Hoot and holler for the hoops! 45 million Americans bet on March Madness in 2022 alone. Millions of others bet on the NBA and other basketball games throughout the year.
Betting on basketball is a fun and simple way to make a lot of money. However, it can be hard to be successful on your first bets. If you want to bet on basketball and make money right now, you need to answer a few questions.
What types of bets should you make as you’re learning how to bet? How do gambling odds work? How can you avoid unnecessary risks?
Get the facts and you can be a smart and effective basketball bettor in less time than you think. Here is your quick guide.
Prioritize Moneyline Bets
Moneyline bets are the simplest wagers for basketball games. A bookie predicts who will win the game, assigning odds to each team. You bet however much money you want on who will win the game.
Bookies write their bets in American odds. The favorite has a negative sign (-) next to their odds while the underdog has a positive (+) next to theirs. The bigger the odds for the favorite, the more likely they are to win the game.
The number for the favorite indicates how much money you need to bet so you win $100. Betting a team with -250 odds means you must put down $250 to get back $100. The bookie will give you your original bet and the profit if you win, for a total of $350.
The underdog’s odds indicate how much money you will win after betting $100. If you bet $100 on a team with +275 odds, you will win $275 and receive $375 from the dealer.
Many amateur bettors bet on favorites with high odds, as they are likely to win their money back. You should prioritize betting on favorites as you learn to bet. But once you get the essentials down, you should mix in some bets on underdogs so you win extra money.
Consider Prop Bets
Prop bets are bets that do not directly relate to the final score. You can bet on how many free throws or 3-pointers a specific player will score. You can also bet on how long a player will play or whether the point total will be odd or even.
You can make prop bets and moneyline bets at the same time. Some bookies will accept prop bets while a game is going on, though you may need to check with the bookie before you make your bet.
The wagers can be risky because random variables can affect how a player performs. A player can get injured, substituted, or rejected from the game.
Avoid making bets that are not based on research. Sports commentators may hype up a player before a game, but you should check the statistics and see how a player has actually performed.
Be Careful With Point Spread Bets
Point spread bets are similar to moneyline bets because you bet on a team to win. However, the bookie provides a point spread that the winning team must exceed. If the underdog wins or if the favorite fails to cover the spread, you will not win your bet.
This makes point spread bets riskier than moneyline bets. However, they can also be more lucrative. It may make sense to bet on the underdog to win if they have a good defense and can control the spread.
Point spreads are written in American odds, with positive figures indicating favorites and negative ones describing underdogs. Nearly all odds are written in half points to prevent the winning team from matching the spread. If the team matches the spread, your bet is returned to you with no fees.
Do research on both teams before you make a point spread bet. If you think the teams are evenly matched, you should bet against the spread. If one team seems to be the runaway favorite, you should bet in favor of the team to win.
Refrain From Parlays
A parlay is a package of bets. You may wager on who will win a game, how many points a player will score, and how long another player may stay in the game. Some bookies let you make parlays on the outcomes of several games or players in different games.
In order to win your parlay, you must win each and every bet. If you do win the parlay, you will receive extra money, sometimes hundreds of thousands of dollars. But if you lose one bet, you will lose all of your money, regardless of how many bets you won.
Parlays involve too much random chance to be profitable in the long term. Even if your bookie is giving you good odds, you should refrain from making them.
Bookies will let you make a moneyline bet and a prop bet on a player’s performance. Feel free to make two bets at once so you have two opportunities to make money, but don’t bet too much money at once. If you want extra cash, you can examine these sports betting bonuses and look at the services of various bookies.
Bet on Basketball Through Effective Steps
You can bet on basketball effectively after understanding a few critical concepts. Favorites have negative odds, and the higher the number, the more likely they are to win. Start by betting on favorites, then bet on a few underdogs.
While you make your moneyline bets, you can make prop bets on individual players. Wait until you gather experience before doing point spread wagers. Never make parlays, and focus your attention on one game at a time.
Basketball betting is a lot more complicated than these steps. Read more guides on basketball gambling by following our coverage.
