Sports Betting Rules: 5 Key Things to Know About Sports Betting
Sports betting has taken the world by storm in recent years with the emergence of DraftKings, FanDuel, William Hill, MGM Resorts, Caesars Entertainment, and Betstars as major sports betting entities.
Do you want to get in on the action but don’t know much about sports betting? It can be challenging trying to figure out how to make the right choice as a novice bettor.
This guide will help you understand sports betting rules so that your first bet won’t be your last. Read on for more insight.
Table of Contents
- 1 Sports Betting Rules
- 2 What is a Bookie, Explained
- 3 Sports Betting is a Marathon, Not a Sprint
Sports Betting Rules
Sports betting is not something you should take lightly. It’s risky and there’s even more risk involved if you’re reckless with how you bet. Below are five things to keep in mind.
Know Where Sports Betting is Legal
Sports betting isn’t legal in all 50 states. Most states still have to regulate how they’re going to handle the revenue stream.
As of November 2020, 16 states and the District of Columbia have legalized it.
Montana, Illinois, Michigan, New York, New Hampshire, Pennsylvania, New Jersey, and Delaware are a handful of those states.
Maryland, Virginia, North Carolina, and Louisiana are some key states who have had bills passed.
Familiarize Yourself with the Terminology
Being new to sports betting is exciting, but it can also be stressful because there’s much to learn. Be a student of sports betting. Immerse yourself in the terminology. You’ll be glad you did.
The More Popular the Sport, the Higher the Risk
College football is the most valuable for bettors across the board in terms of ROI (return on investment), while baseball is in the basement for that metric.
Football is the riskiest sport because they play fewer games. There’s less margin for error compared to other sports.
Paying for Sports Betting Tips is Not Worth it
You run the risk of being scammed since they can easily sell you information that is already public knowledge.
You’re better off networking with people you trust who are into sports betting and can give you valuable advice.
Winning too Much could Cost You
If you place a lot of bets and win more often than not, that can be a problem for sportsbooks.
They want bettors to have a 50 percent success rate, so they can collect the vigorish fee (charged for accepting a gambler’s wager) at that same rate.
What is a Bookie, Explained
One question you may have about sports betting is, what is a bookie?
A bookie or bookmaker collects bets on sports or other events. They set the event’s odds by themselves or under an organization before the bet’s terms are agreed upon.
If you wanted to place a bet on the Brooklyn Nets and Sacramento Kings game, the Nets would likely be favored to win, and the bookmaker could set the odds at +12.0, which would mean the Nets are favored to win by that many points.
If that happens, the bookmaker has to payout predetermined odds for that event. For example, the winner could receive $1.50 for every dollar they bet.
If the winner bets $100 on the game, the bookmaker has to pay the bettor $150 if they win.
Sports Betting is a Marathon, Not a Sprint
Sports betting rules will change, so you have to learn and grow with them.
Your success in the sports betting industry depends on how much effort you put into it. It won’t always be easy. You may win, but you will lose. If you’re prepared, the losses will sting a little less.