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п»їHow to Bet on Sports for Beginners: 12 Tips to Know.
Suchat Pederson/The News Journal via USA TODAY NETWORK.
Over the past few years, the emergence of daily fantasy sports has led to a renaissance for conventional sports betting. The anti-gambling stigma that existed for decades is fading in American popular culture, opening the door for a massive, multibillion-dollar legal sports betting industry to emerge.
With sports betting now legal in many states, millions of sports fans will be looking to enter the betting market for the first time. But where do you begin if you’re unfamiliar with the terminology?
Here’s an introduction into how to bet on sports. We’ll be adding to this series in the coming weeks.
How to Bet on Sports for Beginners: 12 Tips.
Use the links below to jump to each section.
1. Favorites vs. Underdogs.
When the oddsmakers release a betting line on a game, the first thing they do is decide which team should be the favorite and which should be the underdog.
The favorite is the team that is expected to win the game and will get a minus sign next to its odds, while the underdog is expected to lose and gets a plus sign. If the game is a toss-up, books will open it as a “pick” or “pick’em.” Click to return to table of contents .
2. Spreads.
There are two main ways to bet on a favorite or an underdog. The first is the point spread, which is a bet on the margin of victory. A favorite “gives” points, while an underdog “gets” points.
For example, say the Patriots are 7-point favorites (-7) against the Jets.
If you bet on the Patriots, they need to win the game by 8 points or more for you to win your bet. If the Patriots win by 8 points or more, you “cover.” If the Patriots win by exactly 7 points, that is called a “push,” which means you get back the money you originally bet.
If the Patriots win by 6 points or fewer (or lose the game straight-up), you lose your bet.
Spreads are available for all sports, but they are predominantly used when betting on higher-scoring sports like football and basketball.
3. Moneylines.
The second way to bet on a favorite or an underdog is on the moneyline. This is based solely on which team will win the game.
Favorites are given a “minus” designation, such as -150, -200 or -500. If a favorite is -200, that means you have to risk $200 to win $100. If the favorite wins, you get $100, but if the favorite loses, you’re out $200.
Because favorites are expected to win, you assume more risk when betting on them.
Moneylines are available for all sports, but they are predominantly used when betting on lower-scoring sports like baseball, hockey and soccer.
4. Over/Unders (Totals)
In addition to setting a line for the favorite and the underdog, oddsmakers will also set a total number of points scored in a game by both teams combined. This is called the total or over/under.
Bettors can then wager on whether or not the game will go Over or Under the total.
For example, an NBA game between the Celtics and Bulls might have a total of 215. You could either bet the Over 215 or the Under 215. If you bet the Over 215 and the total points scored end up being 216 or higher, you win your bet. If the total points scored are 214 or fewer, you lose.
5. What Is the -110 Number Listed Next to My Bet?
The oddsmakers put a “tax” on every bet, which is typically called the “juice” or “vig” (short for “vigorish”). The juice is the commission you have to pay to the sportsbook for them to accept your wager.
Say the Duke Blue Devils are -5 (-110) … that means if you want to bet on Duke as a 5-point favorite, you need to risk $110 to win $100.
You always have to risk more on a favorite than you’d win on an underdog…otherwise, sportsbooks would be out of business.
6. How to Place a Bet.
With legalized sports betting spreading across America, sports bettors have never had more options to take advantage of. To see if sports betting is legal where you live, check out our state-by-state tracker.
Some of the biggest states that have legalized mobile wagering include Colorado, New Jersey, Pennsylvania, Indiana and West Virginia. The sportsbooks highlighted below are all trustworthy legal shops that take bets online.
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FanDuel CEO says the pandemic could force more states to legalize sports betting.
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FanDuel’s CEO Matt King on what betting on sports — and politics — will look like in the future.
Matt King, chief executive officer for FanDuel Group.
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FanDuel CEO Matt King joked with MarketWatch that the Super Bowl should fall into the “essential travel” recommendations from the CDC.
King, the head of the New York-based bookmaker and daily fantasy sports site since 2017, is an annual attendee of the big game, but this year decided it “didn’t make sense” to go. Like millions of other NFL fans, King will be watching the Chiefs take on the Bucs on TV.
In an interview with MarketWatch, King weighed in on how the pandemic is accelerating sports betting, FanDuel’s interest in becoming a public company, and if legal sports betting in New York state is a “game-changer.”
MarketWatch: Is FanDuel doing any physical events for the Super Bowl this year?
King: It’s pretty limited this year. Last year we did a bunch of events with players and some events with a few of our partners that are down there. A series of smaller things.
