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Below, we have highlighted the four main types of betting to give you a basic how-to guide to help you get started: Favorites vs. Underdogs For every game, regardless of the sport, oddsmakers first must decide which team is the favorite and which team is the underdog. Things like home-field advantage, injuries and public perception can help oddsmakers decide one team is more likely to beat the other on a given day.

The favorite is considered the one that is expected to win the game. The underdog, also known simply as the 'dog, is the one expected to lose. However, because favorites are the better team and win most of their games, oddsmakers must make betting fair by providing pros and cons to betting favorites and underdogs; otherwise, everyone would always bet favorites, and the sportsbooks would go bankrupt.

As a result, oddsmakers level the playing field by creating risks for betting favorites and providing advantages for betting underdogs. The spread is a certain number of points taken away from the favorite and given to the underdog to level the playing field. The spread has nothing to do with which team wins the game -- the only thing that matters is the margin of victory. Favorites win spread bets by winning the game by any margin greater than the spread they are laying.

For underdogs to win spread bets, they need to win the game straight up or lose by a number less than the spread they are receiving. If you bet the Patriots -7, they would need to win the game by eight points or more for you to win your bet and cover the spread. If the Patriots win by six points or fewer, or lose the game straight up, you lose your bet. So if the Patriots won the game , the Jets would have covered the spread.

The second-most popular way to bet is on the moneyline. The moneyline is based only on which team will win the game straight up -- the margin of victory does not matter. It could be one point or points; all that matters is winning the game. Because favorites win most of their games, oddsmakers force bettors to assume more risk and pay a more expensive price when betting favorites.

You could instead bet Seattle on the moneyline. So if Seattle won , you would win on a Seahawks moneyline bet, but lose if you bet Seattle You can also bet on the combined number of points scored by both teams. Betting on totals is a completely different way of betting compared with spreads and moneylines.

Instead of rooting for one team to win the game or cover the spread, you are rooting for both teams. If you bet the Over, you are cheering for both offenses and rooting for both teams to score a lot of points. If you bet the Under, you are cheering for both defenses and rooting for both teams to score few points.

If you bet the Over, you would need the teams to combine to score 48 points or more. If you bet the Under, you would need the teams to combine for 47 points or fewer. So if the Giants won , the Giants won on the moneyline, the Eagles covered the spread and the game stayed Under the total of Futures While moneylines, point spreads and totals generally focus on the short term and specific matches, futures are long-term betting odds.

They focus on events that will happen further down the line There are some benefits and some risks associated with betting on futures. If you win, you can earn a hefty payout. On the flip side, however, your money is locked up for a long period of time.

During that time, a lot of things can go wrong. If you bet on a particular team to win the championship and one of their star players is injured, suddenly their prospects of winning don't look as good. Sometimes, the team may just hit a slump partway through the season and lose a lot of valuable momentum.

In this kind of bet, the odds are set at the beginning of the season, but they can go up or down as time goes on. Once you make your bet, however, it is locked in at whatever the odds were at the time you placed the bet. This is why making a bet on a long shot early on can bring a potentially substantial payoff. If, over the course of the season, though, a team is showing that it has a good chance of winning, the odds for them improve, the risk goes down and the payoff gets smaller.

Choosing exactly when to make this sort of bet is important. Futures betting can be applied to more than just national championships. It can also be applied to things such as who will win the MVP award or other events that might happen down the line.

For example, say the Baltimore Ravens are facing the Pittsburgh Steelers. You could then bet on either the over or the under. In the NBA, you can bet on specific players going over or under a certain amount of points, rebounds, assists, blocks, steals and minutes. LeBron James might have point total prop of For instance, popular MLB props include how many home runs, hits, RBI's or steal a player will hit in a season, along with how many wins, strikeouts or saves a pitcher will have.

For example, maybe the oddsmakers set Mike Trout's home run total at You could then bet the over or under. Player props are a way to bet on a game in which you don't see value on either team winning or covering, or the total going over or under, but instead identify value on a specific player's performance.

