Sports betting is one of the most popular business forms of entertainment in the world, adding an exciting layer to watching your favourite events.
The best betting sites make it easy to wager on a vast array of sports, offering punters tons of pre-match and in-play markets throughout the year.
If you have never previously bet on sports you may find everything a little difficult fathom. To help you get started, we have produced this handy business guide on sports betting for beginners.
Introducing Sports Betting Business
When you visit an online sports betting site you will be immediately see terminology such as match betting, totals, both teams to score, singles and doubles.
Bookmakers offer a wide range of wagering options – some of them are extremely simple, while others require more in-depth analysis.
A great starting point for beginners is match betting, which simply requires you to determine whether an event will be a home win, away win or a draw.
Once you have decided on your selection, you click the odds, enter the stake in the box on the betting slip and confirm the bet. It’s that simple!
Understanding Betting Odds
Betting odds may seem complicated but in reality they are very simple. They effectively tell you how much you might win relative to the amount of money staked.
For example, let’s say you decide to back the draw in a Premier League game between Manchester United and Liverpool. The bookmaker is offering odds of 9/4 on this outcome.
This means that for every £4 you stake, you will win £9 is the match is drawn. Your returns in this scenario would be £13 – your £9 winnings plus your £4 stake returned.
Some betting sites display their odds in decimal format, and the calculations on potential winnings for these are based in simple arithmetic.
Decide Which Sports to Bet on is a good business
This might seem like an obvious statement to make, but it is imperative to give some thought to which sports you want to bet on before parting with your hard-earned cash.
All of the top betting sites offer odds and markets on more than 30 different sports, so there is generally something to suit every taste.
To get the most out of your betting business, it is imperative to stick to sports you are familiar with. If you are a football expert but rugby leaves you baffled, stick to wagering on the former.
By using your knowledge about the sports you bet on, you will increase your chances of making a consistent profit from your wagering activities.
Choose a Sports Betting Business Site
Our final piece of advice for sports betting beginners is to open an account with a bookmaker who is fully licensed and regulated to offer their services in your jurisdiction.
Look for sites that offer generous bonuses when you sign up for an account and which have exciting ongoing promotions for regular customers.
For example, if you are a football fan you will want a site that has loads of World Cup betting offers and promotional offers on other competitions during the season.
It is also advisable to open more than one betting account, as this allows you to take advantage of different offers and compare odds before placing your sports wagers, and do a good business.