There has never been a better time to get started with sports betting than right now. With countless states launching online legal sports gambling, it’s not just a pastime for Las Vegas or Atlantic City anymore.
That being said, it’s incredibly daunting to get started with sports betting. With so many sportsbooks, sports, competitions, and bet types, it’s hard to know exactly what your first move should be.
In this article, we’ll give you an overview of everything you need to know to get started.
We’ll discuss some of the top online sportsbooks on the market, how to read sports betting odds, and even a bit of strategy that can help you improve your chances of winning. Without further ado, let’s get started with this overview of the online sports betting industry, and how you can get involved.
How does Sports Betting Work?
Sports betting is all based on probabilities.
It could be a team’s odds to win, how much they’ll win by, how many points will be scored in a game, or how a player will perform. The sportsbook’s projected probability of a given outcome happening is where odds come from.
The most common odds you’ll see is -110, meaning that you have to bet $110 to make a profit of $100. This is what you’ll see for both options when they have equal implied probabilities, like the two sides of a point spread or an over/under total.
The implied probability of -110 isn’t quite 50%. This is because of something called the vig, or house edge. This is the adjustment sportsbooks make so that they can be more likely to make a profit, even when both sides of a wager are bet equally.
It’s always important to keep the vig in mind. It’s how sportsbooks generally stay ahead of players, and must be considered when using implied probability to assess the value of odds.
The general basis of sports betting is that if you bet on something that does in fact happen, you’ll win money. The odds will determine just how much you win. You’ll make a greater profit margin for successfully betting on things that are less likely to happen.
Odds can move for several reasons, from team news like injuries to simply large amounts of money being wagered on one side.
But who sets the odds? Where can you place bets? Let’s take a look at some of the top sportsbook operators in the industry.
Top Sports Betting Sites
If you want to get started with some legal online sports betting, you’ll need to pick a sportsbook or several to play with. Let’s talk about some of the best sports betting sites in the industry, and some key information about each that could help you determine whether it’s a good option for you.
DraftKings Sportsbook
DraftKings is one of the younger companies we’ll discuss, but since the advent of online sports betting, they’ve been at the front of the pack.
Since the very beginning of widespread online betting legislation, they’ve been at the forefront of plenty of state launches, and it’s paid off as they are a true titan of the industry.
This brand started off as an operator of daily fantasy sports competitions, but they’ve branched out in a big way as a full-service online sportsbook. They’re considered to be a leader in many key spaces like the NFL and NBA, with very competitive odds available for both highly popular competitions, especially for betting on favorites.
With a very visually appealing layout, DraftKings is well known as a great sportsbook for sports betting beginners. It’s also easy to trust a brand that has so many major partnerships, like their prominent one with the NFL.
A few issues have been reported with deposits and withdrawals, but overall, the DraftKings experience is considered to be a great one.
New users can register with DraftKings Sportsbook today using this link and place a simple $5+ wager to score $150 in bonus bets!
BetMGM Sportsbook
Fans of the in-person betting scene will certainly be familiar with MGM, due to their longstanding excellence in the field of casinos and resorts in places like Las Vegas and Atlantic City.
Now, they’re also one of the best options in the world of online sportsbooks, as they’ve really kept up with the times and produced a great mobile and desktop product.
BetMGM is known for boosts and extras, starting off with an extremely generous welcome bonus via its promo code. They also offer one of the best loyalty programs in the industry, and plenty of boosts offered to existing users. The processes for financial operations, deposits and withdrawals, are also considered to be top-notch with BetMGM.
This platform is one of the best-looking on the market, and the parlay building tool is also just about as good as it gets. The customer service department could be better in the eyes of some, but with so many easy-to-access bet options, BetMGM is a great sportsbook option.
As mentioned above, BetMGM Sportsbook is offering one of the industry’s most lucrative welcome bonuses that new users can score using the BetMGM bonus code TRIB1600. By signing up through this code, first-time players can unlock a 20% deposit match worth up to $1,600 in sportsbook bonuses!
