports gambling.
- Use money you have left over from normal expenses. This means money leftover after you have payed bills, put away money into your savings account, and bought groceries for the week!
- Plan ahead of time. Save a little bit of money each week until you have a nest egg to gamble with. For example, if you plan on betting on the next football season, save a year in advance. this way if you lose the first few times you will still have money to fall back on.

Part 3

Part 3 of 3:

Creating or Joining a Fantasy Sports League

1
Recruit friends and family members. Fantasy sports is traditionally not seen as gambling, and therefore hasn't been regulated as such. However, you are giving an initial stake, and using your skills to win a return on your investment. To recruit members, first ask your family if they wish to join.^{[15]
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- Post sheets on bulletin boards at your job, with black spaces left for names and phone numbers. These sheets should identify who is running the league (your name), where the league will be located, and how much money you need for an initial stake.
- You can also post online at your social sites like Facebook and Twitter, asking for members to join your league.
- If you would rather join a league, there are plenty of reputable sites online such as ESPN, and other official sports sites which offer fantasy leagues. You might also look for friends or family who have started their own.
2
Agree on some terms. You will first need to decide what the official entry fee will be. The fees will go into one pot and will be given to the winner at the end of the football year. Some teams cough up 100 dollars a piece, while others find it fun to have a free league (bragging rights). After you agree to the fee, each player has to come up with an official team name.^{[16]
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- Be creative with the team names. As long as the other members approve it is fine. If you are playing with random players, you might want a more politically correct name which won't offend.
- The commissioner of the league (you) will approve the names. Then, as a group, come up with a league name if you wish.
3
Set up some official rules. The first thing you need to decide as a group is how many fantasy points a player gets for each action they take. This includes touchdowns, yardage, incompletions, dropped catches, made field goals, etc. (if you are doing a football fantasy league) You will need to set up a playoff system. Determine how many teams can make the playoffs and which NFL weeks the playoff games will be played.^{[17]
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- Another important rule is setting up a waiver wire. The waiver wire is basically how many free agents a team can add, the selection order, etc.
- Create a system where you can trade players. If the trade is clearly one-sided, you should have a process of vetoing the trade deal as well.
4
Track and score your statistics. You can do this one of two ways. First, you can calculate statistics the old fashioned way, using a pencil, paper, and a calculator. Look at the local sports page, use your fantasy point charts you created earlier, and add your points up. This takes very long however to do by hand, so it is recommended that you use a hosting site.^{[18]
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- Hosting sites basically calculate the fantasy score of each player every week. Instead of having to add the points yourself, they already have the job done for you. This way you can focus on the fun of fantasy sports, and not the downsides.
- ESPN, NBA, MLB, NFL, Yahoo!, etc. all have fantasy scores written on their websites.
5
Select a date for your annual player draft. The weekend before your sport begins is usually the best time to host a player draft. This is where you will all get together, write down all the players in your sport on one big board, and slowly draft them over the course of a few hours. You will want to bring a computer or smartphone with you, as you will need to use a hosting site to choose the best available players.^{[19]
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- As a host of draft night, make your friends feel at home. Typically the living room is used as the best place to draft players.
- This is a great time to make a feast. Cook hotdogs, hamburgers, chili; have potato chips and pretzels; have three or four types of soda ready. The atmosphere should feel like you are at a tailgate party.
- Once your players are drafted, you are ready to begin fantasy sports. Wait each week to see how your team does. Start and sit players based on their performances. Trade players for that final playoff push.

Warnings

Have fun but do not get carried away, as it can be a very easy way to lose everything you have saved.

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If you are an active professional player or manager it is illegal to bet on your own games. The consequences can include being permanently banned from your sport

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It is illegal to make a bet over $2000 with 5 or more people in the US.

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Check with your local jurisdictions to ensure that you are within your legal limits and laws.

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