Instead of betting on a team, you are betting on a player. The juice is a commission you must pay the sportsbooks for them to accept your bet. Juice is added to all bet types, including spreads, moneylines and totals. It will appear as a three-digit number to the right of the spread or total, usually in parentheses. Standard juice is considered to be This is known as cent juice. It means that for every dollar you wager, you have to pay a fee of 10 cents to the sportsbook.

The juice is almost always a negative number that bettors have to pay, but on rare occasions the juice might be a small plus money number, which means bettors could win a few additional cents if their bet wins. The number in parentheses is the juice both sides must pay. Sportsbooks are constantly adjusting the juice based on the action they are taking in, raising or dropping the juice depending on which side is taking in more money.

Many new bettors assume that to turn a profit betting on sports you have to win only On the surface, that sounds correct. Because of the juice. If you assume standard juice, this means bettors actually have to win This is considered the magic number in betting. To turn a profit, you would need to win at least Bettors should always shop around and try to place bets at books providing the best and lowest juice.

But how do you know which sportsbooks offer the best and cheapest juice? In the old days, you would have to physically travel to each sportsbook and check out the prices they were offering. Not anymore. The rise of the internet in the s changed everything for sports bettors. With it came a revolutionary invention called a Live Odds Page.

The Live Odds Page compiles all lines and juice prices from dozens of different sportsbooks together in one easy to view place. Consider it like an E-Trade platform, but instead of showing the prices of all stocks, it displays sports betting lines and odds. The Live Odds page also updates in real time as sportsbooks change lines and adjust the juice.

It is considered a bible and a must-have for sports bettors. It allows bettors to read and anticipate line movement and shop for the best odds and juice prices. Just go to www. Other common sports betting terms defined: Action: A bet or wager. Against the spread: The result of a game, including the point spread. Bad Beat: A bet that looks like the bettor is going to win but doesn't.

Book Sportsbook : An place where someone can bet on the outcome of sporting events. Chalk: The favorite in a game. Consensus: Percentage of the betting public on each side of a game. Some bettors will bet against the "public money" whichever team more bettors have placed their bets on.

Cover: The betting outcome on a point spread bet. For a favorite to cover, it must win by a number higher than the spread. An underdog can cover by losing by a number less than the spread or by winning the game outright. Edge: The advantage a bettor has before a bet is placed.

Favorite: A team favored to win a game. Future bets: A bet on events that will happen further in the future, like who will win a division or who will win a championship well in advance. Handle: The total amount of money wagered on a game. Handicapping: Researching sports statistics to pick winners. Hedging: Betting opposite of a previous bet to guarantee a profit. Hook: A half-point in the spread. In-game wagers: Bets made after a game started. Juice: A commission books win on each bet.

Limit: The maximum allowed wager on a single bet. Lock: A large favorite. Long Shot: A large underdog. Moneyline bet: A bet made if a team will win or lose outright with no point spread. No Action: A game that is no longer taking bets and all wagers are refunded. Oddsmaker Linemaker : Someone who sets the opening line on a game.

Off the Board: A game bettors cannot wager on. Over: When the combined score of two teams is more than what the sportsbook set. Parlay: A bet that combines multiple games for a higher payout. The more games, the higher the risk but the greater the payout.

In order for the parlay to win, each game must win or push tie. If any of the games lose, the entire wager loses. Pick 'em: A game with no favorite or underdog. Point spread: Margin of victory set by oddsmakers to attract bets action on both the favorite and the underdog. A favorite must win by a number higher than the point spread to cover the spread. Puckline: Hockey has a point spread of Proposition bets prop : A bet on anything that is not directly tied to the outcome of the game.

For example, it can be the first team or the first player to score in a game. Push: When neither team covers the spread the actual margin of victory lands exactly on the spread , no one wins the bet and all wagers are refunded. Runline: Baseball has a point spread of Sharp Wiseguy : A professional sports bettor.