If a deposit match isn’t necessarily your cup of tea, you can opt to claim the BetMGM bonus code TRIBUNEMGM instead. This alternate code offers all new players up to $1,500 in bonus bets if their first wager with the site settles as a loss.
FanDuel Sportsbook
FanDuel is another brand that started out running daily fantasy contests, but they’ve grown into so much more. This sportsbook is one of the most popular in the US betting market, and the daily fantasy side of the business is still going strong.
FanDuel is renowned for some of the broadest market offerings in the industry, so even fans of niche sports should be able to bet on their favorite players and teams. Specifically, FanDuel has been a pioneer in the area of same game parlays, which have become very popular, and this platform is still considered by many to be the very best for placing these exiting wagers.
FanDuel is also known for offering competitive odds on underdogs in big leagues like the NFL and NBA. The navigation of the app is a bit less intuitive than some of its competitors, but with a great new user promo to get you started, the learning curve won’t feel nearly as steep.
Get started with FanDuel Sportsbook today using this link to claim the site’s generous “Bet $5, Get $150 in Bonus Bets” new user offer!
Caesars Sportsbook
Caesars is another brand that has been around much longer than online sports betting itself.
The Caesars name has been in and around Las Vegas and other iconic betting locations for decades, and similarly, it’s become one of the biggest brands in the online space as well.
As a massive sports betting brand with lots of depth in the industry, Caesars has been widely praised for offering a wide variety of leagues, games, and bet types. Just like an in-person casino or sportsbook, there’s enough variety to keep even the most avid sports bettor engaged.
The Caesars rewards program is also one of the very best. Not only can you earn perks within Caesars Sportsbook online, but you can earn credits towards hotel stays and other in-person benefits at Caesars locations.
The app has had its issues with glitching, but it’s one of the best-looking and easiest to use in the industry, making for a great Caesars experience overall.
What’s more, all first-time users at Caesars Sportsbook who register using the promo code TRIBUNE1000 can receive up to $1,000 in bonus bets back if their first wager settles as a loss!
ESPN BET Sportsbook
ESPN is probably the biggest name in sports entertainment, but for a long time, it wasn’t directly part of sports betting. Now, after taking over the branding of the platform run by PENN Entertainment, ESPN BET is one of the top sportsbooks in the industry as well.
This is a great sportsbook for an immersive sports betting and viewing experience, as you can access special offers and bets for games being played on any ESPN networks. This sportsbook is generally a great one not only for new user offers, but existing user promotions as well, giving you plenty of opportunities to grab value as you play with the sportsbook.
ESPN BET offers some very unique and sought-after markets, like player to not score a touchdown, and alternate lines on player props.
The one drawback to this sportsbook is a lack of live streaming options, but the alignment with ESPN’s televised products more than makes up for it, and this easy-to-use platform is certainly one of the best on the market.
Check out ESPN BET today and create a new account using the promo code TRIBUNE to unlock the site’s welcome offer of $150 in bonus bets following an initial wager of any amount.
Fanatics Sportsbook
Fanatics is another brand that has been around sports for awhile, due to their prevalence in the licensed merchandise area, but has more recently gotten into the betting world.
Ever since, they’ve offered some of the best welcome bonus offers in the industry in hopes of expanding their customer base as they look to establish themselves in the market.
Beyond the bonus for new users, the platform itself is one of the best you’ll find. The loyalty program is a solid one, as it allows you to not only earn bonus bets, but also FanCash that can be used to buy merchandise from the brand’s wide offerings of team apparel.
The deposit and withdrawal functionalities are very strong, making for a seamless experience whether you’re winning or losing bets. Even though the brand is still working on ironing out some issues with customer service, this is a clear rising star in the online sportsbook space and is definitely worth considering as you get started.
