How to bet on sports and the best sites to bet with. I share all my best betting tips and practices.
If you’re new to sports betting and looking to learn the basics, this is the place for you! We’ll go over some simple terminology and how it applies to you. By the end of this, you should feel confident placing your first sports bet!
How can I legally sports bet in my state?
For our full guide on sports betting legally in your state, click here. Each state has different rules and regulations surrounding online gambling. We’ve gathered plenty of information on betting details for different states, so check out our Betting by State dropdown menu above to find more info on your state.
We’ve also got a collection of sportsbooks that work in most states, so check out our Sportsbook Reviews.
What is a moneyline?
When you bet on the moneyline, you’re betting on who will win a game or sporting event outright. For example, if I’m betting on the Packers to beat the Bears, I’m taking the Packers moneyline.
In the screenshot below, you can see I’ve selected (highlighted) the Baltimore Ravens to win at -195 against the Kansas City Chiefs.
On the bet slip below, it shows the Baltimore Ravens moneyline, the odds at -195, and how much money I will win if I place $5 on this line.
What are the + and – odds?
The odds are what you are betting on. More specifically, the odds are how likely a given event is to happen, such as the Baltimore Ravens being favored to beat the Kansas City Chiefs. The Ravens are -195, meaning they are favored to win slightly. The Kansas City Chiefs are +165, because they are not as favored to win.
These lines are determined by who people are betting on, and will change as more bets are placed. If you have a feeling that a certain team will win, player will perform, or event will happen, I find it best to bet on them when the odds are positive, meaning you will win more money if it happens.
In our example above, the Ravens are favored to win at -195 odds, so a $5 bet will only give you $2.56 if you win.
What is the O/U?
O/U stand for Over/Under, and it means that you are placing a wager on whether the overall score of an event will be over or under a certain number. Basically, you are predicting whether a game will have a high or low score.
Each sportsbook grades these differently, and most will include overtime in the over/under. Read the terms and conditions of your sportsbook for clarification on their rules if you are ever confused about the outcome of a bet!
What is the spread?
Betting on the spread is a bit tougher of a bet, since you’re betting on the accuracy of the outcome rather than just an overall win/lose scenario. So for example, let’s say I bet on the Kansas City Chiefs spread at +3.5, as seen below.
The plus indicates that they’re the underdog, which the moneyline also tells us. In order for the Chiefs to “cover” the spread and fulfill my bet, they need to lose the game by less than 3.5 points or they need to win outright, by any amount.
On the contrary, if I’m betting on the Baltimore Ravens spread at -3.5, I know that they’re favorited to win because they have the minus. More specifically, the Ravens need to win by more than 3.5 points in order to cover the spread and for me to win money.
What is a parlay?
A parlay is a collection of two or more bets that you’re betting on simultaneously, and both bets need to win in order for you to win your bet.
For example, say you bet on a parlay with the Detroit Lions moneyline at +270 and the under – under 51 points at -110. You place $5 on this parlay, and you can see your potential winnings are $30.32.
This is because you need each sports bet to win in order to cash out. If the Lions win but the game goes over 51 points, you lose.
The odds of both teams winning are the combined odds of each team individually winning. The Lions are the underdogs at +270, meaning they are less likely to win. The under and over were both at -110, so the game could go either way.
A lot of sports bettors like the appeal of parlays because of the potential to win more money. However, I advise that you be cautious when placing parlays, since most sportsbooks report that the majority of their profits come from lost parlays.
Final Thoughts
If you’re feeling more informed and ready to start sports betting, I have a recommendation for you. Right now the sportsbook I use is called Bovada, and this is my favorite site and app. You can read my full Bovada review here.
Bovada has a live betting feature, meaning you can bet on the changing odds as the game is playing out. They also have quick payouts upon resolution of the game or sporting event, and you can bet on multiple games, or props to make a parlay.
I used Bovada to share the odds in this article, and I think they’re a great platform to sports bet for beginners and experienced bettors alike.
You can get a $750 bonus match now with Bovada.