Sports Betting 101
Your complete introduction to betting on sports.
Sports betting transforms watching games into something more engaging. But before you place your first bet, you need to understand how sportsbooks work, how they make money, and the fundamental bet types available.
How Sportsbooks Work
Sportsbooks are businesses. Their goal isn't to predict winners—it's to balance action on both sides and profit from the "vig" (vigorish or juice).
If equal money is bet on both sides, the sportsbook keeps ~4.5% regardless of outcome.
Strategy Insight
The Three Main Bet Types
1. Moneyline
Simply pick who wins. Odds reflect implied probability:
- Favorite (-150) – Bet $150 to win $100
- Underdog (+130) – Bet $100 to win $130
Good to Know
2. Point Spread
Bet on the margin of victory:
- Patriots -7 – Must win by more than 7 points
- Jets +7 – Can lose by up to 6 points and still win
3. Totals (Over/Under)
Bet on combined score of both teams:
- Over 47.5 – Bet combined score exceeds 47
- Under 47.5 – Bet combined score is 47 or less
Reading Odds Formats
Odds Format Comparison
| American | Decimal | Fractional | Win Probability |
|---|---|---|---|
| -200 | 1.50 | 1/2 | 66.7% |
| -150 | 1.67 | 2/3 | 60% |
| +100 | 2.00 | 1/1 | 50% |
| +150 | 2.50 | 3/2 | 40% |
| +200 | 3.00 | 2/1 | 33.3% |
Lower American odds (more negative) = higher implied probability
Key Terms
- Action – Having a bet in play
- Against the Spread (ATS) – Betting with handicap
- Cover – Winning against the spread
- Handle – Total amount wagered
- Juice/Vig – The sportsbook's commission
- Line Movement – When odds change
- Push – Tie, bet is refunded
- Sharp – Professional bettor
- Square – Recreational bettor
Bankroll Management for Sports
Professional sports bettors typically:
- Bet 1-3% of bankroll per wager
- Never chase losses with larger bets
- Keep detailed records of every bet
- Judge success over months, not weeks
Warning
The Path to Profitability
Breaking even requires winning about 52.4% at -110 odds. Consistent profitability requires:
- Finding value (lines mispriced by 2%+ in your favor)
- Shopping multiple books for best lines
- Specializing in specific sports/leagues
- Disciplined bankroll management
- Avoiding emotional betting
Strategy Insight
Key Takeaways
- 1Sportsbooks profit from the vig, not by predicting winners
- 2Three main bet types: Moneyline, Spread, and Totals
- 3Shop multiple books for the best lines/lowest vig
- 4Bet 1-3% of bankroll per wager; expect losing streaks
- 5Profitable betting requires finding value, not just picking winners