Sign up with Fanatics Sportsbook today using this link to land a loaded welcome offer consisting of up to $1,000 in bonus bets!
How to Find the Right Sportsbook
The sportsbooks we’ve discussed above are some of the very best, but there are more to consider.
Even among those six, we haven’t covered every single aspect of each one. You might want to do some looking around of your own to determine what sportsbook is the best fit for you.
Perhaps most importantly, even if you do find a sportsbook that you love playing with, it’s best to have a few options on hand, as you’ll always want the ability to compare odds. It’s good to know how to pick out a new one to add to your array.
Let’s talk about some of the factors and features you should be considering when checking out new sportsbooks and deciding which ones are right for you.
Review Bets & Odds
The odds will vary from game to game, but it’s good to check out the markets you expect to be playing with the most and see how the odds stack up compared to other sportsbooks. You should also take note of how quickly and how often the odds tend to move with each sportsbook, especially when it comes to live betting.
Analyze Bonuses & Promotions
Yes, a great new user bonus is great, but that’s only part of the picture. You’ll theoretically be playing with the sportsbook far after any benefits have been used. It’s important to have a good idea of what kind of promotions and bonuses usually are available for existing users, including the sportsbook’s loyalty program, if applicable.
Ensure Safety & Security
Every sportsbook we’ve recommended is extremely safe and secure. However, if you choose to play with other sites, make sure that you’re playing with an official and legal site. Look for good reviews and reputation when it comes to protecting users’ personal and financial data.
Check for Customer Support
Every sportsbook will have customer support options, but not all are created equal. Live chat, phone lines and email are some of the common options to be looking out for. Even if a sportsbook offers all options, see how responsive they are, how quickly they usually resolve issues.
How to Analyze Odds
We’ve already talked about -110 odds, which you’ll usually see for wagers where both sides are theoretically equally likely to happen. Yet with things like futures and moneylines, you usually won’t see those kinds of odds.
Let’s talk about other types of odds, how to read them, and what the numbers all mean.
Favorite vs. Underdog
The two most important terms to understand when learning about odds are “favorite” and “underdog,” referring to two or more competitors in a sporting event.
The favorite is the team or athlete expected to win a game, championship, statistical category or reward, while an underdog is just about anybody else.
In an individual game, there’s exactly one favorite and one underdog, but in multi-sided markets like team and award futures, there’s one favorite and a whole array of underdogs.
In two-sided markets like moneylines, the favorite will have minus-odds, to imply a probability of over 50%. For instance, -150 odds imply probability of 60%, and to win $100 worth of profit on this line, you have to bet $150.
An underdog will have plus-odds on the moneyline, such as +200, implying 33% probability, and a profit of $200 for a bet of $100. In multi-sided markets, favorites can have either plus- or minus-odds, but every underdog will have plus-odds, as no more than one option can have 50% probability.
Types of Sports Bets
Now that we’ve learned a bit about how odds work, let’s talk about what exactly you can bet on. Each one of these bets relates to a certain aspect of a sports game or season, and will be available on just about any mobile sports betting app or site you’ll play with.
Spread
A spread is a projected margin of victory for the favorite in a game.
Oftentimes, the spread will be expressed with a “hook” of a half point, to ensure that there will be a winner and loser against the spread, rather than a “push,” a final margin of exactly the spread.
For instance, in a game between the Packers and the Bears, the Packers might be favored by a spread of 6.5 points. The Packers’ spread as favorites would be listed as -6.5, while the Bears as underdogs would be +6.5.
Generally, in markets like football or basketball, both sides of the spread will have approximately -110 odds. But in soccer or baseball, where there is less scoring and thus the lines are less granular, the spread odds can be a bit different.
To win a spread bet on a favorite, you need your team to win by more than the spread. For an underdog, a loss by less than the spread or an outright win will result in a winning bet.
Moneylines
Perhaps the simplest bet type, all you need to do to bet a moneyline is project a game’s outright winner.