MarketWatch: Do you anticipate more money being wagered on the Super Bowl this year than in past years?
King: Yeah there’s going to be a lot more. Obviously we are in a lot more states, that’s the tailwind, but even the states that we’ve been operating in the last two years are up significantly this year.
MarketWatch: What are your total bet projections for the game?
King: Our business is up dramatically. I’m not sure we are disclosing our specific projections but it’ll be by far the biggest game on record for us. Many orders of magnitude up year-over-year. The statistic I can give you because it’s on the tip of my tongue is that in the first 28 days of 2021, we’ve done $1 billion in handle on the sportsbook. We didn’t hit $1 billion in handle in 2020 until Q4.
MarketWatch: Any particular growth areas in your business that you’re seeing? Something like live-betting for example?
King: The live-betting has been pretty popular since day one. I would say the big story this year is going to be our same-game parlay product. This is where you can bet on multiple things happening in the same game and we are really the only ones in the market that offers it. The Super Bowl is perfect for same-game parlay betting. It allows people to say “here are the three guys who I think are going to score a touchdown.” The customer acceptance of the product so far this year has been off the charts.
MarketWatch: Florida, the state where the Super Bowl is, was close to legalizing sports betting in 2020, but it never happened. How closely are you watching new states attempting to legalize gambling?
King: Our head lawyer once gave me a good piece of advice which was “the chances of passing any law is 50/50 until it actually passes.” It’s either going to pass or it’s not and I’ve taken that to heart. The way we look at the world is we think about the total number of states that are considering sportsbetting and we assume that some percentage of those are going to pass. It’s just hard to predict which ones are going to get it over the goal line. We are confident that you’re going to see a number of states pass it this year, we just don’t know which ones.
MarketWatch: The four states with the highest populations: California, Texas, New York and Florida have not legalized sports betting yet, do you see those states as game-changers for your business?
King: We certainly see every new state as a market opportunity, and obviously the bigger the state the bigger the market opportunity. But, the real change is what is already happening. Sportsbetting is becoming part of the narrative around sports. It’s embedded in how we talk about sports and even in those big states it’s a bit of a when — not if — question because people are understanding the size of scope of the illegal market and the fact that it’s just common sense legislation to try and put it out of business. I don’t necessarily view them as game-changers because the reality is we are already in the middle of the game. Certainly a big state will accelerate things.
MarketWatch: Do you think the pandemic will force states to legalize sports betting faster?
King: I think it will be the case. I think it will be the case for sports betting and igaming. You have two things going on. One is the fiscal pressures for any individual state are greater than they have ever been. I do think states will look for ways to help them claw out of fiscal holes that were created by the pandemic. But the other thing is more states passed laws around sports betting and igaming and demonstrated that they are win-win common sense legislation. It allows consumers to do what they love, and it generates tax revenue for the state and puts an illegal market out of business. It’s a pretty easy choice to make.
MarketWatch: Are you guys advertising during the Super Bowl this year?
King: We are not going to be during the game. We didn’t think it made sense to do a Super Bowl ad this year.
MarketWatch: Do you think the NFL would like an ad for a sportsbook during the game?
King: The NFL approves all ads for the game, (laughs) so they are not going to let a sportsbook ad go during the game at this point.
King: Our focus is on the fan, and where we focus on winning is in delivering the best product and best fan experience on the market. When we get customer feedback and look at the market share reports, it’s clear we have the number one business out there. And that makes us very proud. Stock prices, as we’ve seen over the last few weeks (laughs) can be somewhat ephemeral.
MarketWatch: What about from a “high tide raises all boats” line of thinking?
King: From a perspective of people understanding more about the industry and how it’s additive to the sports ecosystem, that’s a good thing. So anything that does that is a good thing. It’s also a big market. We don’t look at things as a zero-sum game; we look at it as we are in the early innings of a big business game. That competition breeds innovation.
MarketWatch: In our interview last year, we discussed the idea of FanDuel as a public company. Is going public something that you have discussed with your team?
MarketWatch: Is election betting something you’re interested in?
King: I think clearly people find election betting as an interesting way to engage in politics. There’s a lot of legal restrictions in the U.S. that don’t exist in Europe. Our focus has been offering free to play games on the presidential debates. We can see there’s a lot of interest in it. But I think it will be a long time before we see a big election betting market here.
MarketWatch: So the 2024 and 2028 presidential elections, you don’t anticipate election betting by then?
King: I don’t think it will be a big thing mostly because regulations will continue to restrict the market and I don’t see those regulations changing. The demand is definitely there though.
MarketWatch: Who do the sportsbooks need to win?
