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Few sectors are thriving as much in the modern day as that of the sports betting industry. The advancements that enable bets to be made on mobile devices seamlessly have ensured that making bets on some of the biggest and most popular sports and events is easier than ever.

But, if you’re a newcomer to betting, understanding the markets available and how the odds work is essential reading. Below, we will go through some of the key details to learn before making your first bet.

Understanding Sports Betting

Sports betting has been done for generations, but the days of wagering at local shops are a thing of the past.

So, where have they gone now?

Nowadays, bets can be placed on mobile devices on all the biggest events that are staged throughout the year. Of course, each market is slightly different, but the main aim remains the same: to correctly predict the outcome of a particular market.

The available markets differ depending on the sport, but some of the key markets available across the board can be found below. In addition, bets are placed on the odds available at the leading sportsbooks, with these essentially being the critical detail regarding the returns you will get.

Different Types of Sports Bets

The evolution of betting online has led to a wider range of betting markets being available. However, for the most part, they remain very easy to understand, even if you’re new to betting. Some of the most popular markets available can be found below, as we will go into greater detail.

Moneyline

The most popular betting market available is the moneyline. For the most part, this will be the bettor wagering on the outcome of the fixture that they are looking at. In order to get returns, the selected team/player must win, while the stake is lost if your selection is incorrect.

Spread Betting

A popular alternative to moneyline betting is the spread market. This can often also be called the handicap market. Here, the favored side on the moneyline will start at a disadvantage, either by goals or points, depending on the sport. In order to get winnings, the selection must cover the spread. For example, if the selection is -10.5 points, then they must win by eleven points for the bet to be a winner.

Over/Under Betting

Aside from betting on the outcome of the match or game, bets can be placed on the over and under markets. This will likely center around a specific match’s total goals, points, or cards. Bettors will then need to determine whether there will be a higher or lower number based on the benchmark set by the sportsbook. For example, if a bookie offers 2.5 goals as the target, a bet on the over market will require three goals for the bet to be a winner.

Parlay/Bet

An interesting way to build up the potential returns from a wager can be done through parlay betting. This involves adding a number of selections to one longer bet, which enhances the returns that a bettor may pick up. However, to get returns from this wager, all the selections made must be winners.

Prop Bets

Prop bets, or proposition bets, have become one of the most popular markets thanks to the evolution of mobile betting. Prop bets center around one particular part of the game, which could mean betting on the total passing yards, first to 20 points, or the name of the first goalscorer. It is an interesting betting alternative away from betting on the outcome.

Understanding Sports Betting Odds

The most important piece of reading that all potential bettors must do before making a wager is ensuring that they understand the odds. Odds can appear in several different layouts, which means that you should understand all layouts and determine which format you prefer before making a bet.

American

As the name would suggest, the American layout is most commonly used in the U.S. The odds are displayed with either a ‘-‘ or ‘+’ next to the price. A ‘-‘ would indicate a selection being heavily favored, while the ‘+’ points to the outsiders. For example, a selection that is +200 would see bettors get $30 in returns from a wager of $10 if the selection is correct.

Decimal

The big difference between the decimal layout and the two other formats is that these odds consider the stake being placed. For example, a bet at 6.0 would be the same as odds of +500 and 5/1. The returns will still be the same, though, as a $10 stake on a winning selection would return $60.

Fractional

The fractional layout of odds is most popular in Great Britain and Ireland. For example, a 5/1 chance at these odds would be presented as +500 in the American format. Reading these types of odds is very straightforward to experienced bettors, as the number on the right represents the bet amount and the one on the left is the potential winnings.

After learning about the different types of markets and odds, it would be time to start betting on the wide selection of sports available online. Some of the most popular sports that all offshore sites enable bets to be made on can be found below:

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