Sports betting is a new form of gambling that has taken off in popularity as it became legal in many states. It’s a great way to add excitement and variety to your favorite sports, and it can be fun for both beginner and experienced gamblers alike.
Betting on sports is fun, but it’s also a risky business. Whether you’re betting on the NFL, MLB or any other major sports league, you must understand the basics of how the odds work and bet accordingly.
Point spreads (or moneylines) are a popular type of bet that involves predicting how many points a team will win by. You can bet on both teams to win, or just on one. If you bet on the team with longer odds, your odds are better and you’ll have a higher payout.
Parlays are another popular type of bet that lets you combine multiple different wagers into one. These are available on a wide range of sports, and they can pay out very big sums.
Totals and props are also common bets, and they are a good way to get in on the action. They are based on specific outcomes, such as how many points a player will score or how many goals a team will score.
Unlike moneylines and spreads, props are not fixed. They can move around depending on the action in the sportsbook and other factors, such as injuries or weather. You should always be aware of line moves before placing your bets, and look for markets that have a high payout but low vig.
Mandated usage of “official league data”
As the sports betting industry has exploded, sports leagues have been aggressively lobbying to require that all sportsbooks purchase and use “official league data.” This is not necessary to protect the integrity of the games; it’s simply about monetization.
However, only two states — Illinois and Tennessee — have passed laws mandating this. While it’s unlikely that the leagues will take any further steps to sway legal sports betting in their favor, it’s worth keeping an eye on this topic as more and more states come online with sports betting options.
Nebraska – Though technically legal since May 2021, the Cornhusker State has yet to roll out its sportsbook, and we could be waiting a while before Nebraska becomes the first state to offer legal sports betting. While it’s still a few years away, Nebraska is making moves to open its sportsbook in a variety of ways, including at the state’s pari-mutuel race tracks and online.
Oklahoma – Tribes in the Sooner State have begun to explore whether to add sports betting to their casinos and resorts, but that has been a slow process. While some tribes have embraced the opportunity, others are wary of it and believe it takes experience before it’s a worthwhile investment.
Texas – There has been some serious discussion about opening sportsbooks in Texas, and there is plenty of talk that the state will revisit the issue in 2023. While a lot of money has been spent on this effort, there are still plenty of questions that need to be answered before it can make an impact.