King: The Super Bowl is not about making or losing money as we talked about last year. It’s about giving fans a phenomenal experience. More of the bets are on the Chiefs, so if the Chiefs win and cover the spread we are going to lose a few bucks. The same is true if it’s a very high scoring game, which is pretty typical.
MarketWatch: What is sports betting like 10 years from now?
King: I think it’s less about sports betting in isolation and more about the convergence of things like sports betting and gaming in general with sports and sports media. It’s safe to say that all the sports rights owners are trying to find new ways to engage fans. I think you’re going to see some great stuff for the next generation fan experience. You may see new ways to watch sports, a more customized experience.
MarketWatch: A gamification of the actual games?
King: The ability to pop in and out of games more easily based on moments that matter. Reduced latency in the streaming feeds. You’ll see some alternative broadcasters, whether it’s your favorite Twitch personality announcing the game or somebody who may take a more betting oriented look at the game. A more build-your-own experience versus having to consume the same broadcast that 20 million other people are watching.
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DraftKings, FanDuel and more: A guide to Michigan’s 10 online sports betting options.
Online wagering is on the verge of launching in Michigan. (Photo used with permission from FanDuel Group)
Consumers will have ample options to place their wagers once online casino gaming and sports betting launches in Michigan at noon Friday, Jan. 22.
The Michigan Gaming Control Board on Tuesday and Wednesday approved authorization for 10 total casinos and their platform providers to begin accepting wagers on Friday.
“I think the reliability will be there across the board,” Ruddock told MLive in a phone interview. “Certain companies might have a little bit of a difference in their customer service, things like that. Other companies have a little bit of an advantage in the user experience of the mobile app. It’ll really depend on what the customer’s preferences are and what they find important.”
Among the notable differences between online sportsbooks and casinos include: betting opportunities offered, customer service, ease of financial transactions (type and speed) and promotions offered.
“Michigan set a pretty reasonable tax rate and licensing fee, so the operator burdens are pretty low,” Ruddock said. “I wouldn’t expect a ton of differentiation. There will be some just because different business models by different sportsbooks, and what you might see is certain sites steering customers toward more like parlay bets and different bets with larger hold percentages than the straight money line and point spread bets that most people are accustomed to seeing.”
When signing up for promotions or bonuses, Ruddock said it is important to pay attention to any associated stipulations.
“There’s multiple parts of the bonuses,” he said. “Some are just free money sign up. Usually you have to deposit something. Other ones are what we call a вЂclear’ bonus. So if you deposit $50 and they’re offering you $50 a bonus, you might have to bet your $50 five times, 10 times, however much before you clear that bonus completely. So customers should look at how much they have to wager to clear the bonus and they should also look at if there’s a expiration date on those. Those are definitely things that people should look at the fine print of those bonus offers.”
While the MGCB expects to authorize additional operators and platform providers in the coming days and weeks, here’s a look at the 10 platform providers, and their affiliated casinos, that are approved to go live Friday.
DraftKings.
Michigan is the 11th state DraftKings will have a presence in with its online sportsbook – more than any other company in the U.S.
DraftKings also is an official sports betting and casino partner of the Detroit Pistons and is offering new customers in Michigan two double-your-money opportunities. On Friday, double your money on the Detroit Pistons to score a 3-point shot. On Sunday, double your money on any NFL team to score a conference championship touchdown.
Meanwhile, DraftKings Casino features a wide variety of games within its library, including 17 blackjack, six roulette and three Baccarat offerings.
“The consumer protections are top notch, but also the betting menu is really second-to-none,” DraftKings president and co-found Matt Kalish told MLive. “We have hundreds of types of bets that consumers can make and treat pricing on all of our bets. I think it’s really going to be exciting when this goes live.”
FanDuel.
FanDuel also is one of the most popular betting sites in the U.S. and is entering its ninth state with its launch in Michigan.
“We think it’s really important that people can try sports betting in a risk free environment,” Mike Raffensperger, chief marketing officer of FanDuel Group, told MLive. “We think it’s really important that people could come in and try it for themselves, how it makes sports more exciting, more engaging and it’s certainly been an important part of the way that we go to market today. Thus far, I think we’ve just been extremely pleased with how Michiganders have responded to that offer so far.”
Raffensperger said its partnership with MotorCity Casino already has been a success. It is FanDuel’s second largest retail sportsbook in the country since opening in March 2020.
“They’ve just been an incredible partner to help us understand the local marketplace, certainly leveraging and partnering with their players to welcome them in to the FanDuel sportsbook and get them going with a new online system in short order.”
BetMGM.
