Sports wagering is a growing industry—in-fact the US accepted over $90 billion worth of football bets alone last year. The measure of the pie can unquestionably be tempting, however can likewise threaten the individuals who are new to the diversion. We’ve arranged this guide of sports gambling basics to give you a basic understand of what you need to know. By outfitting blockchain innovation, BlitzPredict is streamlining the games wagering process in a way that brings another period of straightforwardness, authenticity, and openness to the specialty. Regardless of whether you’re simply searching for some easygoing approaches to wager against your companions or your fantasy is to be a full-time card shark, we will furnish you with the information and information you have to achieve your objectives.
Sports Betting | Skill vs. Luck
One of the most attractive sides of sports betting is that there is an element of skill involved. While other forms of gambling such as slot machines rely entirely on luck, successful sports betting requires that you be informed and make careful decisions. While Lady Luck can play a significant role in the short term, long term gains are primarily the result of skill. This is why it’s crucial to have reliable information from experts and adherence to a smart strategy when it comes to deciding where to place your bet.
Newcomers may feel overwhelmed by the mass of analysts, advisers, and gambling gurus out there who claim to know where you should place your next wager, without telling you why.
BlitzPredict keeps it simple, by displaying every expert’s lifetime betting record that’s stored on the blockchain so you can be assured there is complete transparency when choosing who to follow.
The World of Wagers and Bookmakers
The most fundamental element to sports betting is the wager. “Wager” and “bet” mean the same thing. There are many different types of wagers, some that are basic and some that are more complex. A bookmaker—or bookie—is one who organizes a bet, calculates the odds, and pays out winnings. The elements of a wager are:
● The parties involved, such as you and a friend, if you are betting against each other. In the case of organized sports betting, the parties involved are usually you and the bookmaker.
● The selection, or what you are betting on, such as “Panthers to Win”.
● The stake, or the amount of money being risked on the wager. The stake is collected by the bookie when a wager is made. Successful bettors get their stake back, along with additional winnings.
● The odds are offered by the bookmaker to show you how likely you are to win and what your payout will be. When the chances of you winning are low, your unlikely win is going to have a bigger…
● Payout, which is the amount that the bookmaker must pay to the better when his selection is correct.
Now that we’ve taken a look at the elements of a wager, let’s briefly touch upon some of the most popular ways to place your bets. We’ll dive deeper into these types of wagers in future chapters of this guide, but this introduction should give you a basic idea of the types of wagers that are out there.
Sports Betting | What are Money Lines
Also known simply as “win bets”, money lines are straightforward ways of betting on who will win an event. In a money line, winning payouts are determined by the odds. If a team is favored to win, the winning payout will be smaller than if they are the underdog. Money lines are a good starting point for beginning bettors and are popular with a range of sports, from horse racing to football. An example of how a money line would look in a baseball game is this:
● Giants: +120
● Mets: -150
In this example, the Mets are favored to win, so in order to win $100 on a Mets bet, you’d have to put down $150. On the other hand, since the Giants are the underdog, a $100 successful bet will win you $120. Money lines are a great way to show your support for the underdog.
A point spread—known as a handicap outside of the US—is a tactic that bookies use to even the playing field when one team is favored over another. Basically, bookies incentivize betting on the underdog by assigning a spread, or a number of points that will be subtracted from the favored team’s score. If you are betting on an NBA game versus the favored Warriors and the underdog Bulls which has a spread of ten points, you’ll still win even if the Bulls lose, as long as it’s by less than ten. Point spreads are especially popular for football. We’ll look more at point spreads/handicap betting in Chapter 2 of this guide.
Totals or over-unders are bets that consider the total amount of points in the game rather than the winner or loser. A bookie sets a line for the amount of goals, points, or runs that will be scored in a game, then asks you to bet on whether this line will be crossed or not. Betting higher than this line is called “backing the over”, while betting lower is called “backing the under”. For example, you can back the over by betting that the total points scored in an NBA game will surpass the bookie’s line of 180 points. Or, if you’re feeling less confident in the combined point potential of the teams, you can back the under and hope it’s a low scoring game. There are many variations on these wagers, including betting on the average points scored per quarter or other variables such as the number of rounds in a boxing match. As in our example, over/unders are extremely popular for betting on basketball.
Prop bets, short for proposition bets and also known as specials, are wagers on aspects of a sport that do not directly affect the final outcome of the game. These types of bets are entertaining ways to bet on elements such as which team will score first, which player will have the most court time, and even what the halftime show performer will be wearing. Though these bets are primarily used for fun, there is an element of skill involved for certain specials. They can be a way of showing your deep understanding of the competing team and the dynamics involved. For example, betting that there will be overtime in a match versus two teams who you know to be equal in ability would be a skillful way to employ a prop bet.
Sports Betting Basics | Futures/Outrights
Futures bets, also known as outrights, are bets on an outcome that will be determined in the distant future. Futures bets do not relate to matches which are only a few weeks ahead; they usually apply to the outcome of an entire season of play and can be placed before the season even starts. To win a futures bet, many elements have to fall into place. For example, if you place a futures bet that the Chargers will win the Superbowl next year, they’ll first have to fight their way to the top of the AFC ladder. Though they take a lot of faith in your team, a futures bet placed before the season start will win you much more than a bet placed in the middle of the playoffs. The Las Vegas Knights went from having 500-1 odds at the beginning of the 2018 NHL season to being favored to win the Stanley Cup. If they would have pulled it off and you had bet on them early, you would have beena big winner.
Straight vs. Parlay Wagers
Most wagers are placed on a single outcome—these are known as straight wagers. Parlay wagers, on the other hand, rely on multiple outcomes. For example, you can place a parlay wager that one team will win every game this week. If your team loses one game, the whole wager is lost. The more outcomes relied upon by your wager, the higher the risk and potential reward. The high risk and excitement of parlays makes them enticing to many bettors.
Betting Wisely with Blockchain
Since its emergence in the 90s, online sports betting has revolutionized the way gamblers make their predictions. Gone are the days of having to deal with your local cigar-toting bookie, but that doesn’t mean online gambling is free of problems. There are the issues of misleading betting tips. Blockchain technology offers the next revolution in sports betting with the potential of decentralized information. BlitzPredict aims to use the blockchain to aid sports bettors in being more successful by creating a platform for experts to give picks that are tracked and recorded on the blockchain, creating an uneditable, transparent record of wins and losses. This means that bettors will be able to verify the legitimacy of the claims made by experts and make their own informed decisions. This is just the beginning, as there are many other exciting possibilities unlocked by the use of blockchain that can make sports betting faster, smarter, and more transparent. BlitzPredict is at the forefront of this new revolution in online sports betting.