Sports betting confuses beginners for one main reason: the odds format changes depending on where you’re betting. Once you understand it, placing a bet takes seconds.
In 2018, the US Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA), which had made sports betting almost illegal. The decision on whether it should be implemented was then passed from the federal to the state level, and sports betting made a comeback in a big way. Defined as predicting the outcome of a sporting event by placing a financial stake upon it, sports betting is no longer just about finding an outright winner, but can be placed on a whole range of outcomes, even while an event is taking place.
Understanding Odds
Most quality platforms come with odds calculators built in. You simply find the bet, type in your stake, and the outcome will be visible before you commit your funds. Spinbet Sports has a range of markets and calculators like this to work out odds for you. These range from popular US sports like the NBA to global interests like cricket and Big Bash League. This is great for those who want to engage with a wide range of events and want to make multiple bets.
Yet it can help to know about the different types of odds that are used across the globe. Europe uses very different methods of calculating odds than the United States, for example. You may find:
- American Odds
- Decimal Odds
- Fractional Odds
American odds work using a –, which indicates an outcome is the favourite, and a +, which indicates it is the underdog. Each is calculated differently. If you bet on the –, this shows how much you must risk to win $100 in profit. If you bet on the +, then this shows how much you would win if you staked $100.
Decimal odds are arguably the easiest to work out and are found in Europe. They involve multiplying your stake by the given decimal to see what you would win.
Fractional odds are used in the United Kingdom and are also easy to understand. The given stake is the first number, and the second is what you will win if you wager that amount.
The Main Bet Types
In the past, betting simply meant picking the winner of an event. This is still a popular method, and one that most wagers are placed on. Yet modern bettors have so much more choice, allowing them to dive into statistics and their sporting knowledge to pick out niche bets.
Moneyline
Moneyline bets are the name given to selections of the outright winner. Nice and simple, they are loved by all and great for beginners.
Point Spread
A point spread bet handicaps the favourite so both sides look equally attractive. If a team is at -3.5, they need to win by 4+ goals for the bet to ‘cover’. Winning by 3 or less (or losing outright) means the bet loses even though the team won. This is also why spreads move fast after injury news: a star player being ruled out can shift the number by a full goal within minutes.
Totals
Totals are also known as over and under betting. For this, you are making a bet on the combined score of both teams and deciding if it will be over or under a given number.
Many options are given as decimals, such as 2.5, so you will have a clear win or loss. For example, you may think both teams combined will score 4 goals in a game, and the bet is placed as over 3.5. These are good when you don’t have a preference for either team or know a game will be defensive or high-scoring.
Prop Bets
Prop bets are for real statisticians. They involve betting on the performance of individual players, such as how many tries or goals they score. Bettors can also choose to bet on game statistics.
Parlays
Parlay betting is known as an accumulator in some parts of the world. It is one stake that is placed on several selections. The odds carry over from one bet to the next, though if a selection does not come out, then the whole wager is lost. Many people choose to do these as they allow them to place a low stake for quite high results. The level of risk amplifies the more bets they add, though so does the potential win.
The Vig
Sportsbooks need to make a profit. If they gave the right odds on everything, such as an outcome that has a 50/50 possibility, they wouldn’t make money. This is why they add a vig, or vigorish. Essentially, it is a built-in fee for taking the bet. Bookmakers will shift these lines depending on how the public is betting, as it helps them mitigate the risk involved.
Here’s how it works: at -110 on both sides of a point spread, each side implies a 52.4% probability. Add both sides together, and you get 104.8%. That extra 4.8% is the vig. It’s why, even on a genuine coin-flip game, you need to win more than 50% of your bets just to break even.
The Continuing Growth of Online Betting
Sports betting is getting bigger by the year in the United States, at least in terms of revenue. More states are realising the taxable income it can bring, and that when done responsibly, the gambling harms can be limited. In their State of the States 2026, the American Gaming Association set out the Commercial Sports Betting GGR and its rise since 202. This can be viewed in the table below.
| Year | GGR in US Billions |
|---|---|
| 2020 | 1.5 |
| 2021 | 4.5 |
| 2022 | 7.5 |
| 2023 | 11 |
| 2024 | 13.6 |
| 2025 | 17 |
Behind this has been the onward push for responsible gambling. This works in the interests of operators. Mass gambling problems will never convince other states to legalise sports betting, whereas responsible gambling does.
Discussing the new initiative Play Smart from the Start, Bill Miller, the president and CEO of the American Gaming Association (AGA), told USA Today that “Our industry continues to expand responsible gaming efforts with Play Smart from the Start, a new program designed to help fans make informed choices. It encourages bettors to begin with the right mindset, understand the odds and terminology, and play intentionally by setting limits.”
Players can do this themselves by making sure they have a strategy for bankroll management. This should be done before wagering the first dollar. It begins with knowing how much you can afford and will use to gamble in a given period, such as a week, month, or year. Break this down to the session you are on, be it a weekend’s NBA betting or a month betting on the EPL. Then break this down further into smaller 1% or 2% units to help avoid chasing losses.
Responsible Gambling – Gambling should only ever be undertaken by those who are 18+. This is a form of entertainment, and you should never look at it as a way to make money. When gambling becomes a problem, or you believe it is becoming one, then get assistance. Your operator will have tools like limit setting and self-exclusion to help you.
