Cash-Out Sports Betting for Dummies Many sportsbooks offer their customers the chance to ‘cash-out' before the event has finished and their sports wager has been settled. The cash-out feature is a way for a bettor to lock-in profit from their sports wager, or minimize their losses. Now you need a reputable online sportsbook (online sports betting site) to do business. There are millions of sites out there, but only a handful that will treat you right. I deal with a few main sites in my personal online sports betting, Bovada, BetOnline, and MyBookie. Check these sites out and see which one fits you best.
A Beginner's Guide to Understanding Sports BettingBefore May 14, 2018, all sports betting outside of the state of Nevada had been illegal. The explosion of betting markets since then has been nothing short of remarkable.
Americans love to gamble. In 2016, we spent over 100 billion dollars on all types of gambling, from horse races to nickel slots. The online betting market handles billions of dollars on a monthly basis.
Although this is all exciting and we want in, it can be easy to get lost with all the terms getting thrown around. Read ahead for our crash course in understanding sports betting and how to get started.
Our Fascination With Sports Betting
The next time someone tries to give you an attitude about your betting, politely remind them that you are simply taking part in an ancient tradition.
That's right. We know the Ancient Greeks were betting on sports and other competitions more than 2,000 years ago. Later, the Romans were placing bets on gladiator fights.
Over the years, different rulers have tried to make it illegal. Others realized that if you can't beat them you should join and created legal gambling institutions.
From Underground to Mainstream
Sports betting continued to thrive across the world. Betting on horse races became very popular in England and moved to the United States.
There was a certain posh about going to the tracks. It was something that brought communities together and provided lots of entertainment.
Of course, there was no shortage of people trying to profit off of it.
The Emergence of Bookies
Bookmakers or bookies as most people call them, accept bets and pays them off. During different periods of history, bookmaking has been banned in various countries.
Online Sports Betting For Dummies 2019
Depending on the place, bookies can work out in the open. They are a common site at casinos and horse tracks.
However, there was a time when they had to operate in the shadows to avoid trouble with the law and the IRS. Otherwise, Americans often placed bets through bookies overseas in places like the Caribbean and Costa Rica, where they could operate legally.
Understanding Sports Betting
If you have been around people talking about sports betting, you've certainly heard a bunch of funny words getting thrown around that may have gone over your head.
Sports betting has its own culture and, with that, comes its own language.
Here are some important terms to get you started.
Dog
Short for the underdog, the dog is the team or player that is less likely to win. However, that doesn't mean they always lose.
Betting on the dog sets you up to win big if you can correctly predict an upset.
Who doesn't love a great underdog story?
Odds On Favorite
This is basically the opposite of the dog. The favorite is the team that projected to win. Generally speaking, betting on the favorite is safer but the cashout is smaller.
Some people always bet on the favorite regardless. However, the favorite isn't guaranteed to win so don't say we didn't warn you.
Point Spread
This is an important concept called spread betting. You simply pick a winner of a certain game but keeping in mind that the underdog will have a certain advantage.
For example, if New York has a spread of +6.0 points over the underdogs, Miami, then they have to win by at least 6 points in order for those who pick them to win the bet. If you think New York will win but only by 3 points, then you should actually pick Miami given the point spread.
Parlay
A parlay is when you bet on two or more consecutive games. In a three-team parlay, for example, all three teams that you selected must win.
This is an extremely exciting way to play. Imagine the excitement as your teams keep winning and you get ever closer to hitting that big score.
Over/Under
You can bet on more than the outcome of a game in terms of winning or losing. You can also try to guess the total combined score of both teams.
You can be on whether the combined score will be greater and or less than a certain number.
For example, if the over/under for football game is 25 and you pick ‘under'. You are hoping that it is a relatively low scoring game, without worry about who wins.
How To Get Involved
It's never too late to get involved with sports betting. Since it has become legalized, there are tons of options in the sports betting market depending on what suits you.
You can hit an online betting market if you're the type who prefers staying at home. Gone are the days when it was necessary to meet up with your friendly neighborhood bookie at Waffle House to place your bets and get paid.
Don't feel pressured to make big bets on things you don't really understand. Take your time with some smaller bets to get a feel for how it works.
How Much Many Can I Make?
Truly, there is no limit to how much money you can make off sports betting. However, you need to bet more to make more.
In large part, it depends on your bankroll and how much you willing to bet. However, there are plenty of people who make a living on sports betting. However, always remember that you shouldn't bet more than you can afford to lose.