In some cases, like soccer, the moneyline can have a third side, the draw. But even in that scenario, you’re just projecting the final result.
The odds will vary based on probability. Favorites will yield less of a profit than underdogs.
For instance, in a game between the New York Yankees and the Boston Red Sox, the Yankees could be favorites with a moneyline of -140, while the Red Sox would be underdogs with moneyline odds of +120.
In this scenario, you’d win different amounts given the same stake on each team. Yet the bottom line is that with a moneyline bet, all you need is for your team to win, regardless of margin of victory.
Totals (Over/Under)
Unlike moneylines and spreads, the gap between the two teams does not matter for totals betting, just the total amount of points scored in the game. All the bettor has to do is decide whether more or less points than the projected value will be scored.
For example, in a basketball game between the Los Angeles Lakers and the Boston Celtics, the total might be set at 210.5. If you think there will be more than 210 points scored between the two teams, you’d bet the over. If not, you would bet the under.
In most cases in football and basketball, totals will have odds of -110 on both sides, but in baseball, hockey, and especially soccer, the odds can be much less even before the two sides.
This is because with fewer points scored per game, there are fewer possible outcomes. As a result, the line cannot be set with quite as much sensitivity to probability and demand as they are in football and basketball.
Props
Props are an extremely broad category of bets, which allow you to hone in on specific aspects of games. Player props can include things like a player to score a touchdown, a pitcher’s strikeout total for a game, or an NBA player’s points total.
Team props are predictions regarding a team’s performance, like their scoring total for the game. Meanwhile, game props are on something that involves both teams, like the spread or total at halftime, or the number of corner kicks in a soccer game.
Essentially, a prop is a bet on a single game that doesn’t fall into any of the big three categories, spread, moneylines and totals. They’re great for bettors who want to cash in on leans they have on granular angles of a contest.
Parlays
A parlay is a collection of multiple individual bets that provides you with an elevated payout based on the compounded odds of those individual bets, or legs. This is because the parlay only wins if all of the legs win. If a single one fails, the whole parlay loses.
For example, let’s say you’re parlaying three teams, all with moneyline odds of exactly +100. The odds of that parlay, based on the compounded probability of all three outcomes, would be +700, giving you a major payout if you win. But if any one of those three teams loses, your whole parlay loses.
Parlays can have as few as two legs, but they can get much longer. A long parlay can be a very exciting way to play, yielding a high potential payout, but these wagers are very challenging to hit.
Futures
A futures bet is a projection on a season-long outcome. This type of bet is not new to online wagering, as it has been available at in-person casinos for some time. But it’s become very popular as users are able to do research and view the odds in tandem.
This could be a bet on who wins a championship or award, markets with many possible outcomes and thus fairly long odds for all or most of the options. Or, a future can be a two-sided market, such as a bet on whether a team will make the playoffs. Another option is an over/under bet on a player’s home runs total for the season.
Futures might feel intimidating to some new sports bettors. However with experience, the ability to buy and sell on these long-term bets makes them a very fun and potentially profitable way to play.
Teasers
A teaser is a specific type of parlay based on alternate lines.
This means that if a football team is a 2.5-point underdog, you might “tease” them to 7.5, in order to make that leg safer by jumping over the key margin of a touchdown. You could parlay them with a team that was originally favored by 7.5 but you’ve teased down to 2.5, so that leg will hit as long as they win by a field goal.
This bet type is a great way to mitigate the risk of a parlay while getting more value than you generally would from alternate lines, which are sometimes too safe to yield a solid payout.
Live Bets
Live betting takes place during a sporting event, rather than before it. Because of this, live betting odds are constantly changing throughout the game, in order to reflect the changing probability based on the events that have already unfolded.
For example, let’s say the Chiefs were favored by 7 points to start the game, and score a touchdown on the first drive to go up 7-0. Their live spread might move to -10, creating potential value for a bettor on the other side to capitalize on their early surge.
