Getting Started with Sports Betting
Sports betting is an exciting way to enhance your enjoyment of sporting events while testing your knowledge and instincts. But if you're wondering how to bet on sports, you’re in the right place.
This beginner-friendly guide will explain how sportsbooks work, betting odds, common bet types, bankroll management, and responsible gambling practices.
How Sportsbooks Work (Retail & Online Betting)
With sports betting becoming increasingly popular, knowing how sportsbooks operate is essential to gaining an edge and becoming a more profitable sports bettor. There are different kinds of sportsbooks, and it is important to understand how they make money and what they do.
What is a Sportsbook?
A sportsbook is a company that accepts wagers on sporting events. These can be physical locations (like a Vegas sportsbook) or online betting platforms that allow you to place bets from your phone or computer. You must be in a legal sports betting state to bet in the United States.
How Do Sportsbooks Make Money?
Sportsbooks profit by charging a vig (or juice)—a built-in commission on bets.
Example: If two teams have -110 odds on a spread bet, you must risk $110 to win $100. That extra $10 is the vig, ensuring sportsbooks profit regardless of the outcome.
Understanding Betting Odds & Payouts
Betting odds represent the implied probability of an event happening and determine your potential winnings on the bet you placed. A team with +200 odds implies a 33.3% chance of winning (without vig).
Three Common Odds Formats:
American Odds (+200, -150) – Most common in the U.S.
Decimal Odds (2.50, 1.75) – Used in Europe, Canada, Australia.
Fractional Odds (5/2, 3/1) – Common in horse racing & UK betting.
Example: A bet with +200 odds means you win $200 on a $100 bet. A bet with -150 odds means you must bet $150 to win $100
The Difference Between Casual & Professional Betting
Professional sports bettors have market influence, bet strictly off numbers, and their winnings are their primary income stream. Causal sports bettors are more interested in a sweat than a winning process.
Not all sports bettors are the same. Most bettors fall into two categories:
Casual Bettors: Many casual bettors place bets primarily for entertainment, often relying on personal opinions rather than data. They favor their favorite teams and frequently bet on games and player prop overs.
Professional Bettors (Sharps): Sharp bettors base their decisions on analytics and market value, consistently line shop to secure the best odds, and follow a strict bankroll strategy. For many, sports betting is not just a hobby—it’s their primary source of income.
Example: Casual bettors might bet on their favorite team regardless of the odds, while sharps bet on their perceived expected value rather than gut instincts or fandom.
The Most Common Bet Types Explained
To start betting, you need to understand four core bet types:
Moneyline Bets (Picking a Winner)
Simple: Bet on a team to win a game.
Example: Warriors (-150) vs. Lakers (+130) → The Warriors are the favorites, and the Lakers are the underdogs.
Point Spreads (Leveling the Playing Field)
A point spread is a handicap set by sportsbooks to even the playing field between two teams. The favorite must win by a certain margin, or the underdog must lose within a set number of points.
Example: Warriors -6.5 vs. Lakers +6.5 → The Warriors must win by seven or more to cover the spread.
The point spread adjusts for team strength by setting a margin the favorite must win by. If the Warriors are -6.5, they must win by 7 or more for a bet on them to win.
Over/Under (Total Points)
Betting on whether the total combined score of both teams will go over or under a set number.
Example: O/U 215 → You bet on whether the total points exceed 215.
Player Props (Player Performance)
Betting on whether a player will exceed a set number for a specific statistic.
Example: Luka Doncic O/U 24.5 Points → You bet on whether or not he will score 25 points.
Example: If you bet on LeBron James over points, you are betting on a player prop. If you bet on the Lakers/Knicks over 200 points, you are betting a total. If you bet on the Chiefs -3.5, you are betting on a point spread. If you bet on the Yankees to win, you are betting a moneyline.
Bankroll Management for Beginners
A common mistake among new bettors is betting too much on a single game or inconsistently adjusting bet sizes. Winning and losing streaks are normal, but sticking to a unit size (1-3% of bankroll per bet) prevents emotional decision-making. Long-term success isn’t about big wins but steady, disciplined bets over time.
Bankroll Management Basics:
Set a dedicated betting bankroll (funds you are willing to lose).
Use unit betting, which is predicated on your bankroll, typically 1-3% of your bankroll per bet.
Stick to a strategy & never chase your losses.
Bankroll management protects you. If one unit is 1% of your bankroll, you would need to lose 100 bets in a row to lose your entire bankroll, which is unlikely to happen.
Example: If you have a $1,000 bankroll, a single unit should be $10–$30 per bet.
Responsible Gambling & Final Tips
Sports betting should be fun, not stressful. It’s important to bet responsibly and know when to stop.
Signs of Problem Gambling:
🔴 Betting with money you can’t afford to lose
🔴 Chasing losses to recover lost bets
🔴 Neglecting responsibilities due to gambling
How to Bet Responsibly & Avoid Common Mistakes
Getting caught up in the excitement of sports betting is easy, and placing a bet has never been easier. However, sports betting is complicated, and knowing when to stop is crucial for your well-being.
Sportsbooks offer ways to help you limit yourself, and you can also take steps to prevent problem gaming.
✅ Set Deposit & Betting Limits: Use sportsbook tools to cap your daily, weekly, or monthly betting amounts.
✅ Take Breaks When Needed: Step away instead of chasing losses if you’re on a losing streak.
✅ Keep Betting & Entertainment Separate: Never bet with money meant for bills or savings.
✅ Use Reality Checks & Self-Exclusion Tools: Most sportsbooks offer features to track time spent on betting apps.
Pro Tip: If you ever feel like betting negatively impacts your life, seek help from responsible gambling resources.
