This blog will make you understand why knowing the basics of How sports betting works is crucial for both beginners and experts. Knowing the odds helps you know the probability of your winning.
Introduction
Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as “bookies”), or illegally through privately run enterprises.
30 percent of people in the United States surveyed for Statista Consumer Insights in 2024 had bet on a sporting event in the last twelve months. By far the most popular sport among those betting was football, with more than half of those active in sports betting putting their money on a football match
Having overtaken in-person sports betting in market size in 2021, online sports betting accounted for nearly 60 percent of the total industry revenue in 2024 and was projected to grow to over 50 billion U.S. dollars by 2029.
READ MORE: Bankroll Management in Sports Betting: Mistakes to Avoids and Tools to Help
1. What Is Sports Betting?
Odds
The greater the odds against a team, the larger the payout will be for anyone who bets on that team and wins. For example, 7 to 2 odds mean that for every $2 you wager, you could win $7 if your bet is successful, while 5 to 1 odds mean you could win $5 for every $1 you bet
- Traditional betting methods
The action of making bets on specific outcomes or buying tickets. place bets on events such as NFL matches, horse racing, and more. If the prediction is correct, the person wins a certain amount of money based on the odds for every potential outcome.
2. Types of Sports Bets
- Moneyline bets (simple win/lose)
moneyline bet is a bet where you predict which team or player will win a game outright. Moneyline betting is a popular wagering market that’s very easy to get up to speed with. Outside of the US, the moneyline betting meaning can also be termed the “head-to-head” or a “win bet” market.
- Point spread bets (handicapping)
The point spread is essentially a handicap towards the underdog. The wager becomes, “Will the favourite win by more than the point spread?” The point spread can be moved to any level to create an equal number of participants on each side of the wager.
- Over/Under (Totals)
Over-under bets, also called total bets, are a wager on whether a statistic from a game will be higher or lower than a quoted value. They are most commonly used in relation to the number of points scored in a sports match.
- Parlays
A parlay, accumulator, combo bet, or multi is a single bet that links together two or more individual wagers, usually seen in sports betting. Winning the parlay is dependent on all of those wagers winning together. If any of the bets in the parlay lose, the entire parlay loses.
- Prop Bets (player/team events)
Prop bets focus on segmented parts of a game, such as individual team or player performances, as well as external occurrences and happenings during an event.
- Futures (long-term outcomes like championships)
Futures bets involve forecasting the result of long-term outcomes, such as esports tournament winners or who will win the Super Bowl ahead of the season’s opening games. The best odds are often found when placing futures bets well in advance of a league season or an event starting
3. How Sports Betting Odds Work
- Explanation of American odds (+150, -200, etc.)
All U.S. sportsbooks default to what we call “American ”odds”—which are centred around winning or risking $100. Any odds with a minus sign (like -110) indicate that you must risk more than you’ll win—a $110 bet at -110 would win $100.
- Implied probability concept
Implied probability refers to the overall likelihood of a betting outcome according to the listed odds. Bettors can use formulas to calculate the implied probability directly from the odds. It can be a valuable addition to help you better understand what the odds are telling you.
- How odds determine payout
the greater the odds against a team, the larger the payout will be for anyone who bets on that team and wins. For example, 7 to 2 odds mean that for every $2 you wager, you could win $7 if your bet is successful, while 5 to 1 odds mean you could win $5 for every $1 you bet.
4. Where Can You Bet on Sports?
- Retail sportsbooks (in-person)
Retail sports betting, also known as in-person or land-based sports betting, refers to the act of placing wagers on sporting events at physical locations. These locations are typically sportsbooks found within casinos, racetracks, or dedicated betting shops
- Online sports betting platforms
There is a variety of online sportsbooks to choose from. With many of them are Fanduel, DraftKings, BetMGM, etc.
- Licensed Sports Betting apps in legal states
Since 2018, when the Supreme Court paved the way for legalized sports betting, states have gone all in. Currently, 38 states permit sports betting, and 30 of them allow bets to be placed directly from a mobile phone, making it easier than ever.
- Importance of choosing legal and regulated sites
User Protection: Regulation ensures fair play and protects users from fraud. Transparency: Licensed operators must adhere to stringent guidelines, ensuring ethical practices.
5. Top Sports Betting Apps & Sites (2025)
Quick list of trusted names
Fanduel Sportsbook
The FanDuel sportsbook gives sports fans more ways to win with exciting promotions on all major U.S. sports. FanDuel is the official sportsbook partner of the NFL, NBA, WNBA, MLB, NHL and PGA TOUR while making markets available for soccer, boxing, NASCAR, F1 Racing, UFC and more.
BetMGM Sportsbook
BetMGM features 24 sports. You can find popular options like soccer, basketball, baseball, football, and table tennis. If you’re seeking unpopular, niche sports like snooker, hockey, handball, and darts, they’re also available. During this BetMGM sportsbook review, I found 61 live events.
Caesars Sportsbook
Caesars Sportsbook is regarded as one of the best in the United States for online sports betting. What customers will find is that the highly reputable sportsbook holds its weight just fine against its rivals, and is definitely recommended to both novice and experienced sports bettors..
6. Is Sports Betting Legal?
Currently, 38 states (plus Washington, DC, and Puerto Rico) offer legal sports betting in some format. There are 30 states that have online sports betting via either smartphone apps or websites. DC and Puerto Rico also allow online betting
States where online sports betting is legal
Currently, 38 states permit sports betting, and 30 of them allow bets to be placed directly from a mobile phone, making it easier than ever. Some of them are:
- Colorado.
- Illinois
- Indiana.
- Iowa.
- Arizona.
- Connecticut.
- Delaware
- Louisiana
7. Steps to Start Sports Betting
- Choose a licensed sports betting site or app
- Register and verify your identity to make your account
- Deposit money (check welcome bonuses)
- Pick a sport you love and place your first bet
8. Live Betting and In-Game Wagers
What is live betting?
Live betting, also known as “in-play betting,” refers to gambling that occurs after a game has started. It allows viewers to place bets throughout the game rather than only before its start, causing the odds to change in response to what’s happening during the game. Live betting has become increasingly popular.
How it differs from pre-game betting
Live betting, also known as in-play or in-game betting, enables bettors to wager on events while they’re happening. Unlike traditional betting, where you place your bets before the game begins, live betting lets you adjust your wagers on the fly as the action unfolds
9. Tips for Responsible Betting
- Set a budget
Your betting budget should come from disposable income—money you can afford to lose without impacting your bills, rent, or daily expenses.
- Understand the odds and risks
Know that odds tell you the likelihood of an outcome. Odds represent which team, horse, or athlete has the highest probability of winning.
- Avoid chasing losses
Chasing losses in gambling is when people increase bets or change strategies to recover money they’ve lost. This occurs because people believe a big win is around the corner, and with each loss, the urge to recover their earlier losses gets stronger
- Use self-exclusion tools if needed
The self-exclusion process varies by jurisdiction, but the underlying principle remains the same: it is a tool that allows individuals to take control of their gambling behaviour.
Final Words
Sports betting is the activity of predicting sports results and placing a wager on the outcome. So you should always start by choosing licensed and trusted platforms for betting. You should be able to choose your ideal apps by yourself, so we have mentioned some tips. One night you are not going to make a big profit; sports betting is a skill that Improves with experience. Last and most important, bet responsibly.
Courtesy: https://www.covers.com/, https://www.globenewswire.com