BetMGM has also has a vast footprint in the U.S., with its online sportsbook also live in seven other states.
It is the official sports betting partner of the Detroit Lions and Detroit Red Wings. Partnering with MGM Resorts allows BetMGM users in Michigan the opportunity to redeem their gameplay for world-class experiences at MGM Resorts properties nationwide through its M life Rewards program.
According to BetMGM, its app “offers a user-friendly mobile gaming experience giving sports fans in Michigan the opportunity to customize pre-game, live in-play, futures and parlay wagers. App users can access an expansive array of casino games including slot tournaments, progressive jackpots exclusive to Michigan, Blackjack, roulette and video poker.”
Its retail sportsbook at MGM Grand Detroit launched in March.
BetRivers.
BetRivers, which is in six other states, also operates a retail sportsbook at Little River Casino Resort in Manistee. Its online casino will offer online slot machines and table games, including blackjack, baccarat and roulette – with live dealer offerings coming soon.
PointsBet.
PointsBet is only approved to launch sports betting as of now. It has developed a significant presence in Michigan with long-term partnerships with the Detroit Tigers, Detroit Red Wings, Detroit Pistons and Little Caesars Arena.
PointsBet also offers some unique betting options, such as its PointsBetting feature -- a high-risk, high-reward form of betting where customers are either rewarded or docked by how right or wrong their wager was.
It is running two launch promotions:
-- At the end of January, customers with net winnings with PointsBet will have them doubled up to $100 in free bets. For customers who have losses with PointsBet at the end of January, they will have those net losses refunded up to $100 in free bets.
Barstool.
Only Barstool’s online sportsbook will launch Friday, with its online casino expected to go live shortly after. It also operates in Pennsylvania.
From noon Friday until 11:59pm Sunday, January 24, Michigan customers will have their first-time deposit on the Barstool Sportsbook mobile app matched with a donation to The Barstool Fund, provided they wager equal or more than their first-time deposit during the weekend. The fund raises money for small businesses around the country that have been hard hit by the COVID-19 pandemic.
Barstool’s retail sportsbook opened at Greektown in December.
Penn National Gaming partnered with Barstool, a popular sports and pop culture digital company, in January 2019.
“I think the biggest differentiation you’ll get in Michigan is probably with the Barstool sportsbook, which has a pretty unique business model in this space just because they’re more of a content and personality-based company as opposed to the other books that are more large corporations, casino operators.”
Golden Nugget.
Michigan will be the third state Golden Nugget goes live in. According to Ruddock, its online casino features the most offerings in New Jersey.
According to a news release from the company, its sportsbook will offer up to $250 in free bets to new customers as well as daily odds boost (“Golden Lines”), reduced juice bet-types (“Notorious VIG”) and enhanced parlays with the “Parlay Boost” feature.
Its online casino will feature a variety of slots and table games and will offer a welcome bonus up to a $1,000.
According to its release, Golden Nugget has won the EGR North America “Operator of the Year” award four years in a row.
TwinSpires.
TwinSpires’ parent company, Churchill Downs Incorporated, recently announced that all of its BetAmerica sportsbooks, which also operate in five other states, would rebrand as TwinSpires in the first half of 2021.
According to its website, TwinSpires is offering Michiganders its best new player sign-up offer yet. Sports bettors can be eligible for up to $1,000 in bonus bets to utilize over a seven-day period, while new casino players can be eligible to play their first 24 hours risk-free up to $500.
WynnBet.
WynnBet also operates in New Jersey and Colorado. Its online casino В·Its is running several signup promotions:
- Risk-free sports bet up to $1,000.
В·- 100% deposit match up to $1,000 and 2000 free spins on Divine Fortune.
- 100% deposit match bonus up to $1,250.
FoxBet.
FoxBet is expected to receive final approval from the MGCB shortly. FoxBet also operates its the popular free-to-play Super 6 app, which already has launched in Michigan. Contestants have the chance to win thousands in jackpot and guaranteed prizes weekly by predicting the outcome of six games.
“We’ve given over $3 million in prizes to people who play the weekly game,” FoxBet chief executive officer Kip Levin told MLive. “The thing that is notable for us about Michigan is that it’s the largest database that we have in our Super 6 that we’ve had in any other state launches before we go live. Given the interest and success we’ve had with the Super 6 product in Michigan, that’s going to be something that’s really kind of new for us with this state launch. We’ve got a good number of customers that have already sort of raised their hand and said that they’re interested as we go live.”
FoxBet is offering a free $100 -- $50 sports bet, $30 casino bonus, $20 poker bonus, -- when signing up and making a deposit.
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