Online Sports Betting Explained | How to Bet on Sports

Learn how to bet on sports, including football NFL point spreads, and win with the Best Online Sports Betting guide.

Online Sports Betting Explained - The Sportsbook or Bookie

Online Sports Betting: The Sportsbook or Bookie

Online sports betting companies don’t make bets, they just book them. They take wagers from the public as a business, and they don’t do this for free, as you’re paying a percentage of every bet you make. This is called “the juice“, or “the sports betting vig.”

A sportsbook or bookie offers you a variety of Online Sports Betting opportunities. They can book bets for you on every game in every major sport. And, with Covid-19, bookmaking companies cover everything now, including virtual sports.

Balancing the book: When you book a bet on Team A, the sportsbook hopes another player will place a bet on Team B. So, the bookmaker can balance its numbers by setting odds where the wagering action is 50/50. And, they make a profit on the vig from both bets, regardless of the outcome. Now that you understand this, when you see Online Sports Betting odds changing for a game, you will know the purpose behind it.

You can make direct cash bets. Or you can establish credit with a sportsbook or bookie, and bet against it. So, all the bookmaker does is to hold on to your wager until the sporting event is over. And, once you place a bet, you’re agreeing to the terms of the wager.

So, it’s crucial for you to learn the most popular online sports betting types. Plus, you also need to gather as much relevant info for the game before you bet on it.

So, apart from knowing what type of bet you’re making, you can also visit bet prediction sites. That way you can count on valuable sports betting tips that can help you make wiser decisions.

Online Sports Betting Explained -Where Can I Bet

Where Can I Bet on Sports Online

If you’re looking for US Online Sports Betting info, you’re in the right place. Here’s info on how the Best Online Sports Betting sites are split between those within the United States, and those located overseas.

Legal Online Sports Betting United States

Are you looking for legal Online Sports Betting USA info? Read on…

The safest Online Sports Betting is offered by legal sportsbooks, located where wagering is currently legal within the US territory. The Supreme Court of the United States lifted the federal ban on wagering back on May 14, 2018, and since then, eleven states have declared Online Sports Betting legal. This includes Las Vegas, Indiana, New Jersey, Pennsylvania, and the list keeps on growing.

Offshore Online Sports Betting Websites

Top Online Sports Betting Sites are also located outside the US. These are known as offshore sportsbooks, and there are many well-known names out there that American bettors trust and love.

The Sports Betting Online AG Model

The Best Online Sports Betting website with overseas offices is definitely one with the AG domain name. These are overseas sites based in a jurisdiction where wagering is regulated and legal.

And this was the only alternative for most American bettors before Online Sports Betting went legal in the United States.

Online Sports Betting Explained - Open An Online Account

Opening An Online Sports Betting Account

Back in the day if you wanted to place a bet there were only two options:

  • 1- You could go to Las Vegas, walk up to a regular sportsbook, and place a bet right there physically.
  • 2- And you also had the option of betting with your local bookie.

But if you didn’t have access to either of these two, you essentially had no way of betting on sports. The industry is quite different now.

The rise of the internet back in the 90s expanded sports betting across any possible border. Nowadays there are countless online sports betting operations waiting to serve their eager clientele.

There are two kinds of sports books:

  • Those based within the United States.
  • And those known as offshore, which are based throughout the Caribbean, in places like Costa Rica, Curacao, and Bermuda.

How to set up an online sports betting account

If you want to bet using an offshore sportsbook, you need to create and fund a wagering account. This can take some time as they need to verify your identity.

You will need to provide your ID, etc. But once this is done, it comes with the convenience that you’ll be able to place bets anywhere using your mobile phone.

Step one: Visit your favorite sportsbook

The first thing you need to do is to visit your favorite online sports betting operation. At the homepage you will see a “Join” button. Click on it, and it will take you through the application process which will be very simple as all you need to provide is your personal info.

