If you’re itching to get started in placing bets online, it would be a good idea to know exactly how to place a bet and what to even bet on. You might think it’s just a matter of choosing a sport and placing a bet on the highest odds but you’d be wrong. Unlike slots in a casino, sports betting is not all about luck. You can make poor bets if you’re not careful. Let’s find out why!
Getting started
Before we get into what to bet on, you need to know a few things. First and foremost, navigating the site. Once you’ve chosen the site you wish to bet on, get familiar with its layout. You want to be able to find everything you need quickly. Here’s what you need to look out for:
Your sports
If you’re interested in sports betting, you’re bound to have a favourite sport or two. Knowing where to find them on the site is important to get the bets you want to place easily and quickly.
Live games
Most, if not all sports betting sites, will have a section dedicated to games and events currently playing. This gives you the option to place a bet specific to the current state of the game or event.
Bet history
This page, while keeping a record of your settled bets, will offer an overview of all your ongoing bets so you can edit and cash them out easily and at the right time.
Odds type
Online sports operators display odds in 3 formats which you can choose and change on the site; fractional odds mostly used in the UK and Ireland (2/1), American odds (+200) and decimal odds used worldwide (3.0).
Deposits and withdrawals
Knowing what payment methods they accept, where you need to make a deposit and how long it takes to process is crucial to ensure you have enough cash in your account to place good bets.
Choosing a good bet
Now that you know what to look out for let’s get into what makes a bet good. As we mentioned in the introduction, placing bets should not be a guessing game. Do your research! Sure, you can get lucky with a blind guess but the odds are not in your favour.
You need to become analytical in your process of choosing what to bet on and even when. There are many types of bets you can make, not just on whom you believe will win. Betting on a live game will offer a wider range of options but you’d need to be quick as the odds are constantly changing. For more on the types of bets you can make, click here! [link to article – Types of bets]
If you’re just starting out in the sports betting scene, start small. Don’t go big from the start. Get the hang of it, understand the types of bets you can make. Experiment with the bet slip to find the best combinations you can make. Do not chase your losses with insane bets that have a very low chance of winning for the potential of a high payout.
Placing a bet
You’re in the right mindset, you’ve done the research and know what to bet on. It’s time to place a bet. Selecting a game or event will show you the bets you’re able to make along with their respective odds. The higher the odds, the larger the payout but the chances of winning are lower.
Once you’ve chosen the bet or bets for your selection, they will be added to your bet slip. This usually pops up as soon as you add a bet, so you can’t miss it. Before placing the bet you’ll be able to remove any bets you’re having second thoughts on within the bet slip. Ultimately, you’ll be able to set the amount you wish to stake on the selection of bets you’ve chosen.
If you’re happy with your selection and stake, all that’s left is to place the bet. Doing so will immediately deduct the amount chosen from your account balance. Your bet is now confirmed and the odds are locked in.
However, the odds on the event, known as the current odds, will continue to change. For that reason, there may be times when you’d want to edit your bet. Some sites will allow you to edit your bet to change the selection or even the amount you wagered. What actually happens is, they cash out your bet and immediately place one with the new stake and selection you chose.
Remember, you can view your ongoing bets within your bet history in your account. Monitor your live bets and check back once the event has finished to find how it has settled. If you see your bet has been voided, don’t worry. This means that because of particular circumstances the sports operator cancelled your bet and returned the cash you wagered back to your account balance. This can happen for a multitude of reasons as each sport has its own terms.
Certain sports, events and bets may have a maximum amount you can stake or win. This is usually a general limit. Although rare, they can impose limits specific to an account. Online betting sites need to make money, so they can set limits on those who consistently win over a lengthy period of time. Again, this is very rare and most aren’t even aware of it.
Cashing out
The option of cashing out will be available on most sites, but not all sports and events. Doing so, closes the bet and adds cash to your account prior to the event concluding. The amount of cash depends on the current likelihood that your bet settles as win. Once an event is close to finishing, the option to cash out will no longer be available.
If the chances of your bet winning are growing slim, you can cash out to get some of your money back. If they’re in your favour, you can cash out for an amount higher than what you wagered but less than the full amount you would receive if the bet settles as a win. Deciding to take this course of action can be better than risking the situation turning for the worse.
At the end of the day, sports betting is an exceptional way to make the game you love more intense, so stick to those sports you enjoy watching and following. You will lose, it’s inevitable, and that’s fine. You will also win and no matter the amount, a win is a win, enjoy it. Keep in control, have fun and play smart.
If you need help to find the best betting site, we’ve got the article for you right here! [link to article – Best betting sites]
