10 Commandments of Sports Betting
- Have several betting accounts to search for value
- Always be informed, knowledge is power
- Never bet on your own team
- Not every day is a betting day – pick your spots
- Have a staking plan to control your urges
- Never (ever) chase losses
- Follow your sportsbooks on social media sites (they have specials)
- Avoid adding big favourites to parlays/accumulators
- Don’t get tempted by casino games
- Enjoy it!
In the MrSportsbook Betting guide we will introduce the most popular forms of bets and how to avoid making the biggest mistakes with your sports betting. Everyone has a weak spot, whether it is for a team your childhood crush supported or always backing your own team on home turf. These need to be ironed out using our guide to betting for you to be successful as a sports bettor.
Here are the real basics for our US sports bettors. We will be looking at other variations and some interesting areas to take a look at in due course.
The most common type of sports wager is on the final score of a single game, known as a straight wager. One team is typically favoured over another by a point spread; the favourite gives the underdog points as a head start, for betting purposes. The favourite is always indicated by a minus sign (-3) and the underdog by a plus sign (+3). The amount of points you must give or take is estimated to be the amount, which will generate equal wagering on both the underdog and the favourite. For betting purposes, the result of the game is determined by taking the actual score and subtracting points from the favourite’s score or adding points to the underdog’s score. So, a favourite can win the actual game but lose the bet by not covering the spread; an underdog can lose the actual game, but win for betting purposes by covering the spread.
You can also bet whether the combined number of points or goals scored by the two teams in the game will be over or under the total set by the sportsbook. For example, if the total is 42 and you believe that the combined points scored by the two teams will exceed that number, you would bet over. You would bet under if you believe the total points score will be less than 42.
A money line is used in addition to or instead of a point spread on a matchup between two teams. In this case, you must bet more to wager on the favourite. For example, the New York Yankees are a -150 favourite over the Colorado Rockies. You must “lay” $150 in order to win $100. If New York loses, you lose $150. However, you could bet on Colorado , in which case you would lay $100 in order to win $140 (10 cent line). If Colorado loses, you only lose $100, and if Colorado wins, you would win $140.
A parlay is a bet on two or more teams or selections. You can combine different sports, point spreads and money lines. In a parlay your original stake and winnings are re-invested on the next game and all selections must be correct – one loss and your parlay loses. In the event of a push (tie), game cancellation or a pitcher that you have specified not starting, the parlay reduces to the next lower number, e.g. a four-team parlay becomes a three-team parlay. A winning parlay wager will pay many times more than the initial wager.