Some people do it for fun and some people make hundreds of thousands of dollars.
Becoming a Bookie
It doesn't stop there. You can become a bookie and help others place bets. No, you don't have to be a wiseguy or wear a trench coat.
The fact is, becoming a bookmaker is a surefire way to make money. The more people you bring in, the more you get paid regardless of the outcomes of their bets.
Check out this article to learn you can become a bookmaker. Work on your own time and as much or as little as you want.
Getting the Most out of Sports Betting
That's right. We know the Ancient Greeks were betting on sports and other competitions more than 2,000 years ago. Later, the Romans were placing bets on gladiator fights.
Over the years, different rulers have tried to make it illegal. Others realized that if you can't beat them you should join and created legal gambling institutions.
From Underground to Mainstream
Sports betting continued to thrive across the world. Betting on horse races became very popular in England and moved to the United States.
There was a certain posh about going to the tracks. It was something that brought communities together and provided lots of entertainment.
Of course, there was no shortage of people trying to profit off of it.
The Emergence of Bookies
Bookmakers or bookies as most people call them, accept bets and pays them off. During different periods of history, bookmaking has been banned in various countries.
Online Sports Betting For Dummies 2019
Depending on the place, bookies can work out in the open. They are a common site at casinos and horse tracks.
However, there was a time when they had to operate in the shadows to avoid trouble with the law and the IRS. Otherwise, Americans often placed bets through bookies overseas in places like the Caribbean and Costa Rica, where they could operate legally.
Understanding Sports Betting
If you have been around people talking about sports betting, you've certainly heard a bunch of funny words getting thrown around that may have gone over your head.
Sports betting has its own culture and, with that, comes its own language.
Here are some important terms to get you started.
Dog
Short for the underdog, the dog is the team or player that is less likely to win. However, that doesn't mean they always lose.
Betting on the dog sets you up to win big if you can correctly predict an upset.
Who doesn't love a great underdog story?
Odds On Favorite
This is basically the opposite of the dog. The favorite is the team that projected to win. Generally speaking, betting on the favorite is safer but the cashout is smaller.
Some people always bet on the favorite regardless. However, the favorite isn't guaranteed to win so don't say we didn't warn you.
Point Spread
This is an important concept called spread betting. You simply pick a winner of a certain game but keeping in mind that the underdog will have a certain advantage.
For example, if New York has a spread of +6.0 points over the underdogs, Miami, then they have to win by at least 6 points in order for those who pick them to win the bet. If you think New York will win but only by 3 points, then you should actually pick Miami given the point spread.
Parlay
A parlay is when you bet on two or more consecutive games. In a three-team parlay, for example, all three teams that you selected must win.
This is an extremely exciting way to play. Imagine the excitement as your teams keep winning and you get ever closer to hitting that big score.
Over/Under
You can bet on more than the outcome of a game in terms of winning or losing. You can also try to guess the total combined score of both teams.
You can be on whether the combined score will be greater and or less than a certain number.
For example, if the over/under for football game is 25 and you pick ‘under'. You are hoping that it is a relatively low scoring game, without worry about who wins.
How To Get Involved
It's never too late to get involved with sports betting. Since it has become legalized, there are tons of options in the sports betting market depending on what suits you.
You can hit an online betting market if you're the type who prefers staying at home. Gone are the days when it was necessary to meet up with your friendly neighborhood bookie at Waffle House to place your bets and get paid.
Don't feel pressured to make big bets on things you don't really understand. Take your time with some smaller bets to get a feel for how it works.
How Much Many Can I Make?
Truly, there is no limit to how much money you can make off sports betting. However, you need to bet more to make more.
In large part, it depends on your bankroll and how much you willing to bet. However, there are plenty of people who make a living on sports betting. However, always remember that you shouldn't bet more than you can afford to lose.
Some people do it for fun and some people make hundreds of thousands of dollars.
Becoming a Bookie
It doesn't stop there. You can become a bookie and help others place bets. No, you don't have to be a wiseguy or wear a trench coat.
The fact is, becoming a bookmaker is a surefire way to make money. The more people you bring in, the more you get paid regardless of the outcomes of their bets.
Check out this article to learn you can become a bookmaker. Work on your own time and as much or as little as you want.
Getting the Most out of Sports Betting
Sports betting adds a massive degree of emotion and excitement to any competition, even if its division III college volleyball.
And of course, there is a lot of money to be made. However, understanding sports betting is crucial in order to get the most out of it.
