SPORTS BETTING GUIDE FOR NEWBIES
For someone who is relatively new to sports betting, one thing is for certain – it’s no walk in the park. You don’t just wake up one day and experience a life-altering epiphany, and decide to invest in sports betting. Sports betting is a very serious and calculated strategic system that requires good knowledge about every minor terminologies and mechanisms that it functions around.
Sports betting for beginners should involve a clear set of instructions or a list of Do's and Dons to minimize the risk of falling prey to bookies. There are certain sports betting for beginners guide pdf that can be downloaded for more convenience as well. There are certain crucial tips that can prove to be a helpful tool for sports betting for beginners, but before that, there are some certain basic terminologies that a newbie should familiarize themselves with.
Here are some of those terms
- What does the + and – mean in sports betting?
In any kind of sports betting you will come across numbers with a sign assigned with it. For example; +120 or -140. So, what do the signs indicate? Take two teams (say team X and team Y) and assume that team X is assigned with +120 and team Y with -140. This means that team Y has better chances of winning (with – ve sign), and team X are the Underdogs.
If you want to bet on team Y with better chances, you will have to bet $140, and you will win $100 if team Y wins. On the other hand, if you bet on team X, you will have to bet $100, and you will win $120 if team X wins the game.
- Point Spread Explained
The point spread also is the most common type of sports betting. It is sometimes also termed as Handicap, so don’t get confused with the terms. The point spread is the table where the points for different teams are indicated along with their respective signs (+ve and –ve). For example; take two NBA teams with team A being the favorite with -4 and team B the underdogs with +4.
How to bet on points spread
Take the example of the above two NBA teams. If you bet on team A, they will have to win by at least 5 points deficit for you to win. Since team A already has -4 points favor to win the game, the total point deficit will be subtracted by -4, and the final value should be more than 1. So if team A wins by 40-35, that means you win the bet, since team A, won by 5 points.
Whereas, if you bet on team B, you will win if team A loses or even if team B loses with less than 3 points deficit. For example; even if team A wins by 40-38, you will win the bet since team B lost by only 2 points.
Whereas, if you bet on team B, you will win if team A loses or even if team B loses with less than 3 points deficit. For example; even if team A wins by 40-38, you will win the bet since team B lost by only 2 points.
- Fixed odd sports betting statistical forecasting and risk management
Fixed odd sports betting is another form of betting that provides a more flexible approach to sports betting for beginners. The fixed odds betting system is a simple and straight forward method where you bet against fixed odds of either winning or losing. For example; you bet $100 that team A will win. If they win, you will win the amount, if not you lose the amount. There are complicated manipulations involved, and hence, you can minimize your risk of losing too much money by fixing a set amount from the beginning itself. There are no point spreads involved.
- Over/ Under
Over/ under is another form of sports betting where you bet on the number of goals scored. For example; "Under 3.5" would mean that you favor the odds of the team scoring less than 3 goals (0, 1, 2 or 3). On the other hand, "Over 2.5" would mean that you favor the odds of the team scoring more than 3 goals.
Sports Betting explained
The above-mentioned terms are just some of the most basic terminologies related to sports betting. However, knowing the basic terms and understanding sports betting are two completely different things. So here are some basic sports betting for beginners tips that you can use.
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- How to bet on sports?
- Knowing how much to bet
- Choosing the right place to bet
Sports Betting Math Formula
Most common and popular is “The Kelly Criterion.”
Since it's sports betting for beginners, let's analyze it as simple as possible. Keep in mind that this requires you have a depth understanding of the game.
Since it's sports betting for beginners, let's analyze it as simple as possible. Keep in mind that this requires you have a depth understanding of the game.
The formula can be broken down as
Where, f* is the fraction of the bankroll
b is the odds (-1)
p is the probability of winning
q is the probability of losing (1-p)
So, say team A has a better chance of winning with 1.9 odds (52.6%). But with your good understanding and statistical analysis of the game, you think they have better chances of winning with 1.8 odds (55%). Using the Kelly Criterion, you can find the following –
b= 1.9 (original odds)-1=0.9
p= 55% (0.55)
q= 1-0.55=0.45
p= 55% (0.55)
q= 1-0.55=0.45
So, the fraction of bankroll you should invest is given by, f*=
So, in this case, you should invest 5% of whatever bankroll you have decided to spend to ensure minimal risk and good return profit as well.
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