Getting Started with Your First Bet
Placing a sports bet may seem overwhelming at first, but it’s actually a simple process once you know what to do. Whether you're betting online or at a retail sportsbook, understanding how to deposit funds, navigate the betting menu, and confirm your wagers is crucial.
Step 1: Choosing a Legal Sportsbook
This is a no-brainer, but in order to start betting, you need to make an account with a sportsbook. You should open up as many accounts with as many sportsbooks as possible. The reason is that the more sportsbooks you have, the more value you can find just by getting the best line, not to mention through promotions as well.
What Makes a Sportsbook Legal?
A sportsbook is only legal if licensed and regulated by the gaming authority in your state or country. Betting at an illegal or offshore sportsbook can put your money at risk. Sports betting is still federally illegal, so not every state has sports betting. Sports betting apps use geo-location to ensure that users are in a legal state before betting.
What to Look for in a Sportsbook:
✔️ Legality & Licensing: Ensure the sportsbook is licensed in your region.
✔️ Deposit & Withdrawal Options: Fast, secure payment methods.
✔️ User Experience & Features: Mobile-friendly, live betting options.
✔️ Bonuses & Promotions: First deposit match, risk-free bets, and odds boosts.
In the U.S., popular sportsbooks include DraftKings, FanDuel, BetMGM, and Caesars. Always verify that your sportsbook is licensed in your state before signing up
Step 2: Signing Up & Depositing Money
To win money in sports betting, you need to create accounts at sportsbooks and withdraw money. Most sportsbooks make this a straightforward process to ensure a smooth user experience.
How to Sign Up for a Sportsbook:
1️⃣ Visit the sportsbook’s website or download the mobile app.
2️⃣ Click Sign Up / Register and enter personal details (Name, DOB, SSN if required).
3️⃣ Verify your identity (via email, phone, or ID upload).
How to Deposit Money into a Sportsbook:
Common Deposit Methods: Debit/Credit Card, PayPal, Online Banking, Venmo, Crypto (varies by sportsbook).
Minimum Deposit Amounts: Typically $5-$20 depending on the site.
Most sportsbooks accept Visa/Mastercard and PayPal, but some banking restrictions apply. Always check the sportsbook’s deposit terms before funding your account.
Step 3: Understanding Sportsbook Bonuses & Promotions
Sportsbooks often run promotions, especially for new users. These promotions vary from sportsbook to sportsbook, but they’re a great way to realize expected value from the start.
Common Sportsbook Bonuses Explained
✔️ Deposit Match Bonus: The sportsbook matches your first deposit up to a certain amount.
✔️ Risk-Free Bets: If your first bet loses, you get refunded in bonus bets.
✔️ Odds Boosts: Enhanced odds on specific games/markets for better payouts.
Example: A sportsbook may offer a 100% deposit match up to $500, meaning if you deposit $500, you'll receive $500 in bonus finds.
Step 4: Navigating the Sportsbook Menu
With all the options available, a sportsbook menu may seem overwhelming at first. There are many bet types, and we will explain some of them in more detail later in this course. For now, let’s stick with what we know.
How to Read a Sportsbook Menu
✔️ Game Lines: Moneyline, Spread, and Totals for each game.
✔️ Prop Bets: Player & game-specific bets.
✔️ Parlays & SGPs: Multi-leg bets within the same game or across multiple games.
✔️ Live Betting Section: Where in-game odds update in real-time.
Example: In a typical sportsbook menu, the first numbers you’ll see are moneyline odds, followed by point spreads and total points. Clicking on a game expands betting options, including props and alternate lines.
Step 5: Placing a Bet (Step-by-Step Walkthrough)
Now that your account has been created, you have set your bankroll, and you have deposited money, it’s time to place your first wager.
1️⃣ Find the game you want to bet on in the sportsbook menu.
2️⃣ Click on your desired bet (e.g., Moneyline, Spread, Over/Under).
3️⃣ Enter your wager amount in the Bet Slip.
4️⃣ Review potential payout & confirm the bet.
5️⃣ Wait for the event to finish. If you win, the payout is credited to your account.
Once your bet is placed, the odds of the bet you placed cannot change. Sportsbooks often offer cash-out options for your wager, or you can hedge your bet with a live bet.
Example: Load up your sportsbook or your tool, find the bet you want, place the wager amount you are comfortable with, and watch the bet unfold!
Cash-Out Options & Bet Tracking
A sportsbook offers cash-out options to settle your wager before the event ends. In some cases, this means securing profit. In others, this could mean cutting your losses. These offers are usually priced in favor of the sportsbook.
✔️ Cash-Out Options:
Partial Cash-Outs: Withdraw part of a bet before the game ends.
Full Cash-Outs: Lock in profit or minimize losses before final outcome.
To monitor your profitability, you should track your bets. Sportsbooks do this for you on their apps, but since you may be using multiple sportsbooks, it makes sense to centralize all this information.
✔️ Tracking Your Bets:
Sportsbook Bet History: View past & pending bets.
Bet Tracking Apps: Can automatically track your profit/loss, ROI, and CLV.
Example: Some of the top bet tracking apps are Pikkit, Action Network PRO, Juice Reel, and more.