Keep researching and practicing your new hobby. The money is good and the time is right. Start your bookie business today, with the best pay per head software, www.AcePerHead.com.
3 Good Books About Starting Out
When you start out better, you should dive into some books for strategies and more. It'll help you in the long run. We've gathered our favorite titles together.
In 2019, sports bettors wagered $150 billion in 2019, according to Morningstar. That figure is set to surge in the future as more states legalize gambling and establish sportsbooks.
But the world of sports betting has its own lingo that people can find intimidating. Also, although most people are betting for entertainment, no one wants to waste their money on something they don't fully understand.
However, there are many books out there that can help shed some light on sports betting. If you are a novice, these books will help you gain invaluable basic knowledge. And if you have the experience, these titles could help fine-tune your betting prowess.
In the following article, we'll suggest three excellent books on sports betting that will not only educate but entertain.
1) ‘Sharp Sports Betting' Leads Our Books
This book is considered by many as the 'Bettor's Bible.' The book is authored by Stanford Wong, a pioneer in gambling publications. The first work he authored, 'Professional Blackjack,' is also considered a classic.
Wong's legendary prowess on the blackjack tables and his gambling knowledge has allowed him to create a lucrative cottage industry.
Wong, born in Georgia in 1943, was fascinated by games as a child. In several interviews, Wong took to blackjack and counting cards after reading Ed Thorpe's 'Beat the Dealer.' He was so successful at the game that legend has it that at age 21, he was able to start putting himself through school with his winnings.
'Sharp Sports Betting' came about after Wong realized that there were no credible books on the topic out there. His book stays away from evaluating teams and players and sticks to the math involved to win at sports betting.
Wong covers the basics in clear language: money lines, spreads, parlays, and teasers. He also spends a good amount of time exploring Poisson distribution — or the probability of X-number of events happening in a fixed interval. The charts and statistical analysis Wong offers is a must-read.
2) ‘Fixed-Odds Sports Betting'
Joseph Buchdal is a bettor extraordinaire with a passion for sportsbook and soccer, or football as they call in his home in the United Kingdom. He's a contributor to advise sites and has written several other betting books.
Buchdal's book 'fixed-Odds Sports Betting' is considered one of the best books about gambling. It holds wit and wisdom for the newbie and the experienced bettor alike. He emphasizes the practice of value betting, where you need to isolate that thing that is likely to happen, but oddsmakers are not favoring it to happen.
He tells how to isolate factors to maximize value betting strategies and hopefully come out ahead over time in his book.
3) ‘The Signal and the Noise'
If you want a good read on predicting events, including sports, but would enjoy a wider focus, an excellent choice is Nate Silver's 'The Signal and the Noise.' Silver is best known for his political predictions and his blog FiveThirtyEight.com.
Silver developed his forecasting prowess by calculating reams of baseball statistics over long airplane flights. His Pecota system was then successfully used to predict the first Obama election in all 50 states.
His clear, explanatory writing illuminates many mathematical, political, and cultural touchstones, which gives the reader a larger sense of the forecasting world.
Get In the Game
While we picked three books to get your sports betting reading list started, there are hundreds of titles to choose from. Wong's pioneering idea to explore the world of betting in ways that make sense to the novice and hardened better alike has sparked a major industry of sports betting publications.
With all that is out there to read, you are sure to find a book that suits your interests.
Want to learn more about our betting services and software? Contact us today at (800) 909-5193.
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Welcome to the Sports Betting for Dummies Guide section of the site.
Not that I think you are a dummy or anything like that. Far from it. However (1) it's just a common term to use, and (2) it keeps me in check writing articles. I make sure to dumb it down enough so that everyone can understand it. Even if you've never bet before or have no idea what accumulators, trixies, each-way bets are etc – by reminding myself that this section is 'sports betting for dummies' it means I assume nothing, and lay it out so that it's very easy to understand.
I've been betting sports online and offline since 1996. That's a long time. Over the years I have learned so much from sports betting and so now I get to share that knowledge to you.
How To Start Online Betting
This section is going to cover all of the basics of sports betting and get into the more advanced stuff too. There's a lot of stuff out there to cover and I aim to have the most comprehensive guide to sports betting online.
Let's get to it:
Where To Bet Sports Online:
So within the site I have this section based on sports. The best place to bet hockey online is not the best place to bet soccer online. The best place to bet NFL online doesn't even offer WWE wrestling odds so they have to be different sportsbooks recommended etc.
