Sports betting is an activity where two or more people wager on a sporting event, often with dollars riding on the outcome. It can be as simple as a single wager on a football team or as complex as a multi-team parlay.
Basics of Sports Betting
A moneyline bet is a single wager on one outcome that wins or loses regardless of any other bets placed. It’s a common bet at casinos and is also available at online sportsbooks.
Odds and Payouts
The odds attached to a bet are displayed on the sportsbook’s betting slip. These odds are based on the sportsbook’s betting odds, which are determined by statistical data from previous games and events.
New Statistics and Markets
Major league sports leagues are seeking partnerships with sportsbooks and gaming entities to buttress existing revenue streams and create brand-new ones. This is done through various forms of team-sportsbook partnerships and agreements, including MLB with MGM and the NHL with FanDuel.
Mandated usage of “official league data”: The NBA and MLB want legal sportsbooks across the country to use/purchase their official data. This data includes a variety of advanced stats such as home run distance and other information that can be very useful for bettors.
How To Get Started with Sports Betting
In order to bet on a sports game, you’ll need to sign up for an account at a sportsbook in your jurisdiction. It’s typically a simple process that requires your first and last name, last four digits of your social security number, and a valid email address. Once you have an account, you can then make a deposit and start betting.