Betting Sport
clock 8 min



How to Bet on Sports: Sports Betting Guide for Novice

Sports betting comes in many different forms, providing a range of options for individuals to place their money on an outcome of their choice and receive a payout if that outcome is achieved. For instance, a moneyline bet is a wager on the winner of a game, while a spread bet involves betting on whether a team will win or lose by a certain number of points. Meanwhile, a parlay combines multiple outcomes into one bet. 

Although moneylines, spreads, and parlays are the most common bets to choose from, prop bets also allow you to bet on more specific outcomes, such as how many points a particular player will score. The world of sports betting is vast and there is something for everyone. There are many reasons why new and experienced gamblers alike may choose to bet on sports. Above all, it provides an easy way to add excitement to your viewing experience by giving you something more to root for. That is a reward in itself, regardless of the outcome.

But for many newcomers to the world of bookmaking, the question of whether one can really win at sports betting is a burning issue. Some even scour the internet for advice on how to make a fortune from their wagers, trying to find an answer to the question “How do I bet on sports to win”. If you're among them, you've come to the right place. In this article, the Dexsport team compiled several answers and tips from seasoned bettors and even bookmakers, who know the game inside out. 

How does sports betting work: rules of placing a bet

Let’s start from the very beginning and with the main and most important rules of placing a bet. So what is sports betting? Essentially, a sports bet entails a wager between a bookmaker and a player, commonly referred to as a client or bettor. The client makes a prediction regarding the outcome of a sporting event and wagers a sum of money. If the bet is successful, the bettor receives their money back plus a profit (payout), but if they lose, all the money goes to the bookmaker.

Each bet is assigned odds, which is a numerical expression of the probability of a particular outcome. The odds are the determining factor in how much the bettor stands to win if their bet is correct. To ascertain the prospective earnings, the chosen odds must be multiplied by the amount wagered.

How to read and understand the odds

In the world of sports betting, various methods exist for presenting the odds. The three most common types of odds are European, American, and British.

European odds, also referred to as decimal odds, are expressed as a decimal number, such as 1.75 or 2.50. These odds represent the total amount you will receive in return for every unit of currency you wager. For example, if you bet $10 on a selection with odds of 2.50 and win, you will receive a total payout of $25, which includes your original $10 stake and a profit of $15.

American odds, also referred to as moneyline odds, can be displayed in positive or negative formats. Positive odds represent the sum you stand to gain if you wager $100, whereas negative odds show the amount you must bet to win $100. Let’s see the following example: If the odds are +150, you would win $150 if you wager $100. If the odds are -150, you would need to wager $150 in order to win $100.

British odds, also known as fractional odds, are expressed as fractions, such as 3/1 or 5/2. These odds represent the ratio of the profit to the stake. For example, if you bet £10 at odds of 3/1 and win, you would receive a total payout of £40, which includes your original £10 stake and a profit of £30.

Comprehending the various forms of odds and their mechanics is crucial for triumphing in sports betting. By comparing the odds from different bookmakers and selecting the best value, you can increase your chances of making a profit in the long run.

Bookmaking jargon

Bookmakers use complex terminology and slang that can not only dispel a bettor's notion of making easy money through sports betting, but also deter them from placing bets altogether. Beginners may not want to spend time deciphering the fundamental vocabulary of betting, let alone the more intricate concepts and colloquial expressions used by professional tippers.

However, comprehending the basic principles of sports betting will be challenging without an understanding of this slang. Hence, we advise you to familiarize yourself with the essential terms and concepts before risking your own funds.

How to avoid financial loss when i bet on sports?

Rule number one: To increase the likelihood of gaining profit instead of incurring losses, it is advisable to determine your monthly “gaming bank” – the amount you can comfortably allocate to placing bets. Initially, it is recommended to stick to this figure, even if you're confident in a guaranteed win. Resist the urge to increase your stake after a victory, even if you regret not wagering more. The key to successful betting is a long-term strategy.

Rule number two: It is essential not to let emotions cloud your judgement. If you tend to be highly emotional and make rushed decisions, it may be best to avoid sports betting altogether. Allowing yourself to become too distressed after each loss can result in making poor decisions, leading to the depletion of your entire bank.

Rule number three: Avoid placing bets solely on your favorite team or athlete. This is a common mistake made by beginners, driven more by emotions than analysis. Such an approach is unsuitable for betting as a means of making money, rather than just for entertainment purposes. Remember, profitable betting requires a systematic and rational approach.

The process of placing a sports bet:

  1. Create an account on a trustworthy betting platform.
  2. Verify your identity. The verification process may vary between bookmakers, but they typically provide detailed instructions on their websites or over the phone. Websites like Dexsport do not require identity verification due to their decentralized nature, and will help you remain anonymous and go to betting right away without having to go through lengthy and tedious “Know Your Customer” processes.
  3. Deposit funds into your account.
  4. Choose the event and outcome you wish to bet on.
  5. Check the limits. Each outcome may have a minimum and maximum bet set by the bookmaker.
  6. Place your bet within the limits.
  7. Wait for the result.
  8. If you win, you can withdraw your funds or continue betting. Please note that some betting sites only allow withdrawals to the bank account you deposited from. If you are using Dexsport you won’t have to deal with the time-consuming bank transfers. When you win, you can immediately transfer the winnings to your Web3 wallet.

How to choose the best bookmaker or a betting platform

Looking for the ideal bookmaker for betting can often be a complex and time-consuming task for bettors. Initially, it's crucial to determine what you are looking for in a bookmaker. For some individuals, the size of the odds is crucial, while others seek bookmakers who offer players complete anonymity. For some, quick withdrawals and a wide variety of payment options take priority. 

When it comes to finding a reliable platform that offers all of these features and more, Dexsport is a great option to consider. With a focus on transparency and fair play, Dexsport offers competitive odds on a vast range of sports and sports events, full anonymity and is available from every corner of the world. Join the Dexsport community and start winning now!