A sports betting strategy is a way to put money behind an outcome that you expect to happen. If you bet correctly, you’ll make some money. However, if you bet poorly, you’ll lose your money. The key to winning is understanding the different types of bets and the odds that are offered by a sportsbook.
The most basic type of bet is a straight bet. It’s where you wager on a specific outcome, such as a team winning or losing by a certain number of points, goals or runs. The odds are based on the expected margin of victory and are determined by the sportsbook. The team that is favored to win will have a (+) symbol next to their odds, while the underdog will have a (-) symbol. If you bet on the Patriots to beat the Jets and they win by exactly 7 points, the bet is a push and your bet is refunded.
There are also spread bets, which are based on the margin of victory. These bets involve “giving away” or “taking” a certain amount of points, goals or runs, and are determined by the sportsbook. The underdog is typically identified by a (+) sign and the favorite by a (-) sign. If you place a bet on the Jets to beat the Patriots and they win by exactly 6 points, your bet is a push and your bet will be refunded.
Another popular bet is a totals bet, which is a wager on the total number of points or goals scored in a game. The totals are usually set by the sportsbook and can range from a high of 60 to a low of 40. These bets are often very tricky to win, as it’s not always easy to predict how many points will be scored in a game. Regardless of how you place your totals bets, it’s important to keep track of them (a standard spreadsheet will work) so that you can see the trends over time.
Finally, there are prop bets, or proposition bets. These are bets on non-standard events that have nothing to do with the actual game. Some of these bets are fun-based, such as how long the national anthem will be at Super Bowl LIII or whether the bases will be loaded at the end of the first inning. Props are normally carried at higher juice than standard point spreads, moneylines and totals.
Value bets are the most difficult to master and require a deep understanding of an event’s overall likelihood of occurring. This is accomplished by comparing odds across multiple sportsbooks and looking for bets with odds that are significantly above your assessment of the probability of the outcome. This is known as line shopping and it’s a vital part of any successful sports betting strategy. The key to value betting is having the patience and discipline to wait until you’ve found a great line before placing your bets.
