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As more states in the United States legalize sports betting, an increasing number of first-time bettors are signing up at online betting sites. If you are completely new to the world of sports betting, you may be feeling a little overwhelmed by all of the terms and lingo used in this industry. After all, there are numerous betting strategies to choose from, each with its own set of rules and jargon.
This article will give you a quick guide to some of the most common sports betting terms that will most likely come up during your journey through this exciting activity to help you get started on the right foot.
What is the difference between a moneyline and point spread bet?
The main difference between a moneyline and point spread bet is the way in which the bettor wins or loses. With a moneyline bet, the bettor simply needs to pick the winner of the game or event. If they are correct, they win their wager; if not, they lose.
With a point spread bet, however, there is an additional element of predicting how much one team will win by. The favorite team must “cover” the spread (win by more than the predicted amount) for bets on that team to pay out; conversely, bets on the underdog team will pay out if it either wins outright or loses by less than the predicted amount. Point spreads can be used to even out betting action on both sides of a matchup and make betting more interesting.
All in all, moneyline bets are much simpler and easier to understand than point spread bets. They are also less risky, as the bettor only has to pick the winner and does not have to worry about predicting how much one team will win by.
Odds formats: Decimal, fractional, and American odds explained
Decimal odds are the most popular format of betting odds used in Europe and other parts of the world. They represent the amount of money that will be returned for every unit wagered, including the original stake. For example, if a bet has decimal odds of 2.00, then for every 1 unit staked you will receive 2 units back in winnings (including your stake).
Fractional odds are more commonly used in the UK and Ireland and they represent how much profit can be made from a single unit staked. For example, if a bet has fractional odds of 5/2, then for every 2 units staked you will receive 5 units back in winnings (including your stake).
American Odds are also known as Moneyline Odds or US Odds and they represent how much needs to be wagered to make a profit of $100. If a bet has American Odds of +200, then it means that for every $100 wagered, you will receive $200 back in winnings (including your stake). On the other hand, if a bet has American Odds of -150 it means that you need to wager $150 to make a profit of $100.
Exotic wagers: How to place prop and futures bets
Exotic wagers are a type of bet that allows you to make more specific, and sometimes more complex bets. These are typically found in sports betting, but can also be used for entertainment or other events. Prop bets and futures bets are two of the most popular types of exotic wagers. Prop bets, also known as proposition bets, are wagers that involve predicting the outcome of a specific event or situation. For example, you might bet on which team will score first in a football game or how many points a certain player will score in a basketball game.
Futures bets involve predicting the outcome of an entire season or tournament before it begins. For example, you might bet on which team will win the Super Bowl before the season starts or who will win the World Series at the beginning of the baseball season.
When placing prop and futures bets, it’s important to do your research and understand all of your options before making any decisions. Make sure to read up on each team’s performance history and look for any potential trends that could help you make an informed decision about which team is likely to come out on top. You should also be sure to compare odds from different sportsbooks so that you can get the best possible value for your money when placing these types of exotic wagers.
Now that you know some of the most common sports betting terms, you are one step closer to becoming a seasoned bettor. These concepts are just the tip of the iceberg; as you gain more experience in this industry, you will encounter other jargon and terms. However, armed with this knowledge, you should now feel confident enough to place your first bet. Find a reputable online casino with a betting platform and get started today! So what are you waiting for?
To conclude, remember that understanding the most common sports betting terms will help you become a better and more informed bettor. Knowing these terms can help you make the right decisions when placing your bets.
