Americans waged some $150 billion on sporting events last year, according to government reports and the investment website Morningstar.
Morningstar also predicts that by 2024, adults in states with a legal sportsbook will spend some $35 apiece. That is a 6 billion dollar revenue opportunity.
Sports betting is as old as America. The first known bet in America was made in 1665 on the first North American horse track. Since then, betting on sports has taken various forms and gained tremendous popularity in the United States.
So is sports betting right for you in 2023? What do you need to know about sports betting, aside from things like what the best sportsbooks are, in order to enjoy it and win big bets?
In the following article, we will discuss sports betting types, if it is right for you, and major don'ts you do not want to ignore.
Is Sports Betting Right for You?
For most people, betting on sports is about having fun and not about making money. There are professional gamblers who, over the long run, do eke out a profit or, even better, a big haul.
But for most people, putting their sports knowledge or super fandom to the test with a little skin in the game is what sports betting is all about. And remember, you probably shouldn't bet on sports if you are already having money problems.
Types of Sports Betting
The most popular forms of online sports betting are either on sites that mimic traditional casino-type sportsbooks and daily fantasy sports or DFS.
DFS is different from traditional online betting. With DFS, betters build fantasy player teams under a salary cap, for the most part, and compete against a set number of other gamblers. The two biggest players in DFS are FanDuel and DraftKings.
The more traditional sportsbook uses fixed odds on individual contests for gambling purposes. In some respects, a recreational gambler may find it easier to bet at a traditional gambling site. However, a bettor who is used to researching individual players for fantasy leagues may find DFS more fun.
You can check the status of legal gambling in your state online here.
Some Sport Betting Terms to Know:
Moneyline - This is a three-digit number with a plus or minus before it (+ / -). You will see, for example, as Red Sox (-200). This means you'd need to wager $20 to win $10. The reverse is also true. Red Sox (+200) means bet $10 to win $20.
Spread - The number a team needs to cover in points to win the wager.
Parlay - This is making multiple bets to better your given odds on the entire bet.
Over/Under - This is the combined points that both teams score. A gambler bets on if this number is reached.
Don't Blow the Bank
The last term you need to know when it comes to sports betting is bankroll.
Your bankroll is the amount of money in your online sports betting account. Keep a close eye on this because your bankroll helps you gauge how much to bet and how often. You want to make sure that you put aside the money you can afford to lose. You also want to make sure you bet a small amount each time.
Experts suggest wagering no more than 2% to 5% of your bankroll per bet. Don't bet more than you can afford to lose!
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