This includes:

  • Your name
  • Email personal address
  • Your birth date
  • A phone number
  • And any other info on the screen

Step two: Funding Your Account

The fastest method to put money into a wagering account is to use your credit card or debit card. You can also use regular checks, and a variety of different methods, including Bitcoin and other cryptocurrencies, plus many different e-wallets.

What’s important to understand is that every single online sports betting operation out there works with its own set of rules and this is particularly true with the offshore variety.

So, make sure to check out the fine print for deposits for each individual sportsbook you’re considering doing business with in order to have the best long-term experience. Another great sign of high quality is to find a live chat window at the home screen.

If you ever have a question, you can ask directly to a sportsbook representative through the live chat window, and you will get an answer immediately.

Plus, you will also get access to any promotions that are not on the site, currently on the works, or just promos that they can create on the spot for you.

Bitcoin Online Sports Betting

Bitcoin and cryptocurrency, also known as crypto, is turning into the payment of option for most bettors out there.

And the reason is that sportsbooks are promoting Bitcoin as their preferred depositing method. So they’re offering great depositing bonuses and other benefits for using crypto.

Online Sports Betting: Open Different Accounts

You want to open more than one online sports betting account. And the reason is that you can shop lines at different sportsbooks all the time.

Even if all of your chosen sportsbooks offer the same wagering line on a given event, there are always opportunities.

For example, you might find the same -3 betting line with all bookies, but one of them offers the line at -105 instead of the regular -110. In this case, you definitely know which sportsbook you want to place a bet with.

Online Sports Betting Explained - Sportsbook Bonuses

Online Sports Betting Bonuses

Online sports betting involves getting bonuses, and these are the most common types:

  • Sign-up Bonuses
  • Referral Bonuses
  • Match-Play Bonuses

Online Sports Betting: Sign-up Bonuses

Most, if not all online sports betting operations offer sign-up bonuses. As more offshore and onshore online sportsbooks are created all the time, competition for current and new clients is heavy.

And, the best way for bookies to attract bettors is to entice them to become members in exchange for a good new player sign-up bonus.

A standard online sports betting bonus is 20% for deposits up to $1000. This turns into $200 in free cash when you deposit $1000.

Sign-up Bonus Restrictions: Pay Attention To The Small Letter

As with all things betting-related, there are always restrictions. Here’s how the sign-up bonus works:

  • You open online sports betting account.
  • Once you make a $1000 deposit, your account gets credited with $1200.
  • The bonus applies to your first deposit-only, and not to subsequent deposits.
  • After your first deposit, you’ll enter the bookie’s mailing list.
  • And that means that you’ll get into their retention sales funnel.
  • So, you’ll start receiving bonus offers from time to time.

And, going back to the restrictions, the actual bonus is not completely “free.”

In fact, you need to meet a rollover requirement, likely a 3-time rollover. This means that you need to wager at least $3000 before you can cash out any portion of the $200 bonus.

Another common requirement is for you to leave the cash in your account for a given length of time, probably a month, so that you can actually qualify for the bonus.

Now, remember this is a bonus, free money, and the least you want is to give the impression that you’re just opening an account to get the bonus.

Sportsbooks are not fond of bonus hustlers, and they might reject your future action if you get identified as such.

Online Sports Betting: Referral Bonuses

Most bookies will give 10% to 20% of your first deposit to the person that referred you. When you get referred, you need to contact the client attention department for the sportsbook and let them know who the referrer is.

If the sportsbook offers a 10% referral bonus, and you deposited $1000, then the person who referred you will get $100. Now, a problem with referrals is that the name of the person who refers, and the referred individual both become automatically linked.

And, if for some reason one of the two parties gets banned, chances are that the other person can get hurt in some way too. So, make sure to refer the right players in order to keep a great long-term reputation with the bookies!

Online Sports Betting: Match-Play Bonuses

A match-play online sports betting bonus is deposited apart from your original deposit. And, these are funds which you can wager with once, win, or lose.

If you win, the profits will go directly into your regular cash account, and the match-play balance will disappear. If you push, then the wagered funds will return to the match-play balance to be used once again.

