Imagine if every time Erling Haaland scored a goal in the Champions League, your net worth increased by $10,000. The excitement of watching the game would be amplified, making every match even more thrilling.
This is the essence of sports betting—you don’t just watch; you predict an outcome, and if you’re right, you win alongside your favorite teams and players.
As sports continue to gain global popularity, betting on events has become a major trend. Many countries have legalized sports betting, though regulations vary by region. But what exactly is sports betting, and how does it work?
What is Sports Betting?
Sports betting is the practice of placing a wager or bet on certain outcome(s) of sporting events.
Those who are interested in a particular game usually try to guess the outcomes of the game like who is likely to score, which team is likely to make more runs, or who is likely to play better in that particular game. People can wager on various types of sports events including football, cricket, baseball, and soccer.
The main aim is to guess the right outcome so as to earn money against the betting odds given by the sportsbook.
According to the report by Statista, revenue of the sports betting market is projected to reach US$2.19 billion by 2025. The online sports betting market is expected to grow at a compound annual growth rate (CAGR) of 5.37% from 2025 to 2029, reaching a total of US$2.70 billion by 2029.
Let’s understand the Process of Sports Betting
It is a structured process in which bettors place wagers on the outcome of sports events. Whether betting online, at a physical sportsbook, or through a betting exchange, the process generally follows these key steps:
- Choosing a Sportsbook
- First, you have to select a sportsbook or a betting platform to place a bet. There are many other options available like online sportsbooks, physical betting shops, and mobile apps. When selecting a sportsbook, it’s important to ensure that it is licensed and regulated in your location to guarantee a secure and legal betting experience.
- Look for a betting platform that offers great odds, plenty of markets to choose from, and rewarding bonuses—like welcome offers, free bets, or deposit matches. These perks can help you get more value from your bets and make the experience more exciting.
- Creating an Account & Depositing Funds
- For placing a bet, you’ll need to create an account and deposit funds using various payment options such as credit/debit cards, e-wallets like PayPal, Skrill, or Neteller, or cryptocurrencies like Bitcoin and Ethereum, or traditional bank transfers.
- Many sportsbooks also offer incentives, such as risk-free bets or deposit bonuses, when you register and make your first deposit.
- Understanding Betting Odds
Betting odds represent the likelihood of a particular outcome in a sporting event or wager, as well as how much a bettor can potentially win if they place a bet. Odds are used by sportsbooks and betting platforms to determine the amount of money you can win relative to your stake.
Several types of odds formats indicate the same thing but in different ways. Some of these formats include:
1. Moneyline Odds (American Odds)
Moneyline odds are commonly used in the US and they are represented by positive (+) and negative (-) numbers.
- Positive Moneyline Odds (+): This indicates the potential profit you would earn from a $100 bet.
Example: +200 → A $100 bet would win you $200, giving you a total payout of $300 (stake Plus profit).
- Negative Moneyline Odds (-): This shows the amount you need to wager in order to win $100.
Example: -150 → You need to bet $150 to win $100, resulting in a total payout of $250.
2. Decimal Odds
These odds are commonly used in Europe, Canada, and Australia. Decimal odds display the total payout (including your stake) for each unit wagered.
- Formula to calculate: Total Payout = Stake × Decimal Odds
- Example: Odds of 3.00 → A $100 bet returns $300 ($200 profit + $100 stake).
In sports betting, the favorite is the expected winner, while the underdog is the predicted loser. Lower decimal odds (e.g., 1.50) indicate favorites, while higher odds (4.00+) represent underdogs.
3. Fractional Odds
Fractional odds are widely used in the UK and in horse racing. They represent the potential profit relative to the stake.
Example: 5/1 (“Five to One”) → A $100 bet would provide a $500 win, resulting in a total payout of $600.
The number on the left indicates the profit, while the number on the right shows the stake needed to earn that profit.
- Choosing a Bet Type
Many types of betting options are available for you to choose from. Here are some of the most popular ones.
Moneyline Bet: This is a simple form of betting where you can place a wager on which team or particular players will win the event. There’s no point spread involved. All you have to do is just pick the outright winner.
Point Spread: In point spread betting, the bookmaker gives a handicap to the underdog to level the playing field. You bet on whether the favored team will win by more than the set point spread, or if the underdog will cover the spread (i.e., lose by fewer points than the spread or win outright).
Over/Under (Totals): This bet focuses on the total combined score of both teams in a game. The bookmaker sets a number, and you wager on whether the actual score will be over or under that total. For example, if the total is set at 50 points, you can bet that the combined score will be higher or lower than that number.
Prop Bets: Bet on specific events or outcomes within the game, such as a player scoring a certain number of points or whether a team will score in a specific period.
Parlay Bets: A parlay combines multiple individual bets into one, allowing you to increase your potential payout. To win a parlay, all the bets within the combination must be successful. While parlays offer higher payouts, they are riskier because one lost bet results in losing the entire wager.
- Placing the Bet
Once you’ve selected your bet type and amount, confirm the wager. The sportsbook will then deduct the stake from your account balance.
- Watching the Event & Cashing Out
Now gamblers can track their bets in real time. Some sportsbook providers allow early withdrawal if the bet looks promising.
Bettors are credited with winnings automatically, and their accounts are updated promptly when the bet wins. The stake is always given up when the bet is lost. Often the same payment system preferred by the client is used to make withdrawals, which ensures that the transaction will be easy to complete.
Learn Common Betting Strategies
Here are some common betting strategies used by bettors:
1. Bankroll Management
This strategy involves setting a budget for your betting and sticking to it. You bet only a small percentage of your total bankroll per wager to avoid losing all your funds quickly. It’s important to track your wins and losses to maintain control.
2. Value Betting
Value betting is when you find bets that offer better odds than what you believe the actual probability of the outcome is. Essentially, you’re looking for bets where the sportsbook has underestimated the chance of an event happening.
3. Sharp Betting
Sharp bettors rely on data, research, and analysis to make informed betting decisions. They typically bet on outcomes backed by solid evidence, such as historical performance or trends, and sometimes place bets before the odds shift.
4. Betting the Spread
In sports like football or basketball, betting the spread means betting on a team to either cover the spread (win by a certain number of points) or lose by less than the spread. It helps level the playing field between uneven teams.
Conclusion
Sports betting offers an interesting way for fans to engage with their favorite sports and earn money by putting bets on them. There are many applications that allow for the placement of bets on different sporting events.
As this industry is growing day by day, it’s very important to practice responsible betting and development strategies like bankroll management and value betting. Whether you’re a seasoned bettor or a newcomer, sports betting adds an extra layer of excitement to every game.
