The American Gaming Association revealed the findings of its research that 55% of sports fans love the idea of sports gambling. Combining this percentage with the ranking of Maryland household incomes for states in the US, there’s a whole lot of untapped revenue potential.
In the first half of 2018, Maryland’s Governor Larry Hogan signed sports betting into state law. Before the last quarter of 2022, online sports betting is set to kick off in the state on platforms like Caesars Sportsbook Maryland. Nevertheless, if you’re interested in sports betting, you need to get prepared, especially if you’re new to this.
The Workings of Sports Betting
One of the best ways to add spice to a game is to bet on the event. Watching the team you support win a game and getting money for that correct prediction is like using a stone to kill two birds. When you watch a game you’ve staked on, the excitement and fun get doubled.
Sports betting is no different from other types of betting – you stake some dollars and get a higher amount if your prediction goes as planned. There are two ways to get higher winnings in online sports betting. You either bet a higher amount or increase the number of games you’re willing to stake on.
Knowledge of Betting Odds
Betting is the act of taking a gamble against another party. In conventional betting, where you take bets against your friend, the wagering amount is matched by your opponent. When you make a bet in sports betting, you’re wagering against the sportsbook companies. To determine your payout, odds are set to create betting markets, attracting potential punters that want to take either side of the bet.
For example, suppose a basketball team like Boston Celtics is playing against the Los Angeles Lakers. In that case, bettors who want to bet on either team have to consider the odds as enticing.
Betting odds depict the number of winnings collected once the prediction goes the right way. If a team has a (-) sign displayed with a number, it means they’re favored to win. The opposite is true for a team with a (+) sign, as they’re expected to lose the tie. This team is referred to as the underdog.
The odds show how much can be won on a foundation of $100. For example, -250 means you have to bet $250 to win an extra $100, totaling $350. +250, on the other hand, means you have to bet $100 to win $250.
It’s simple mathematics; the bigger your wagering amount, the more possible winnings. However, you also have to look at the adverse outcome. The bigger your stake, the more your potential loss. The best thing you can do while betting regarding money is to keep the wagering amount to the one you can afford to let go of easily.
There’s an action that some bettors take when they experience a loss. They get angry and attempt to gain back their money by making aggressive wagers. This often results in an even bigger loss, leaving the player digging a deeper hole in the finances.
To be a strategic punter, consider the odds before setting a wagering amount. If the odds are high, it is less likely for you to win the bet. You should wager a smaller amount since you’ll get a bigger payout if the win comes in anyway.
You also need to divide your wallet when punting. For instance, you don’t want to put all of the $1,000 you just deposited into a single bet, even if the odds are low. Games can get lost at any time, and dividing your wallet when betting puts you at a lower risk of crashing your account balance.
Types of Sports Betting
Here are some types of sports betting:
Moneyline Sports Bets
Moneyline sports bets are the most common types of bets. It’s a straightforward bet on who you think will win. If you’re not familiar with the teams, just look for the – or + sign. A (-) sign indicates that the team is more likely to win. A + sign shows that the team is less likely to win,
Live betting can only be done when a game is in session. You can spice up live games with your friends when live betting is added to the mix. Bet markets for live betting include players scoring, scoring at half-time, and so on.
Sports betting has been legalized in Maryland, and it’s only a matter of time before sportsbooks start operations. If you want to become great at online sports betting, you have to get familiar with betting terms and practice risk management.
You can start by understanding betting odds and wagering amounts. You also need to be familiar with different types of sports betting, like Moneyline sports bets and live betting.