Here’s how the match-play bonus works:

  • Let’s say that you find online sports betting operation that offers you a 25% match-play bonus for $1000 or more.
  • Once you make the $1000 deposit, then you’re required to bet your deposit a certain number of times.
  • This can be one time, two times, three times, four times, five times, and more.
  • Once you meet that wagering requirement, then you can get your bonus. In this case, $250 for your $1000 deposit.

Now, here’s an important fact: a match-play bonus is not as valuable as a real-cash bonus. And, if you bet match-play cash on a -110 wager, this makes the bonus cash worth 48 cents on the dollar.

Online Sports Betting Explained

Online Sports Betting Explained

Now its time to check information on wagering odds, bet types, and more…

Wagering Odds

Online Sports Betting Odds it’s just the agreed-upon payout amount of a given wager. It’s the ratio between what a wager pays relative to the amount that was risked.

And odds are also a broad expression of probability. Longer odds imply that an event it’s less likely to happen. So, the payout is larger. Shorter odds mean that the event is likelier to take place.

So, the payout is smaller, because of the house exposure. When you place a bet with an online sports betting company, the bookie is the one that establishes the odds. And you, as a bettor, can choose how much you want to risk. In sum, the value of a bet is a promise of a future payment, based on agreed-upon odds.

Implied Probability

You can translate online sports betting odds into implied probabilities. That is the likelihood of every single possible outcome of a wager as perceived by you, the sports bettor. Implied probability shows as “0 to 1” and it describes the chance of a given outcome vs all the other outcomes.

-110 Moneyline

The moneyline describes payout odds relative to 100. This doesn’t mean that you must place a bet for $100, it’s just the notation.

So, if you see a line with a -110 next to it, this means you need to place a bet for $110 to make $100. The extra $10 is the juice or online sports betting vig the sportsbook charges to book a bet. Each betting side will always have its own moneyline.

When you see a side listed with a negative ML, that means that you need to risk more cash to make a smaller profit. This is the favorite.

When you see a side listed with a positive ML, that means you will make a larger profit than you have to risk. This is the underdog.

Online Sports Betting: Bet Types

Let’s have a look at the different Online Sports Betting opportunities:

Online Sports Betting Types: Straight Up or SU

A straight-up wager is when you place a bet on the winner of a game, no more no less.

For example: Patriots -550 / Lions +550

Here, New England is the favorite, so you need to bet more to win less money, but the wager is less risky. In this case, you need to bet $550 to win $100. The Lions, being the underdog team, can give you a larger return for your investment. In this case, if you risk $100 on Detroit, you can end up with $550 in your bankroll in case the Lions are able to win.

Online Sports Betting Types: NFL Point Spreads

NFL Point Spreads is the way the bookmaker balances the sportsbook.

Bookies learned a long while ago that a match between two unequal sides is boring. So, an artificial system, know as NFL point spreads exist to adjust the final margin of victory. When it comes to the point spread, favorite equals minus, underdog equals plus. So far, our online sports betting line example looks like this:

SU: Pats -550 / Lions +550 – Point Spread: Pats -7 / Lions +7

Here, if you place a bet on New England, then your team must win by no less than 7 points. If they win, but for less than 7, you lose your bet. The contrary is true for Detroit. If you place a bet on the Lions, and if they lose but not for more than 7 points, then you win your wager.

In other words, when you place a bet on the point spread, your team must always cover the odds. Now, when you bet on the point spread, the wager becomes locked. This means that even though odds change, you will keep the same odds you took. The exception comes when you accept the odds changing on your bet.

Half Points or Hooks

You will usually see spreads with a half-point, known as the hook. And, you may well know, teams can’t score half points. They are useful because they make ties impossible.

Even Spread or Pick Em’

Sometimes you will see matches where the two teams are even in form, and that leads to the pick em’. This means that you can choose either team with the same odds. And, if you don’t see a Moneyline next to the spread, the line is -110 for both.