Steam: A quick change on a line due to heavy wagering. Taking the points: Betting an underdog against the spread. Teaser: Similar to a parlay, spreads are favored towards the bettor but has a lower payout. Under: When the combined score of two teams is less than what the sportsbook set. Underdog 'dog : A team not favored to win a game. Wager: A bet placed at a sportsbook.

Sportsbooks, Oddsmakers and Setting the Line No one becomes a sports betting expert overnight. It takes months, if not years, to turn from a rookie bettor into an experienced veteran. The first step is learning how sports betting works and understanding some of the language and terminology that bettors use. Let's start by focusing on a few basic fundamentals, including sportsbooks, oddsmakers and how lines are set. The most common way of placing a bet is through a sportsbook, popularly referred to as a "book" or simply "the house.

There are two kinds of sportsbooks. The first is a physical place like the South Point in Las Vegas, where you walk up to the cashier, known as "the window" and place your bet in person. Physical sportsbooks are usually located inside or next to a casino.

They are considered a sports bettor's paradise because they are filled with wall-to-wall big screen televisions showing dozens of games that bettors can watch and root for their bets, also known as a "sweating a game. Once you create an account with the online sportsbook, you can place your bets through a computer, tablet or a mobile app. Mobile apps have become increasingly popular in recent years due to the immediacy and convenience.

Physical sportsbooks employ a vast staff of employees to make the operation run smoothly. This including cashiers known as ticket writers , supervisors, accountants, risk managers, security officers, betting analysts and technicians. But the most important person at a sportsbook is the head oddsmaker. They are math experts with unparalleled betting knowledge and decades of experience in the industry. They know betting and money like the back of their hands.

The head oddsmaker is the person who creates the odds for all the different games, matchups and events that bettors can wager on. This is due to a variety of reasons, including the region, the clientele and a basic difference of opinion on what the line should be. Some books cater mostly to casual or recreational bettors who bet for fun, known as "Average Joes" or simply "the public.

These are considered sharp bettors, known popularly as "sharps" or "wiseguys. By comparing each team's power ratings and crunching the numbers, oddsmakers will get a rough estimate of what the line should be. Oddsmakers then adjust or tweak the line based on home-field advantage, injuries, specific head-to-head matchups, scheduling and even weather. If a team suffers an injury to a star player or a team is playing their second game in consecutive nights, known as a back to back, that is factored into the odds.

If a football team with a bad offensive line is facing a team with a great defensive line, that is also factored into the odds. Once oddsmakers set the line, it is then released to the public. The initial line is called the opening line, or "opener" for short. Bettors can then pick which team they want to bet on.

This way they can limit their risk and mitigate their liability. Once a line is released, the limits are low. Limits are the amount of money the sportsbooks will accept on a given wager. The books allow professional bettors to bet on games at low limits to help them shape and mold the line to its strongest and most accurate number.

Once a universal line is established, known as a "consensus line," then the market takes over. It's important to know that betting odds are fluid and constantly changing based on the money and bets or "action" the sportsbooks are taking in. The books will adjust the line up or down based on which side is taking in more money. Once books have gotten a read on the market and are able to identify which side the sharps are betting, where the public is and where their liability exists, they will then raise the limits closer to game time and allow bigger bets to come in.

Once the game starts, the full-game odds close and you can no longer bet on them. Full-game odds are the most popular odds to bet on. But sportsbooks also offer other odds to bet on, including first-half odds and first-quarter odds. At halftime, the books release a second-half line based on how the first half went.

For halftime bets, bettors must quickly place their bets before the second half begins. Throughout the game, many sportsbooks also offer live lines that are constantly being adjusted based on how the game is playing out. This is known as in-game wagering and has grown in popularity in recent years. What is a Power Rating and How to Create One Power ratings are numerical values assigned to each team in each sport, with the best teams at the top and worst teams at the bottom.

