Online Sports Betting Guide: How to Bet on Sports
How to Bet on Sports Online: Betting Guide & Odds Explained
Online sports betting allows you to place bets on the outcome of a variety of sporting events and games across football, basketball, baseball, soccer, and more. Bettors can place online wagers at Fanatics Sportsbook, which offers odds and promotions across popular US sports.
If you’re new to sports betting, this guide will help you through the basics and give you all you need to get started right here at Fanatics.
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What is Online Sports Betting?
Online sports betting is all about predicting the outcome of sporting events and placing wagers based on those predictions.
It’s a dynamic way for fans to engage with their favorite sports, transforming the way we watch sports and allowing millions of users to put their knowledge and instincts to the test across countless events and markets.
Here at Fanatics Sportsbook, you can bet online on a wide range of sports, including:
- NFL: The most popular betting sport in the United States, featuring a full season of high-profile matchups and major betting markets.
- NBA: A fast-paced league with high-scoring games and daily betting opportunities.
- MLB: Packed with statistics, making it ideal for data bettors.
- NHL: Low-scoring sport that’s great for moneyline bets
- Soccer: The global sport, with leagues on every corner of the planet
How to Start Betting Online
Know which sport you want to bet on? Here’s how to get started at Fanatics Sportsbook:
- Register your Account: Enter your address and other personal details, and you’ll need to verify your account by uploading your ID.
- Make a Deposit: Pick your preferred deposit method and make your first deposit.
- Claim a Welcome Bonus: Remember to grab your Fanatics welcome bonus before you start betting!
- Place a Bet: Check out the events and the markets and make your first bet.
Types of Sports Bets Explained
A betting line represents the sportsbook’s opinion on the outcome of a game or an event. Understanding how to read betting lines can help you understand potential risk, payouts, and value. Lines provide the basic context for your bet. Learning how to read these types of betting lines is key to making more informed bets.
There are three main types:
Point Spread
This type of betting line essentially balances a matchup between two teams. For example:
- Green Bay Packers -7.5
- Chicago Bears +7.5
If you bet on the Packers, you need them to win by 8 points or more to win your bet. A bet on the Bears, meanwhile, means you still win if they lose by 7 or fewer, or if they win the game.
Moneyline
A straightforward win-or-lose bet in which the odds reflect the chances of each outcome. A typical money line may look like this:
- Lakers -150
- Celtics +130
In this case, a $150 bet on the Lakers would win $100 in profit if they win, while a $100 bet on the Celtics would win $130 in profit if they end up as the winners.
Totals (Over/Under)
The third type of betting line is the various totals options. With totals, you are usually betting on the total score across both teams and deciding whether it will be over or under a figure set by the sportsbook. For example:
- Over/Under 44.5 in a football game.
If the final score is 27–20 (47 points), the Over bet wins. If it’s 21–17 (38 points), the Under wager wins.
How to Read Sports Betting Odds
The odds you see here at Fanatics Sportsbook show two things: how much money you can win and the probability the sportsbooks assign to each outcome. You’ll often see odds displayed in one of three main formats, and knowing how to read them all can boost your betting IQ.
Most sportsbooks will give you the option of choosing your preferred odds format in your account settings, but knowing how to switch between odds can be useful when comparing prices across different sportsbooks.
American Odds
As you’d expect, these odds are used in the US and are based around either winning or betting $100.
- Negative (-): Indicates the favorite and what you need to stake to win $100. (For example: -120 means you have to bet $120 to win $100.)
- Positive (+): Indicates the underdog and your potential win on a $100 bet. (For example: +250 means a $100 bet would win $250.)
Decimal Odds
This odds format is common in Europe, Canada, and Australia, and in this case, the number refers to your total return, not just your profit.
- For example, 2.50 means a $100 bet returns you $250 ($150 profit and $100 stake).
You will find that decimal odds are much easier for calculating parlays than the other two types of odds and are often preferred by newcomers for their simplicity.
Fractional Odds
Mainly seen in the UK and Ireland, this odds format shows your potential profit relative to your stake.
- For example, 5/1 means you win $5 for every $1 wagered. So a bet of $20 at 5/1 would give you a profit of $100.
Sports Betting Tips For Beginners
The more you know about online betting strategy, the better your chances of making smart wagers. Here are some key tips to learn and put into practice:
- Bankroll Management: Decide in advance what you’re willing to risk on your sports betting, and then break your total into smaller units, such as 2% or 5% of your bankroll.
- Start Small: Don’t rush into big bets or complex parlays. Look for single bets with value.
- Do Your Research: Check everything you can think of, including injury reports, team stats, weather conditions, and form before you bet.
- Live Betting: If you can make quick decisions and stay calm under pressure, live betting can give you additional opportunities once a game has started.
- Avoid Chasing Losses: Accept that you lose some. Don’t try to win it all back at once.
- Stay Objective: Don’t automatically bet your favorite team – let the odds and the facts guide you.
- Set Limits: Stick to a budget. Gambling should be fun, not a compulsion or stressful.
As you gain more experience, you’ll gradually find out which strategies work best for you, so keep learning and remain flexible in your approach.