What You Will Learn
- 1. Basic sports betting terminology
- 2. The main types of bets
- 3. How to read odds
- 4. How to place your first bet
- 5. Essential tips for beginners
- 6. Common mistakes to avoid
Essential Betting Terminology
Before placing any bets, you need to understand the language. Here are the terms you will encounter most often:
A company that accepts bets on sporting events (also called a bookmaker or bookie)
Having a bet placed on a game. If you have "action" on a game, you have money riding on it.
The total amount of money you have set aside for betting
The commission the sportsbook takes on each bet (typically built into the odds)
A professional or skilled bettor who wins consistently
A recreational bettor who typically bets casually
The total amount of money wagered on a particular event
A tie where your stake is returned (no win, no loss)
Main Types of Bets
While there are many bet types available, these four make up the vast majority of sports betting:
1. Moneyline Bets
The simplest bet type. You are picking which team will win the game outright. No point spreads or margins to worry about.
Example: NFL Moneyline
The Chiefs are favorites (-180). Bet $180 to win $100. The Broncos are underdogs (+155). Bet $100 to win $155.
2. Point Spread Bets
Point spreads level the playing field between teams. The favorite must win by more than the spread, while the underdog can lose by less than the spread (or win outright) to cover.
Example: NBA Point Spread
Lakers must win by 6+ points to cover. Celtics can lose by up to 5 points (or win) to cover.
3. Over/Under (Totals)
Instead of picking a winner, you bet on whether the combined score of both teams will be over or under a number set by the sportsbook.
Example: NFL Total
If the final score is 28-24 (52 total), the Over wins. If it is 21-17 (38 total), the Under wins.
4. Parlay Bets
A parlay combines multiple bets into one. All selections must win for the parlay to pay out. Higher risk, but higher potential reward.
Parlay Warning
While parlays offer bigger payouts, they are harder to win. Many professional bettors avoid parlays entirely because the sportsbook edge increases with each leg. Beginners should focus on straight bets first.
Understanding Odds
Odds tell you two things: how much you can win and the implied probability of an outcome.
Quick Guide to American Odds
Shows profit on a $100 bet
+200 = Win $200 on $100 bet
Shows how much to bet to win $100
-150 = Bet $150 to win $100
For a deeper dive, check our complete guide: How to Read Betting Odds
How to Place Your First Bet
Here is a step-by-step process for getting started:
Choose a Legal Sportsbook
Only bet with licensed sportsbooks in your state/country. Popular options include DraftKings, FanDuel, BetMGM, and Caesars.
Create an Account
Sign up and verify your identity. You will need to provide basic personal information for legal compliance.
Deposit Funds
Add money to your account using a payment method (debit card, bank transfer, PayPal, etc.).
Find Your Bet
Navigate to your sport, find the game, and select the bet type and outcome you want.
Enter Your Stake and Confirm
Enter how much you want to bet, review the potential payout, and confirm your wager.
Essential Tips for Beginners
1. Set a Budget and Stick to It
Only bet money you can afford to lose. Set aside a specific bankroll for betting and never chase losses by betting more than planned.
2. Start with Flat Betting
Bet the same amount (1-2% of your bankroll) on every wager. This protects you from big losses while you learn. Learn more about unit betting here.
3. Focus on One Sport
Become an expert in one sport before branching out. Deep knowledge of one league is more valuable than surface knowledge of many.
4. Track Your Bets
Keep records of every bet you make. Track your wins, losses, ROI, and which bet types perform best for you.
5. Shop for the Best Lines
Different sportsbooks offer different odds. Having accounts at multiple books allows you to always get the best available price.
6. Avoid Betting Under the Influence
Alcohol and emotions lead to poor decisions. Make your bets with a clear head based on research, not feelings.
Common Beginner Mistakes to Avoid
Never bet more than 5% of your bankroll on a single game, no matter how confident you feel.
After a loss, resist the urge to bet bigger to "win it back." This leads to bigger losses.
Emotional bias clouds judgment. Be honest about whether you can bet objectively on teams you love.
Proper bankroll management is the difference between entertainment and gambling addiction.
Even pros have losing streaks. Focus on making good decisions, not short-term results.
Responsible Gambling
Sports betting should be entertainment, not a way to make money or escape problems. If betting stops being fun or you are betting money you cannot afford to lose, seek help.
Resources: National Council on Problem Gambling: 1-800-522-4700
Key Takeaways
- ✓Learn the terminology before placing bets
- ✓Start with simple bet types: moneylines, spreads, and totals
- ✓Only bet with licensed, legal sportsbooks
- ✓Set a budget and use flat betting (1-2% per bet)
- ✓Track all your bets and learn from your results
- ✓Never chase losses or bet more than you can afford