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The internet has changed many things, not least the way we bet on sports. Of course, traditional horse racing and sports betting shops still exist, but betting online is now the way forward. It’s not only the convenience of being able to open up your favoured online bookmaker and place a bet 24/7; you also get far greater market depth, and in some cases, better odds.

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This beginner’s guide aims to show you the basics of online sports betting. We’ll review how it works, and share some expert advice on how to win when betting on sports. Also, we explore some of the more interesting bets you can place to improve your returns.

How Does Online Sports Betting Work?

Essentially, there are two types of online sports betting. The first is pre-match (or race), and the other is live – also called in-play betting. The mechanics are both the same; however, there are several differences to be aware of. Before, delving into those, let’s run through the basic concept of how online sports betting works.

• The first decision a new online bettor must make is choosing the right online bookmaker. There are many top brands in this niche – and also some that aren’t recommended. That is one of the purposes of this site – to provide you with a list of licenced and regulated online sites – ones that are reputable and trustworthy.
• After creating an account with your favoured betting site, you’ll need to deposit some money for your betting activity. Most payment methods are instant, so there’s no delay in getting in on the action.
• With that done, you can peruse the sports and events to find the match or race that you want to bet on. Nearly all betting events have multiple markets. The bookmaker will offer ‘odds’ on the probability of an outcome for each market. As a punter, you must decide if these odds represent good value.
• When you have chosen a bet, all you have to do is click on the selection. It will be automatically added to your bet slip. Lastly, you add your stake (the amount you want to bet) and sit back and enjoy the match.
• If your selection is correct, your winnings will be put into your online sports betting account. From there you can bet again or withdraw the money.

The prefix ‘pre’ means before, and that’s what this type of bet is. It is a wager you place before the match has started. For instance, you might place a pre-match football bet on a Friday for a game that will be played on Saturday.

Live betting came to life online. Bookmakers started providing punters with the opportunity to bet on matches at any point between kick-off and the final whistle. Many of the main betting markets are the same, but there are plenty of differences, too. For example, at certain sportsbooks when betting live, you can bet on the winner of the next point in tennis or the outcome of the next ball in cricket.

Additionally, the betting odds are not the same. This is logical because if there are only 10 minutes left of a match, time is running out for the outcome to change dramatically. Online live betting odds are constantly changing as the clock ticks down, and various result-defining events happen throughout the game. When placing your bets pre-match, you can compare different bookmakers for prices, and do other forms of research. Live betting is more impulsive. You don’t have those same luxuries. However, this is also what makes it more thrilling in some ways.

Fraction, Decimal and American Odds

Betting odds can be displayed in a variety of methods. While there are several Asian odds systems, such as Hong Kong and Malay odds, the three most common for the rest of the world are fractions, decimals and American.

• Fractions: This is the classic style of betting odds that punters familiar with horse racing will be most used to. Odds of 20/1 mean that if you stake €1.00, you could win €20.00 (plus you get your €1.00 stake back as well). Of course, if you staked €5.00, you’d win €100.00 extra, and so on.
• Decimals: The emergence of decimal odds really came to life with online sports betting. They allow bookmakers to display a wider range of odds without involving difficult fractions. With European decimal odds, one stake unit is added to the price that is displayed at the betting site. For example, decimal odds of 21.0 mean if you stake €1.00, the total returns are €21.00 (the same as €20.00 + €1.00).
• American odds: These are sometimes referred to as Vegas odds. These odds take a different approach. The odds for the favourite will be shown with a minus (-) sign. For example, -175. What this means is if you stake $175, you would win $100. The underdog’s odds are displayed with an addition (+) sign. For example, +200. Now, if you stake $100, you would win an extra $200.

How to Win Betting on Sports

There are many different forms of gambling. Some, like roulette and playing the lottery, are games of pure chance. Other types of casino gambling may involve strategy, but the house always has a long-term advantage.

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However, in many punter’s eyes, successful sports betting relies more on knowledge, and your ability to calculate all the variables to achieve a winning outcome. That does not mean you will win every bet you place. Sport is played by humans, and there will always be unexpected results, and upsets occur.

To get started, these are four areas in which you must focus your efforts. Sports betting is a case of the more you put in, the more you’ll get out.

• Know the sport: Study form guides, statistics, and other analysis to form an opinion on how you think the game or race will pan out. This is what bookmakers do, so it’s what you must do too.
• Understand the risk-reward of each betting market: Savvy punters make their money from betting on ‘how’ a team will win, rather than simply betting on them to win. For instance, if you are betting on boxing, and your research suggests boxer A will win by a knockout within 6 rounds. You get more value placing this bet than betting on boxer A to win. However, the risk is higher. This is the risk-reward ratio you need to understand.
• Managing your bankroll effectively: Having good bankroll management skills is crucial in your quest of how to win betting on sports. You don’t want to be spending your entire budget on a wild longshot. Equally, you don’t want to bet too small on a red-hot favourite.
• Finding the best bookmaker bonuses: There are some tremendous online bookmaker bonuses and promotions available that can really help to boost your bankroll. Take your time to learn about the different promotions, and evaluate which ones you can extract the most profit from.

What Is a Reverse Bet in Sports Betting?

Having discussed betting markets, another key component of sports betting is bet types. The most common is a single bet. This bet is on one selection, such as Tiger Woods to win the USPGA.

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Many punters prefer to place accumulator bets, known as parlays in America. These are single-line wagers that involve multiple selections. To get a payout from this type of bet, you need all of your selections to be correct.

There are also system bets and exotics. Once again, they involve multiple selections, but instead of a single stake, you are placing a series of different bets combined. In the US, popular variants of these include if and reverse bets.

To understand what a reverse bet is in sports betting, you first need to know what an if bet is. If bets contain between two and six selections. However, the following bet only comes into play if the previous bet(s) won. With each bet, your winnings are paid while the initial stake is used for the following bet.

For example:

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• You bet $100 on team A @ +150
• It wins, so you collect $150. The initial $100 is placed as the stake for the second team.
• $100 on team B @ +120
• It wins, so you collect $120
• $100 on team C @ +200
• It loses, so you lose that $100 and the if bet is over.
• Therefore, you won $150 + $120 = $270 – $100 (stake). A profit of $170

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The reverse bet is an each-way version of the if bet. Therefore if you have two teams: A and B, you place two bets. The first is team A followed by team B. The second bet is team B followed by team A. This way if team A loses, you still get a payout. Reverse bets are very common in the US, particularly for wagers with one favourite and one underdog.