For this section I'm going to quickly recommend the best sportsbooks online for beginners. Depending on the country you live in, these are the best sportsbooks to bet at for a variety of reasons including odds, bonus, rewards and most importantly – ease of use. As some online sportsbooks can be very confusing to use or complicated.
America: The best online sportsbook for beginners is GT Bets. They offer all of the main sports and they just have a nice and basic layout. It's very easy to use and understand and not complicated at all. They also offer some great promotions such as the 'my favourite team' promo where you get to choose your favourite team in the NFL or NBA, and you get a better point spread for them all season long.
Canada: Without a shadow of a doubt it's Sports Interaction. They've been in business for decades, are the only actual legal sportsbook in Canada, and are 100% Canadian only. They're from Canada, and they only take Canadian players. That's important in terms of getting the best out of them and if you are a Canadian, this is your one stop shop for all betting.
Everywhere Else: I have to go with Bet365. I'd trust them with my life savings. They also have by far the best interface any online sportsbook offers in my opinion. As a serious sports better I have accounts at over 20 sportsbooks where I go with the best odds, but if I am placing a casual bet I always go with Bet365 due to their better interface.
Different Types of Bets:
Accumulators: Accumulators are always fun. Who doesn't want to risk $5 to win $15,000? This article explains exactly how accumulators work, what to look out for when betting them, and the best online sportsbooks to bet accumulators at.
Doubles: It's hard risking $100 to win $30 on Liverpool or the Patriots to win. However what if you can double that bet up with another heavy favourite AND get better odds on it than if you bet the two separately. In this article I cover doubles betting which is commonly used when betting on two decent favourites.
How to Bet Sports Online
This section gives a brief overview of how to bet sports online at the aforementioned sportsbooks – a quick step by step beginners guide to betting online:
GT Bets: The homepage of the sportsbook lists the most popular sports in the center and then on the left is a sidebar listing the sports by category. When you click a category ie 'Basketball' it will expand to show more categories such as 'NBA' or 'Australia – NBL'. When you click on one it will update the main section. It presents the potential bets for a game and above each game is 'More Bets' which you can click to see more bets available for that game. At the top there is also the option of different bets as well ie: 1st half bets etc.
Anyway to place a bet, click on the selection you want ie: Boston -9. That adds it to the right hand side under 'Bet Slip'. You then choose the amount you wish to risk by typing it in the box, and it will tell you how much you wish to win. Next click 'Review Bet' to review the bet you placed then finally click to place the bet.
Sports Interaction: In the main center of the site will be the most popular current bets. You can visit a specific category by using the navigation menu. That will expand with a list of available leagues within that sport. each game usually has more bets and the top right of each game will list the potential bets. When you select a bet you will click on it ie click on the box stating 'Everton FC 2.32'. That adds it to the right hand side under 'Bet Card' and then you enter your stake which is the amount you wish to bet. It tells you what your payout will be for that bet then simply click 'Place Bet'.
Bet365: The homepage will be a bit overwhelming as there will be a variety of bets listed. This will include bets that are live – where the games are in progress and you can bet – and then popular competitions based on your geographic region. You can click on whatever you want to bet from there or use the navigation menu. When you click on that it will list the competitions in the green header bar, and then the bets available within that competition just below it. When you click on one it iwll list the basic bets available. In NHL for example it will be who will win, the game total and point spread. On the right hand side of this is a number and an arrow – click that to see all bets available for that game such as player props etc.
When there is a bet you wish to make, simply click on it and it will be added to your bet slip on the right. Put in the amount you wish to 'Risk' and then it will tell you your return. Simply click 'Place Bet' to place the bet. You can also use this section to see a list of your current bets, and cash out if you so wish.
Common Sports Betting Beginner Questions:
What does cashing out a bet mean?:
Some online sportsbooks, such as Bet365, allow you to 'cash out' a bet prior to its conclusion. Let's say you bet on Newcastle to beat Man City, $100 to win $1800. Newcastle are up 1-0 with about 5 minutes to go but you are wary of Manchester City coming back and scoring (as you should be). You can choose to 'cash out' the bet and they will offer you a price for cashing out. Sort of like 'Deal or No Deal'.
The odds won't be as good as if you wait until the end of the game, and it depends vastly on the teams. For example for that bet with 5 minutes to go, cash out odds would be something like cash out for $900, as opposed to $1800 due to the chances Man City have for winning.
Online Sports Betting For Dummies Free
It can vary based on the bet and the teams involved however. If you bet Man City to win $100 to profit $33, and Man City go up 2-0 early you'll be able to cash that out for something like $31.20.