It is a way to rank and rate all of the different teams based on their overall strength and then compare them. Power ratings are subjective and professional bettors can have differing opinions. They also use different formulas and styles, with some pros leaning more on "feel" and the eye test while others lean more heavily on data, analytics and advanced algorithms.

No matter the style, the thought process is the same: The goal is to have a starting point to go off of and then constantly adjust the ratings based on how each team is performing throughout the season. There are typically bigger adjustments at the start of every season, then fewer adjustments as the season progresses.

Pros will lean heavily on specific statistical categories when setting their power ratings. In football, this would include offensive vs. Power ratings also take into account coaching, positional rankings, depth and of course, the most important player on the field, the quarterback.

If you're new to power ratings, a good sport to start with is the NFL because it's the most popular and there are only 32 teams, which means there is so much information and coverage to lean on. If you're looking to create your own NFL power ratings, a good launching pad is just ranking the teams from 1 to 32 in terms of win totals. For example, the team with the highest win total of any team in an upcoming season would be the No.

Power ratings are especially important when it comes to college sports because there are over different teams to rank and rate. Typically the top 30 and bottom 30 will be the easiest, but the middle 70 can be tougher to judge. Many sharp bettors will set power ratings where the best and top teams in the country would be a , with the worst teams around For example, in college football Clemson might be a 98 while Alabama and LSU are a 97 and 96; the worst team in the nation might be a We also offer daily updated power on VSiN.

Once the power ratings have been developed, pros will then compare any two teams, make adjustments and come up with a number of what the spread should be. In other words, the power ratings help bettors set their own lines. For example, let's say Clemson is playing Michigan.

One sharp bettor has Clemson's power rating at 98 while Michigan is Clemson is also at home, which typically means you would add three points for home-field advantage. Plus there are some injuries to Michigan and Clemson has a specific edge in terms of defensive line vs offensive line.

As a result, the spread would be Clemson -8 to start 98 vs. Power ratings aren't the end-all, be-all for pro bettors but they are a huge piece of the puzzle and a great starting point in terms of handicapping any matchup. Once the oddsmakers release a line, professional bettors will consult their own numbers and look for actionable discrepancies. If the oddsmakers release a line that is far off from the line that pros think it should be, professional bettors will bet the game immediately once the lines are available.

For example, in the hypothetical Clemson-Michigan game mentioned above, a professional bettor might have their power ratings showing Clemson as a point favorite. Let's say the oddsmakers open Clemson as a point favorite. Pros would immediately bet Clemson as soon as the odds are released because they have the game pegged at As a result, they see an edge on Clemson of two points, which means it's a smart bet to jump on.

On the flip side, maybe the oddsmakers open Clemson as a point favorite. A common phrase to describe pro bettors is that they bet numbers, not teams. They view betting through the lens of value. If value is there, they will make a wager. If it isn't there, they lay off. At their core, professional bettors are mathematicians at heart.

Their No. While a public bettor might only bet through one sportsbook, professional bettors bet through multiple sportsbooks, up to a dozen or more. This is so that they have access to a wide range of different lines and can shop for the best line. This is also referred to as having multiple "outs. But that shouldn't stop you from giving it a shot. In doing so, you will find yourself studying the teams in much greater depth, which will pay dividends down the road when you start handicapping specific matchups.

Over the years, if you stick with it, your power ratings will get better and better with more experience. Favorites, Underdogs and the Point Spread For every game, regardless of the sport, the oddsmakers first must decide which team is the favorite and which team is the underdog. Many factors go into the process. Things like home-field advantage and injuries can help the oddsmakers decide that one team is more likely to beat the other on any given day.

The favorite is considered the better team that is expected to win the game. Favorites typically have superior players, more experience, better coaching, a better track record of success and match up better against their opponents. They might be less talented, less experienced and have inferior coaching. The spread is available in almost all sports, but it is most popular in football and basketball because the margin of victory can be vast. Baseball and hockey also have a spread, but they aren't as popular because many games result in a margin of victory of one run or one goal.

