Sports betting is a major global industry and one that has started to reach every corner of our planet. The stats and landscape around this sector not only back this up but show how popular betting on sports is now. Valued at a market size of just over $66bn in 2020, many predict the sector will be worth a staggering $140.26bn by 2028. The vibrant nature of the industry plus this kind of growth demonstrate its popularity.
This, of course, is especially true in the USA, where changes to federal law have enabled states to set their own rules on this activity. This has seen many states open up to betting on sports and many people in the US have begun to enjoy legal sports betting.
If you plan to start betting on your favorite sports, it is wise to find out how to do it properly. This will not only keep you safe but prevent you from making costly mistakes. But what are the essentials you need to know for betting on sports?
Find a safe online sportsbook to bet at
It is crucial that you spend time thinking about where you will bet and which sportsbooks online are best to use. This is true for anyone around the world and especially in the US.
But what should you be looking for in any sportsbook site? To begin with, you should look for platforms which give out the best bonuses to enjoy. Doing this will mean you get offers like risk-free bets or matched deposit offers to add more fun to your betting with. Bettors in Pennsylvania, for example, should find sportsbooks with top bonuses to use – for more details check TheGameDay to get specific help with this.
It is also vital to choose a sportsbook that is fully regulated and licensed to operate. You should also look for sites that take online security seriously and use methods like high-end data encryption to keep you safe. In addition to this, try to find a site with excellent customer support, top odds, a range of sports to bet on, and mobile betting options.
Make good use of sportsbooks bonuses
With the future of the sports betting market looking bright, it is no wonder more and more people are getting involved. If this applies to you, promo offers and bonuses are a very important part of modern sports betting to mull over. These refer to the extras given out by online betting platforms when you create an account with them. Also known as Welcome Bonuses, these extras can often see matched deposit or risk-free bets come your way. It is key to make full use of these bonuses, though, to get the most from them.
A good example is putting down the highest amount you can if a matched deposit offer is on the table. This means you get more free money from the sportsbook to bet with, and can take full advantage of the offer. It is also worth using promos like this to try out new betting strategies or betting on new sports or markets – this is because it is less risky than using your own money.
When it comes to sportsbook bonuses, you should also bear in mind what regular offers there are for current customers. If the platform has lots of regular bonuses, such as enhanced odds or paying out extra places, this is a good sign.
Understand odds and markets
Just as picking up goalkeeper tips is wise for any goalie in soccer, finding out top advice around sports betting is also worthwhile for newbies in this area. In light of this, you must understand odds and what they mean. Without this knowledge, you will be betting blind and from a less informed position.
In simple terms, odds show how likely an outcome is to happen (according to the sportsbook) and also what return you will get from betting on it. It is important to know that odds come in three main formats – fractional (2/1), decimal (5.00) and American (+150). For US bettors, American odds are most common and worth getting to know. They basically show how much you would get back from a $100 bet on a particular event. The + symbol denotes the underdog, while a – symbol denotes a favorite.
It is also wise to get to know the markets you might choose to bet on for your sport(s) of choice. This again leaves you betting from a more informed position. In soccer, for example, you might want to investigate the Win, Both Teams to Score and Over/Under markets as a starting point for betting.
Do your research
Any sensible sports bettor will spend time researching their wagers before putting any money down. If you do not do this, you are relying on blind luck to win and this is not a great idea in the long run. In simple terms, the more you know about a game and those involved, the better your chances of success. Most bettors will consider factors such as recent form, team news, injury news and head-to-head stats before placing a bet.
Gamble responsibly at all times
No comprehensive guide to modern sports betting can be complete without mentioning this point. As a bettor, it is crucial you get onboard with it and always bet in a responsible way. This will not only make betting more fun but also keep you out of financial trouble and help you look after your mental health.
But how do you go about this? A good place to start is with the sportsbooks themselves. Most decent sportsbooks will have tools on their platform that help you place bets responsibly. These could be daily deposit limits, for example, or a limit on how much you can bet per day. If you use these tools while also remembering to stop betting when you feel stressed or when it just doesn’t feel enjoyable, you will be on the right road.
Sports betting’s ultimate guide
If you are planning on trying out sports betting, you will not be alone. This pastime has gained lots of new fans in recent years, who all enjoy the fun and excitement it offers. Before you dive in, though, it is worth reading our guide and getting to grips with what is involved.