Are you considering sports betting as a hobby or as a supplement to your income? If so, do you have an understanding of sports betting strategies and how bookmakers calculate the betting odds that they offer?
Sports betting: Hobby or income generation mechanism
Statistics show that the global online gambling market was worth $46 billion (USD) in 2017> And, the dollar value is expected to reach $94 billion (USD) in 2024. It must be noted, for accuracy’s sake, that the term “online gambling” includes casino games, poker, and sports betting. Thus, these figures include these three sub-genres as it were.
Additionally, these figures show that the industry is large enough to support hobbyists as well as serious gamers who intend making a living from sports betting. The only difference between the two would be your betting strategy.
Bookmakers and betting strategies
The next step to discuss is how bookmakers earn a living and what betting strategies you can employ to win money and not lose money. It is important to note that you cannot win every bet. The most important strategy is to increase the size of your total bankroll.
Consequently, it’s important not to worry too much if you lose an individual bet. On the other hand, you should worry if you start losing a whole string of bets.
Bookmakers like those reviewed by Betenemy all have different sports betting options. Thus, as a starting point, it’s vital to look at these bookmakers to determine which betting agent suits your betting style.
After you decide on a bookmaker, the next step gaining an understanding of some of the basic betting strategies.
At the outset of this discussion, it is vital to be cognisant of the fact that no wager is better than any other. Each wager has a time and place where it is the best bet to place. The art and science of sports betting are to learn which bet to place when.
Therefore, to understand basic betting strategies, let’s consider the following wagers:
The Moneyline Wager or Win Bet
This wager is the most straightforward bet available to sports betters. Not only is it easy to understand, but it is also considered to be the most traditional way to bet on sports like tennis, basketball, and soccer or football.
Succinctly stated, there are always only two options, a winner and a loser. Incidentally, the makeup of these two options depends on whether you are betting on a singles tennis match with two opponents or a basketball or football match with two teams And when you place your bet, you select who you think will win and who will lose. If you choose the correct winning option, you get paid out accordingly.
The Point Spread Wager
According to wikipedia.com, you are not betting on which individual or team will win the match; you are betting on which team will “cover the spread.”
Fundamentally, for this wager, the bookmaker makes both teams equal favourites. To achieve this, the team favoured to win have points subtracted from it while the other side has points added to it.
The size of the spread regulated the number of points added to the favourite side and subtracted from the underdog. When you bet on the favourite team to win, you are backing them to win by a margin that is greater than the spread. On the other hand, if you are supporting the other team, they must win or lose by a margin that is less than the spread.