The global sports betting market is a booming sector which is predicted to be worth over 100 billion dollars in 2024. The increasing access to a growing number of platforms via smartphones and mobile devices is driving this growth. Moreover, customers are looking for a more innovative and immersive experience as they follow sports teams and want to feel part of the game. Sometimes, being there isn’t enough.
There are a myriad of different markets and possibilities that can open up to a new sports bettor. The options can be overwhelming at times. However, certain steps can be applied when approaching different aspects of betting for a first timer.
Licensed bookmakers permit customers to put on bets legally and there are a number of safe options both on the high street and with the proliferation of easy access online. It is wise to check that sites have accreditation and are secure in terms of payment options.
Ultimately, there’s always a strategy involved in sports betting. Whatever the bet, it’s not always about who crosses the winning line first or an arbitrary win or loss in a football match. There are variations of bets and it is good to understand the very basics before choosing a site.
Familiarisation with terms like the odds, which are linked to the probability of an outcome and the winning return to expect on placing the bet would be a start. There is a whole lexicon of phrases and it is probably best to be invested in the actual form of the teams, players, horses or cars that are involved in the event to increase the chances of success.
Bookmakers offer a diverse number of betting markets that are allied to a one-off showpiece event or a single match or perhaps a knockout tournament. In some ways, they are similar to to a financial trader as punters can pick and choose their predicted victor, victory margin, number of yellow cards or anything that is specific to an individual participant in the wider game
The different types of bets include the most obvious for the beginner which is the moneyline. In other words, the customer picks who they think will win in the chosen sport. Then come the variations like spread betting which is choosing a particular margin of victory or total goals or the number of runs scored by a team or batsman.
In some ways, spread betting brings more sporting knowledge into the bet as it’s not fixated on, say, a batsman scoring a century in cricket. It could be that a batsman can score well above a buy price number that is 60 or 70, increasing the win with every run
For beginners, prop bets offer a bit of a diverse offering in that they can be placed on how many goals Mo Salah might score against a team or how many passing yards Patrick Mahomes will throw in a Super Bowl final, these are all placed before a game begins. There are also parlays, which are a combination of different bets that are tied together, all of which have to be correct for the win to come in. These types of bets can be lucrative when successful.
What is also important is to keep track of live scores as most betting platforms are updated by sports data companies that have personnel at the event. This provides an opportunity to take advantage of in-game betting, rather than having a punt on something beforehand. Odds will change according to events on the pitch or field during the game. Most sportsbooks offer live betting on mobile devices and desktops. It is worth remembering that a pre-game bet sometimes offers better odds as betting lines can be variable during play.
Sports betting markets are ultimately important to read and research before setting up an account. It is imperative for beginners to understand the different types of odds, how to apply them in practice and to be able to combine the different types of bets that are available. Other than that, it’s all about choosing bets that sit comfortably within a budget, trying to find competitive odds and to be able to access a strong element of customer service within the whole experience.
Finding a niche, exploring more markets and then concentrating resources carefully will improve overall chances of finding the right balance. When knowledge of the sport is already high because of a natural passion, the rationale can be applied to a bet with inside information. Understanding the numbers behind the actual result of games is important for beginners in the world of sports betting.