Sports betting is one of the most popular pastimes around, with millions of people across the world enjoying placing wagers on their favourite events.
If you have never placed a bet before or have just started betting on sports, it is important to get to quickly get to grips with how things work. Read on as we show you how to bet on sports.
Sign-up at a reputable site
The most convenient way to place wagers is to open up an account with one of the numerous sports betting sites you can find online.
Search for reputable betting sites that are fully licensed and regulated to offer their services within your jurisdiction.
The best bookmakers will offer generous welcome bonuses and ongoing promotions which can enhance your chances of securing a winning return.
Once you have found a sportsbook you are happy with, simply make an initial deposit and you will be able to start betting.
Learn the basics
If you want to be a successful sports bettor, the first thing you must understand is how the different odds work.
Odds serve two main purposes – they reflect the likelihood of a particular outcome happening and are used to calculate the potential payout of your bet.
They are generally displayed in one of three different formats – fractional, decimal or American – with each one doing the same job.
Fractional (e.g. 3/1) are the most commonly used odds, with the figure on the right denoting the amount you must stake to win the figure on the left.
Manage your bankroll
Many people who bet on sports make the mistake of not creating a bankroll management plan when they first start placing wagers.
Professional punters use bankroll management to beat the bookies, as it safeguards them against the times when they may hit a losing streak.
To formulate your own plan, start by setting aside an amount that you can comfortably afford to spend on sports betting during a particular timeframe.
Once you have established this amount, you must then never risk more than two percent of your bankroll on any single wager.
Be strategic with your bets
It is also worth spending time studying different betting strategies, as there are numerous ones you can use that increase your chances of making a profit.
For instance, the Martingale strategy is a mathematical system that has been proven to guarantee a profit if you follow it stringently.
You start by placing a single bet on an event at odds of Evens or greater. If it wins, you will at least double your money. If it loses, you must double the stake on your next wager.
Although a long losing streak could put a huge dent in your bankroll, the maths behind the system guarantee you will make a profit once you select a winner.