According to Morgan Stanley, the online sports wagering market represents 40% of the gambling scene, and is expected to increase significantly. In 2020, bets placed globally hit the $500 billion mark, representing a massive source of revenue for gamblers.
While Football is undeniably the world’s most popular sport, other professional sports that generate significant interest in betting activity include E-Sports, Cricket, Tennis, NFL, Basketball, Horse Racing, etc.
In recent years, online sports betting has garnered immense popularity, with enthusiasts placing wagers on their favorite or biggest sports every weekend of the season. Two of the main factors that have lured punters into online sports betting are the availability of in-play betting and early cash-outs.
If you are a beginner looking to dive into the world of online sports betting, here is an overview to help you navigate this exciting realm with confidence and know-how.
Understanding the Online Wagering Market
The surge in betting platforms in recent years is only a testament to how profitable gambling can be as a “business.” But with the vast array of betting sites available, it can be a daunting task for beginners to choose a reputable website that suits their punting needs.
Online sports betting refers to placing wagers on sports or entertainment events using internet-based platforms. These platforms provide punters with a wide range of options across different sporting events, from traditional sports like Football to niche sports such as E-Sports.
When beginners – especially those with no prior knowledge of gambling – initially register with a new betting site, it can be difficult to understand how odds and sporting outcomes work from the onset.
“Odds” is a common term used in betting, and refers to the ratio between a punter’s stake and their potential winnings as determined by specific sporting outcomes.
In the context of online sports betting, odds are the biggest single-most drivers of a punter’s decision. They are typically established by bookmakers and can be used to calculate a gambler’s potential payout as a function of the total stake.
That being said, it should be noted that betting can earn or cost bettors a fortune. That, however, depends on the nature of the approach. This is why the Smart Betting Guide is the perfect go-to partner for newbies looking to enhance their capital and live savings in the complex muddle of online sports betting.
The Pioneers of Smart Betting Guide understand that betting is often an emotive industry, considering what is at stake. As such, the agency has spent years evaluating the gambling industry to establish reliable betting sites, bring newbie-friendly insights to the forefront, and guide both casual and seasoned punters to gamble sensibly, responsibly, and have fun while at it.
How to Get Started on Online Sports Betting
1. Pick a reliable betting site
A betting site’s markers for reliability include aspects like regulation and licensing. This is done to ensure that the site subscribes to fair play, and also guarantees the security of personal data and finance.
Other aspects to consider include a site’s payment options, available betting options (or markets), and website efficiency or navigation. More so for beginners, identifying what a credible site looks like isn’t as cut and dry. These factors, however, enhance the overall user experience.
2. Create an account
Once you have settled on a preferred betting site, it is time to create an account with the company. For the most part, this process is quite straightforward and typically requires you to provide a name, a strong password, and an email address.
3. Access the odds and market options
Odds are an integral aspect of online sports betting as they indicate the probability of certain outcomes. They are typically represented in three formats; namely, fractional, decimal, or moneyline. The three main types of bets include:
- Moneyline: Here, punters select the outcome of an event by choosing between the favorite or underdog team or player.
- Over/Under: This is a bet that is based on total combined points or goals in a game, and punters bet on whether such figures will be over or under a predetermined value.
- Point Spread: Here, punters bet on a team or participant in a gaming event to win or lose by a specified number of goals or points.
- Futures: Here, punters bet on the eventual outcome of a season-long event or tournament.
4. Manage your bankroll
This is probably the most important aspect of betting as it involves dealing with real, hard-earned cash. As recommended by the Smart Betting Guide, it is vital to set a reasonable budget for your online sports betting activities. This will cut losses and limit punters from staking more than what they can afford. More specifically, the strategy to stake minimum percentages of the total bankroll on each bet will keep your losses in check and cut down on betting addiction.
5. Analyze sporting events
Successful punters will likely research their selections and stay up to date with the latest news and developments, including team news, statistics, etc. Such aspects can have a bearing on the outcome of a sporting event, and staying in the loop can help you make informed betting decisions, which consequently enhances the likelihood of making profitable bets.
Gambling has existed for as long as we can remember. It was not until the advent of electronic media that the industry became mainstream. Online sports betting, in particular, gained traction with the digital transformation of the 21st century and is currently a multi-billion dollar industry.
Presently, betting is an exciting revenue-generating activity that offers enthusiasts the opportunity to cheer up their favorite teams or sports and make some money. As the industry continues to see an influx of punters, beginners should conduct thorough due diligence to ensure they navigate the complex realities of this delicate industry.