In baseball the spread is known as the "run line" with the favorite giving 1. This means the favorite spread is In hockey, the spread is known as the "puck line" with the favorite laying 1. If you bet either favorite, they would need to win by two or more runs or goals in order for you to win and cover your bet.

The pick, and its percentage, provides insight as to what side the public is taking in a game. Cover: The betting result on a point-spread wager. For a favorite to cover, it has to win by more than the spread; an underdog covers by winning outright or losing by less than the spread. Edge: An advantage. Sports bettors might feel they have an edge on a book if they think its lines aren't accurate. Even money: Odds that are considered Exotic: Any wager other than a straight bet or parlay; can also be called a "prop" or "proposition wager.

Depending on the sport, the favorite will lay either odds or points. For example, in a football game, if a team is a 2. Fixed: A participant in a particular game who alters the result of that game or match to a completely or partially predetermined result.

The participant did not play honestly or fairly because of an undue outside influence. Futures bet: A long-term wager that typically relates to a team's season-long success. Common futures bets include betting a team to win a championship at the outset of a season, or betting whether the team will win or lose more games than a set line at the start of the season.

Halftime bet: A bet made after the first half ended and before the second half begins football and basketball primarily. Handicapper: A person trying to predict the winners of an event. Handle: The amount of money taken by a book on an event or the total amount of money wagered. Hedging: Betting the opposing side of your original bet, to either ensure some profit or minimize potential loss.

This is typically done with futures bets, but can also be done on individual games with halftime bets or in-game wagering. High roller: A high-stakes gambler. Hook: A half-point. Juice: The commission the bookie or bookmaker takes. Standard is 10 percent. Limit: The maximum bet taken by a book. Lock: A guaranteed win in the eyes of the person who made the wager.

Middle: When a line moves, a bettor can try to "middle" a wager and win both sides with minimal risk. Suppose a bettor bets one team as a 2. She can then bet the opposite team at 3. She would then win both sides of the bet. Money line noun , money-line modifier : A bet in which your team only needs to win. The point spread is replaced by odds.

Mush: A bettor or gambler who is considered to be bad luck. Oddsmaker also linemaker : The person who sets the odds. Some people use it synonymous with "bookmaker" and often the same person will perform the role at a given book, but it can be separate if the oddsmaker is just setting the lines for the people who will eventually book the bets.

Off the board: When a book or bookie has taken a bet down and is no longer accepting action or wagers on the game. This can happen if there is a late injury or some uncertainty regarding who will be participating. Also used in prop bets. Parlay: A wager in which multiple teams are bet, either against the spread or on the money line. The more teams you bet, the greater the odds. Pick 'em: A game with no favorite or underdog.

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Moreover, those methods can be based on LAYing other markets, such as the exact score or even corners market! Chapter 4 Trading on Betfair is all about making a profit Every trader strives for the Greenbook. What exactly is it and why is it so important? To get a green book bet, we have to assess the direction in which the odds will go. In both cases, we end up in a situation where we have made a profit with the so-called green book -i.

Chapter 5 Trading on Betfair — How to make a fortune? Now that we know what a greenbook is, how do we achieve it? What kind of trades should we place? Everything based on a solid example! The former means trading and closing the market before the match has even started. The latter refers to traders who play the markets during the match. Our task is to buy the bet and resell it with more favorable odds. This can be done in two ways: We place a LAY bet when we think that the odds are too low and the possibility of the result is higher.

We place a BACK bet when we think that the odds are too high, and then they will fall when other players and bookmakers realize that the odds should be lowered. Why does this happen? Well, suppose Manchester City plays against Lincoln City, and the odds for its victory are 1. We see that someone has made a huge mistake because the chances of Lincoln City winning are not that high after all. So, we quickly place a LAY bet i. Other players will soon realize the mistake, the odds will go up, and we will resell it with a profit by placing a BACK Lincoln City bet.

The situation is similar in the opposite case. We rapidly notice that the odds are very high, and we know they will start falling, so we buy them. When they begin to fall, we LAYing a bet to make money. Still, we wanted to give you an idea of what trading on Betfair looks like. This rule automatically excludes races in Great Britain and Ireland because only six greyhounds compete in races in these countries.

