Sports Betting Explained: The 5 Key Concepts You Need to Understand
Gambling has been a part of human history since ancient times and sports betting was one of the ways people in the old times gambled. From gladiator fights in ancient Rome to football matches in modern Europe, we have always bet on sports, but sports betting has greatly evolved over the last couple of decades with the introduction of online sportsbooks.
However, sports betting is not necessarily all about gambling. In this guide, we will introduce you to the most important concepts of sports betting and how you can apply different sports betting strategies to beat the bookies and come out on top. Unlike other types of gambling, sports betting is actually a game of skill and understanding some important concepts and applying them to your bets can be the difference between losing and winning when betting.
Most important facts:
- Sports betting is a mix of luck and skill
- Apply betting strategies to win
- Check out our free betting tips
- Learn how to analyse sports matches
- Learn how odds determine value
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- 5 Most Important Sports Betting Concepts
- Conclusion: Sports Betting is More Than a Game
5 Most Important Sports Betting Concepts
Sports betting may seem simple enough to a casual bystander, but there are many things one needs to learn before they can become a successful sports bettor. From understanding the most basic concepts like betting odds, slips and markets to how they all actually work together and what strategies can be used to beat the casinos, sports betting is a very complex activity. We introduce the 5 most important factors in the world of sports betting that you will need to understand before you can start betting with success.
Betting Odds: The Numbers Behind the Bets
Whenever a player sets out to make a sports bet, he or she is doing it at certain odds. Betting odds are the numbers that represent the probability that the bookmaker is expecting for a certain outcome of a sporting event.
The three basic odds formats used are Decimal, Fractional and Americans. Decimal system is the most commonly used one. In decimal system, if the bookmaker is expecting a team Option A to happen 50% of the time, the odds given would be close to 2.00. Of course, the bookmaker would leave itself with a certain margin, so odds of 1.90 could be expected.
Understanding the betting odds is crucial in finding bets that you actually want to make. The only way to win at sports betting is to find bets where the bookmaker set the odds too high. Some of the best sports betting sites out there offer very favorable odds and sports betting experts do their best to always bet at the best odds possible.
Betting Markets: Different Types of Bets
When betting with friends, people usually bet on who will win a game, but online bookmakers offer many more options. There options are called the betting markets and they include over/under, Asian handicap, outright betting and many others. The most popular betting markets are:
- Outright Winner
- 1×2 (Final Match Outcome)
- Over Under (Goals, Cards, Corners)
- Handicap (European and Asian)
- Goal Scorer
Each market represents some type of an event on the actual pitch. For instance, in a football match, users may be able to bet on how many cards will be shown or how many corners will be taken in the over/under market. Handicap betting is also very popular, where players bet on a team to win with one of the teams given a head start of a certain number of points or goals, especially when one of the teams is a heavy underdog.
It is important to understand that not all the markets actually offer favorable bets. Some markets are extremely difficult to predict and most professional sports bettors stick to handicap betting as it is much easier to predict and the variance is lower. Betting sites in Kenya offer handicap and other markets for many sports so we propose that you try betting on markets other than just 1×2 as often as possible.
Betting for Value: When to Bet and Why
Most casual punters will bet on anything that is on, simply to keep things fun for themselves while watching sports. However, this is not a winning sports betting strategy. Trying to guess what will actually happen in a match beyond a shadow of a doubt is a losing strategy as well. Real sports bettors simply try to predict the probability of an event happening. Once they are confident the odds offered by the bookies are too high, they go for a bet. This is called betting for value.
So often you will hear someone saying that a bet has to come in or that there is no way they will lose, even though the odds are 2.00 or higher. This is of course never true and in reality you should be looking for spots where an event is more likely to happen than the bookies expect. You can consult our betting tips section in order to find some good upcoming value bets at any time or do analysis of your own and try to find value.
Statistical Analysis: The Cornerstone of Sports Betting
Making a sports bet without analyzing past events, current form and other factors that influence the game is like trying to shoot darts in a dark room. Without the extra information, you are just shooting in the dark, hoping you hit something. With proper analysis of the stats and other factors at play, you can actually predict the probabilities with a lot more confidence.
Statistical analysis can be conducted in a number of ways. Fortunately, in modern day, a lot of the information needed for analysis is readily available through a number of web sites that track sports statistics, making things easier. Look at current form of teams or players playing, the referees in charge of the game, how essential the win is to each side and other factors at play in order to make educated guesses instead of wild shots.
Live Sports Betting: The Future of Sports Betting
The introduction of online bookmakers changed the sports betting industry from the inside out. One of the biggest upsides that online sports betting has brought is certainly the live sports betting or in-play betting. With more live betting sites in Kenya emerging by the day, you now have the opportunity to make even more choices and bet with even more precision.
Live sports betting revolutionizes the betting world by adding a completely new dimension. No longer do you need to decide on your bets beforehand and watch things play out. Instead, live betting allows you to watch games and adapt your betting to the actual situation on the pitch, something that was never possible before the introduction of online sportsbooks. To learn even more about live sports betting, check out our soccer live betting tips.
Conclusion: Sports Betting is More Than a Game
For most, sports betting is just a hobby, but for some it is so much more. Our site aims to help you turn your hobby into a serious activity and potentially win lots of money by making smart, educated and profitable bets. Start betting at some of our recommended sites such as Pinnacle Sports today and apply our strategies and tips to make the most of every bet you make.