New York online sportsbooks are expected to launch at some point in 2020. When that happens, many of you will be exposed to the world of sports betting for the first time. Others will be able to place bets on games you never considered betting on before.
There’s a lot to learn when it comes to sports betting, so it is a good idea to have some solid foundational knowledge. Learn more about sports betting, including how to read betting lines, betting odds, and about the different types of betting picks available at NY online sportsbooks.
How to Read Odds and Lines in Sports Betting
If you’re new to sports betting, the first thing you need to do is familiarize yourself with how to read betting odds and betting lines. There are multiple types of betting lines and odds available depending on the type of bet.
Let’s start with moneyline odds. These odds tell you the amount you can win on each side. They come in positive (+) and negative (-) odds. The team with negative betting odds is the favorite, such as the Yankees at -120. The odds listed for favorites is the amount you must wager to win $100. In this example, you’d have to wager $120 to win back your bet and a $100 profit.
Positive moneyline odds are the underdog. Underdog betting lines list the amount of money you can win for a $100 wager. If the Mets are +120, you will win $120 on top of your bet if the Mets win.
Next, you need to learn about the different types of betting lines offered by online sportsbooks. The easiest of those are lines set for totals or total score bets. This line is the number of points, runs, or goals that both teams are expected to score. For example, if the total for the Knicks vs. Lakers is 215.5, then you will have to be whether the score will go over or under that total.
Finally, spread lines are offered by most sports and involve the margin of victory or loss for a team. Similar to the moneyline, the favorite has negative odds while the underdog has positive betting odds. That’s where the similarities end.
The line for the favorite indicates the number of points they have to win the game by. If the Giants are -3.5 against the Redskins, they must win the game by 4 points to cover the spread. Adversely, the underdog must lose the game by less than the spread or win the game outright to win the bet. If the Redskins are +3.5 and lose by 1, they cover, and you win the bet.
Futures betting picks can work in one of two ways. The first is that odds are similar to what you see for moneyline bets. The other is a fractional term that tells you how much you can win. Fractional bets are a bit easier to understand. For example, if the Red Bulls are 12/2 to make the playoffs, that means that you will win $12 for ever $2 you bet.
Type of Picks You Can Make at Sportsbooks
When you visit an online sportsbook for the first time, the number of betting picks and options for betting can be a bit overwhelming. To help you acclimate a bit quicker, below are the most common types of bets you will find at NY online sportsbooks:
Moneyline – With this bet, you’re betting on whether a team will win or lose a game. This is the easiest form of betting at the sportsbook.
Points Spread – You’re betting on the margin of victory or loss for the team. For the team with + betting odds, you’re betting they can win by more than the spread. For teams with – betting odds, you’re betting they can either win the game outright or lose by less than the spread.
Totals – This is the total runs, goals, or points a team is expected to score. These are simple over/under betting picks.
Run Line – Same as a totals bet but for baseball.
Goals Line – Soccer’s version of totals bet.
Exact Score – For soccer, you can bet on the exact score for a game.
Futures – With futures, you’re betting on an event that will happen in the future. These are not dependent on a single game’s outcome. An example would be betting on which team will win the Super Bowl.
Prop Bets – Most of these are over/under bets on outcomes that are independent of a team winning or losing a game. For example, you can be on the number of penalties a team will score in a game or how many games a player will miss due to injury during a season.
Parlays – You’re betting on multiple games, and every part of the bet must hit for you to win. Due to numerous factors having to hit, the payouts for these betting picks can be very lucrative.
Betting Tips to Give You an Edge
If you’re looking to give yourself an edge at sports betting at NY online sportsbooks, then there are a few things you need to know. Below are some tips that can help you increase your winnings at online sportsbooks:
Pay Attention to Line Moves – It is essential to pay close attention to lines as they move quite often based on a variety of factors. If you prefer to bet the favorite, then you want to get your bets in early before a lot of action comes in on that side, often resulting in a sportsbook reducing betting odds for a team. Those betting the favorite may want to wait until the line moves in your team’s favor, giving you better odds to win the bet.
Betting Against the Public – Once the lines start to move, it may be in your favor to go against the public and bet the underdog. Odds for the underdog will often increase due to massive action on the favorite, and if the underdog has a realistic chance of pulling the upset, this can result in a hefty profit for you.
Betting Based on Knowledge of the Team – In a perfect world, the favorites would always win, and the underdogs always lose, but that’s not the case. Things happen. Star players get sick, or role players get injured during practice, and the starting squad is changed. Then there are intangibles such as a star player that just cannot seem to perform in a particular stadium or during a certain month of the year. Knowing these extra tidbits can allow you to make smart betting picks and win a few underdog bets.
Specialize in One Sport – There are just too many sports out there to keep on top of everything you need to know to be successful. It is best for you to start by specializing in one sport, typically your favorite sport, and go from there. Once you have one area mastered, you can consider moving forward, but specializing in one area will help you stay profitable.