Live betting can be a great way to cash in on overreactions in a hyper-speed market, and moreover it can be an extremely fun way to enhance your sports viewing experience.
Odds Boosts
A boost isn’t exactly a type of bet. It’s a promotion offered by a sportsbook that makes the odds artificially favorable. Sometimes, boosts are applied to specific bets, but other times, they can be used on any bet across a certain market, or anywhere in the sportsbook.
For instance, perhaps the Boston Bruins would be -150 to beat the Toronto Maple Leafs given the raw probability, but a boost could have them available at +100 odds.
A common type of boost is a parlay boost, which can usually only be applied on parlays of three or more legs, but can make the already-significant payouts even more lucrative.
Types of Sports Betting Promotions
Boosts are far from the only types of promotions offered by online sportsbooks. Welcome bonuses can involve packages of bonus bets via deposit matches, first-bet insurance, or simply fixed-amount packages triggered by an initial bet or even sign-up.
Many sportsbooks will also offer a referral program, where you can help a friend sign up, and both of you will receive bonus bets in the process. Reload bonuses for major deposits are rarer but also available. Lastly, loyalty bonuses can be found with some of the major operators on the market.
How to Bet on Sports Online
Let’s talk a bit about the actual process of betting on sports online. Whether you’re on a mobile device or on a desktop, the general steps are the same.
First you’ll log into your account, and then find the sport you’d like to bet on.
Next, find the game you’re interested in, and click on the odds corresponding to the wager you want to make. If you want to make a prop bet, play an alternate line, or start a same game parlay, you will need to click on the game itself to find the odds you’re looking for.
When you click on odds, the bet will enter your bet slip. This is a panel on the side of the desktop screen or a drop-down panel in the mobile app that houses all of your pending bets. Once a bet is in the bet slip, you can choose how much money you’d like to risk, and place your wagers.
The bet slip is also where you can build a parlay out of your selections. Instead of choosing a stake for each individual bet, scroll down to the bottom and see if your wagers are parlay-eligible. If they are, you’ll see the odds of the full parlay, and you’ll be able to choose how much you’d like to bet on the parlay.
Betting online can be extremely convenient. You can do it from your own home, while you’re watching a game, or just about anywhere in a legal betting state where you have strong WiFi. The ability to look at odds at your own leisure allows you to do lots of research, including comparing odds from multiple sources, and make an informed decision.
Of course, convenience can be dangerous if you have a gambling problem. Your next bet is always at your fingertips. The other downside is the loss of the personal feel of betting at a casino or other in-person gambling location, which is hard to replicate from a mobile setting.
How to Bet on Sports In-Person
Betting in person is a bit simpler. There aren’t as many obvious options, but once you’ve identified odds you like, all you have to do is walk up to a ticket writer, tell them what you’d like to bet on or fill out a betting sheet, and pay for your bet.
Unlike mobile betting, a payout will not be automatic, so you will need to hang onto your ticket so that you can cash it if it wins.
When you bet in person, it’s obviously less convenient than doing so from your own couch, and you do lose the ability to compare the odds from different operators. However, the ambience and atmosphere is unmatchable, and you can have a lot of fun interacting with other gamblers and sports fans.
Top Tips for Sports Betting
Finally, let’s talk about some ways you can not only get involved with sports betting, but put yourself on a path to success while doing so. These strategies are a great toolbox to help you get started with sports betting.
As you keep playing, you’ll become more comfortable and develop methodology of your own.
Carefully Select Games
If you’re not confident in your analysis of a game, you’re under no obligation to make a bet. Simply stay away. Only bet on games in which you really understand both teams and the situation. It’s never wise to blindly and emotionally place wagers.
Consider Home & Away
If you’re surprised that a team is favored by as much as it is, it might be a home team. Always keep in mind how home field or court advantage is assessed from sport to sport.
For instance, in football, it’s usually worth a field goal or less. This will help you properly evaluate the odds relative to your beliefs of the two teams’ relative strengths.
