How To Bet Online
Now that it is legal to bet on sports in Indiana, there will be a lot of beginners to the game. If you’ve bet on sports for years, this isn’t the spot for you. If you are new to the game and want to know the ins and outs, we will give you the betting 101 guide.
You will have plenty of options from 13 sportsbooks and three mobile sites. There isn’t a huge advantage to betting in a brick-and-mortar store over mobile. The odds are generally the same, but the convenience from betting from your phone outweighs the drive usually.
It is usually a little less intimidating to place a bet from your phone as well, as opposed to doing it in person at the casino.
Types of sports bets
One term we will assume you know if you are betting is the spread. That is the number of points a team is favored by. For the Super Bowl, Kansas City is favored by one point, which is represented as Kansas City -1.
We will go in-depth for a few different bet types you may not be as familiar with.
To win $100, you have to wager $140 on Indiana. If you were to bet $100 on Purdue, you would win $120. It is that simple.
Obviously, betting on the underdog will get you a greater return because the odds of them winning are much smaller.
These are otherwise known as over/unders. This is the total amount of points or runs scored during the game. Betting totals is a great way to bet if you don’t know which team will cover or win.
The Super Bowl, for example, has an over/under of 53.5 points. If you think the two teams will combine for more than 53.5 points, you bet the over, and vice versa for the under. If you bet the over and the final is Chiefs 28, 49ers 27, you win.
Baseball has the total as the number of runs. The Cubs are playing the Cardinals, and the total is set at 8.5 runs.
If you like the pitchers in the game, you bet the under. If the game finishes Cubs 4, Cardinals 3, you win the bet.
A parlay is where you combine more than one bet on a single wager. To win a parlay, you have to win every bet in the parlay.
If you bet Kansas City -1, Indiana -120 and Chicago Blackhawks +140, all three must win for you to win.
These are very risky bets, but with the risk comes reward. If you put $10 on a parlay like this, you would win about $85 or so if the three hit.
Keep in mind that parlays are not usually a wise investment as the odds are in the casino or sportsbooks’ favor.
If your bet pushes, you don’t automatically lose, it just lowers your payout. In the example above, if Kansas City were to only win by one, that bet pushes. If you hit the other two legs, you still win, but the payout is probably closer to only $40.
Teasers are done in both football and basketball. In football, you get six extra points, while in basketball, it is four extra points.
Like a parlay, you have to hit all the legs to win, and you must bet on at least two games. Football betting is where you will see a lot of teasers. New England is a six-point favorite over Buffalo, and Green Bay is a six-point favorite over Chicago. In a teaser, you now get the Patriots and Packers as a pick ’em.
That means that all they have to do is win the game for you to win, as there is no longer a spread.
It works the same way with the underdogs as well. If you bet the other way, you now get the Bills at +12 and the Bears at +12.
As long as both teams only lose by 11 or less, you win the teaser. These won’t have the extreme payouts of the parlays, though, because you are a lot more likely to win.
A basketball example would be betting the Pacers -5.5 and Bulls +3. If you tease the bet, you now get the Pacers at -1.5 and the Bulls at +7. If Indiana wins by two or more and the Bulls lose by less than seven, you win the teaser.
Sports betting tips
While parlays seem like fun, and the return looks awesome, avoid these at all costs. Inevitably, you will read about someone winning $2,500 on a $5 parlay, but the odds of doing this are so small, it just isn’t worth it.
You will have to hit about 10 bets to do this. The odds of doing this are one in a little over 1,000. The return doesn’t look so good now.
If you want to bet multiple wagers on the same card, go with a teaser. While this still isn’t as good as a moneyline or spread bet, it is much better than a parlay.
Six points in a football game can make a big difference.
Limit your betting. Especially if you are new to sports betting, set a budget. You don’t want to start betting huge amounts at first.
Find a system and track to see how well you are doing. If you have a $100 budget, never bet more than $10 on one game. Keep your bets under 10% of your total bankroll.
Even the best in the business are only hitting about 60% of their bets, so you will have losing streaks. Keep the betting amount low, and this will let you stay in it for the long run.
Also, don’t chase. If you hit a losing streak, don’t start over-betting trying to get back to even. This is a great way to go broke, and you’ll be out of money.
The last bit of advice is to do your research. Find some data and really try to find bets that have value. The public generally won’t bet the smartest side of the bet.
The professionals will take advantage of this and bet away from the public. Consume a lot of data and find a bet you think might be a point or two off and put your money down. Walk before you run, and have fun!