Online Sports Betting Types: Total: Over / Under

Apart from betting on one team or the other, you can also place a bet on the total. A bet on the total means that you are placing a bet on the combined score of the two teams at the end of the match. So, it doesn’t matter who wins, as long as you can cover the total.

For example, the total for the game between the Pats and the Lions is 44. So, you can place a bet that the total points scored by both teams will be over or under 44. When you bet the total, you will become a fan of both teams, either of their offense or their defense.

Online Sports Betting: Multibets

Where there are sports, people will be making multi-bets. And, with the right knowledge, you can make the right bet prediction, and win. Let’s start by learning the different multi-bet online sports betting types.

Online Sports Betting: Parlays

Let’s say you have little cash to spend on betting, and you have two great NFL games in mind. If that’s the case, then the best scenario is to place a parlay bet.

This allows you to bet both teams at the same time. But, once the bet becomes locked, the two squads on the parlay must win, or you lose the bet. Parlays with more than 2 selections, when one of the legs loses, the sportsbook treats it as a size smaller.

For example, a 4-teamer, where you get a loss, reverts to a 3-teamer, and you get paid with 3-team odds if you win. The great thing about parlays is that the more selections you add to his multi bet, the better the profits.

And, most bookies out there will allow you to parlay up to 12 or more selections. You can also parlay point spreads with totals and moneyline bets, across different sports.

3 Parlay Facts:

  • You can parlay as many as 12 bet selections. Just remember that all of the football picks within the parlay must win for you to win.
  • You can mix your parlay selections to include NFL Point Spreads combined with totals and straight-up bets.
  • Another thing you can do is to place a bet across dates and times. And, if one of the legs in your parlay pushes or gets canceled, then the sportsbook will just treat the bet as a size smaller. This means that the NFL odds will also be adjusted, and if you win, you will be paid according to the adjusted odds.

Online Sports Betting: Teasers

A teaser is a similar online sports betting wager to the parlay, but with a twist. When you place a teaser bet, you can add or remove points from the spread to move the line in your favor.

This comes with a cost, as you make less cash. But, by moving the line, you are giving yourself extra chances of getting the win. For example, a 6-point teaser on the Lions with a current line of +7.

When adjusted, the line turns into +13. So, that means that Detroit can lose now for as many as 12 points and you can still collect.

4 Teasers Facts

  • Just like with parlays, you can mix NFL Point Spreads and over/under wagers in the same teaser bet.
  • The teaser adjustment is applied to all bet selections.
  • Teasers are most common in NBA and NFL Football Betting.
  • Most Online Sports Betting experts agree that it’s wise not to mix sports when making a teaser wager.

Online Sports Betting: Prop Wagers

Prop bets have no limits. In fact, a sportsbook can create a bet out of anything, especially trendy stuff. This includes the Presidential Election, out-of-the-field events, and much more.

For example, you can bet on a given NBA player scoring a certain number of three-pointers. Or, an NFL team scoring a certain number of points during the first half of a game. With some sportsbooks, you can even request your own prop bet, and if they like it, they will book it for you.

Online Sports Betting: Confirmation Ticket or Betslip

If you want to place a bet, different Online Sports Betting operations have different setups. But, they all work with a confirmation ticket or betslip.

And, what’s important is that this betslip gives you the last chance to correct a wager. You’ll be guided through a simple verification step stating something like, “Confirm your bet on the Buccaneers -3, betting $110 to win $100, is this correct yes or no.” If you confirm “yes”, your bet becomes locked.

Even if you made a mistake, if you confirmed the bet, you agreed to the wager, and the outcome of it.

And, there’s also a great factor about these confirmation tickets: Most online sports betting websites will ask you to add the amount you want to win, not the amount you want to risk.

And that’s because it’s easier for people to manage round numbers. For example, let’s say there’s an NFL point spread with -110 odds. And let’s say you want to win $50 on this bet.

So, the system automatically requests that you risk $55 to win those $50. This is great because it allows you to see how much you can win without the need to do any math yourself.

We hope you’ve found our Online Sports Betting guide easy to grasp, and we invite you to check for more content. Best of luck!