For this reason, we are only interested in Australian races. However, this is just one of the rules — what are the others, and how to take on this strategy? First of all, as we have already mentioned, choose a race with exactly eight greyhounds. Then, scope out the market and check the odds of each greyhound winning.

Another thing is to carefully analyse the behaviour of the odds for a few minutes just before the start. This is when the most significant amounts of cash are matched. The ideal situation would be to place a LAY bet on the greyhound, the third contender, to win the race. The odds for a LAY bet must be between 6. To maximise your winnings, it is good to get to know your greyhounds beforehand, i. This will determine whether it is worth placing a lay bet on this greyhound.

Let us summarise the lay betting process in this strategy: Find the race with eight greyhounds Do some research on the greyhounds featured in the race Check and analyse the behaviour of the odds for a few minutes Choose a greyhound who is the third contender to win Place a lay bet at odds of no less than 6. If you see it the first time we recommend you to read our matched betting tutorial for beginners and get to know everything you need for further reading.

Tell us if it was helpful! It will make you a profit regardless of the outcome. So what exactly does it consist of? For this strategy, you require an account at an exchange, such as Betfair, and accounts with bookmakers who offer to bet on greyhound racing. However, the differences will not be significant, so do not expect huge earnings, especially if you have a small budget. The best opportunity to place opposing bets is placing them just before the start of the race when the odds can go crazy.

Bookmakers always react with a delay compared to the betting exchanges, increasing your chances of making a profit. The more significant the difference and the bigger the bankroll — the larger the potential profit. Keep in mind that playing arbitrage bets , in the long run, can lead to your account with the bookmaker being gubbed. Do you want to continue reading about greyhoung laying strategies?

You can easily do it here. Football lay betting systems Lay the Draw It would be impossible to write about laying strategies and not mention one of the most popular — Laying The Draw. The fantastic thing about this method is that we can exit the market whenever we want. Lay The Draw, as the name suggests, involves placing a Lay bet on a Draw, meaning that a Draw in the match will not take place. The moment we place this bet depends entirely on us.

We can place it before the game, at halftime, or even in the 75th minute of the match. However, choosing when to place your bet can significantly impact your profit, as some football teams tend to score more goals within specific time frames.

So it is worth considering this and checking the statistics and recent games of the chosen teams. Sounds great, right? If the underdog scores the first goal, the time they do so is essential. It is worse if it occurs, for example, at the beginning of the match. You might consider the current in-play statistics to determine whether the favourites are still likely to win. If you wait for the favourites to equalise before scoring another goal, you risk losing your whole bet.

And the final puzzle of this strategy is when to exit the market to make the maximum possible profit? Of course, you can do it right after scoring a goal, but do you have to? It is essential to follow the match in terms of statistics and on the live broadcast. This will give you a more detailed view of the events in the game, and you will be able to see more or less whether the opponents are likely to score or whether a second goal is about to be scored in your favour.

Laying goal markets This is a strategy I love and use every day. Laying goals market involves placing lay bets at the end of halves, at halftime, or at the end of the match. All we have to do is find a game where we expect goals. What can help you do this, and at what odds can you place lay bets?

The first thing to do is find a match where both teams tend to score. How to do this? I placed lay bets at very low odds just because I saw on the live broadcast action after action, which was extremely close to ending in a goal despite off-target shots that the bookmaker was showing.

Ba, I was even tempted by the even lower lay odds of 1. The result? A significant advantage of this strategy is that placing a lay bet at very low odds 1. Following a live match, I can often lay 1. Then the lay odds are usually at about 1. Instead, I trade to have my initial stake back and leave a free bet. Would you like to get all football laying strategies? Click on this link!

Chapter 3 Lay betting tips from the Expert Where to start? What to be wary of? These lay betting basics you must know! Choose the right markets Easy to say, huh?