Watch for Changing Lines
If you’re interested in making a bet but don’t think the odds are in your favor, don’t force it. Odds move all the time, due to team news and the movement of money within the sportsbook.
If you’re right that the line is mispriced and lots of players bet on the other side, you’ll have your chance to bet the line you want at more appropriate odds.
Be Aware of Injuries
Sometimes, odds might seem to good to be true. Make sure you’re doing research to ensure that you’re not missing key injury news.
The stereotypical ones that would really move lines are injuries to a starting pitcher or quarterback, both of which would really alter the potential trajectory of the game. If any of these injuries has occurred, make sure that you’re not missing the news, or else you could place a low-value sports wager.
Visit Different Sportsbooks
You may be surprised to learn that different sportsbooks will offer different odds for the same exact bet within the same game. Each one will have its own methodology for determining probability, and the action at each will be different, so line movement will vary.
Make sure you’re visiting as many different sportsbooks as possible so that you know you’re getting the best possible value for each bet you’re placing. Losing is the worst thing in sports betting, but winning while leaving value on the table is a close second.
Bet Smart & Manage Funds
Bankroll management is a key practice when sports betting. This means setting a budget, and tracking your wagers so that you know you’r sticking to it. Budgeting and managing your bankroll is absolutely vital to ensure that you’re betting safely and responsibly, avoiding pitfalls like a gambling addiction.
Avoid Temptation
It’s easy to become emotional when sports betting, but you have to resist this temptation and always stay logical and analytical. Hedging is usually wiser than doubling down, and overbetting is rarely the right move, even when you have high confidence in a wager. Similarly to betting smart and managing funds, fighting temptation is a key tool in the pursuit of a responsible and safe gambling habit.
Responsible Sports Betting
Sports betting can be a lot of fun, but only if you do so safely and responsibly. This means never betting more than you can afford to lose. Responsible gambling also involves stepping away if it stops being fun, rather than trying to dig yourself out of the hole, which can often lead to things becoming even worse.
Gambling addiction is a very serious issue, as it can lead to not just financial strain, but issues in a bettor’s social, family, or professional life. Luckily, there are plenty of ways to prevent such a situation, starting with resources offered by sportsbooks, such as account time outs, and limits on play time, wagering and depositing.
If these in-platform resources prove to be insufficient for you or someone you know dealing with a gambling problem, you should always feel free to call the National Problem Gambling Helpline at 1-800-GAMBLER for 24/7 support. You can also visit a Gamblers Anonymous meeting for support. There’s also GamTalk, a great site for those dealing with gambling addiction and related issues.
How to Bet on Sports FAQs
While we certainly hope that the above sections provided you with lots of helpful information, you might have a few more questions about online betting markets and how to play.
For your convenience, we’ve compiled some of the most frequently asked questions by sports fans looking to become bettors, and answered them for your convenience.
How old do I have to be to bet on sports in the United States?
In most locations, the legal age for sports betting is 21 years, but always check the local regulations wherever you are before you get started betting.
What’s the easiest sport to bet on?
Football might offer the most options in today’s market. Conversely, the hardest just might be soccer. Three-sided moneylines can be daunting for new bettors, and unless you happen to be an expert of the sport, it’s probably not the best place to start.
In what states is sports betting legal?
Online sports betting is available in some capacity in the following states: Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia, West Virginia, Wyoming and Washington D.C. In-person betting is also active in Delaware, Mississippi, Montana, New Mexico, North Dakota, South Dakota, Washington and Wisconsin.
Are sports betting sites in the U.S. legit?
Any of the sports betting sites that have been legalized in your area are definitely legit and safe to play with. Always make sure to only play with legal online sportsbooks.
What are the most common sports bets?
Spread bets, moneyline bets, and totals or over/under bets are the most fundamental bets, and remain very common, but things like parlays and props are becoming more and more prevalent.
