Top Guide to Online Sports Betting: Expert Tips and Strategies

14 min read
Aug 14, 2024, 6:20 PM
Author
Nick Ashbourne
Nick Ashbourne
Senior Writer
Last Updated: Sep 19, 2024, 2:33 PM

Getting Started with Online Sports Betting

Online sports betting has become increasingly popular in recent years, offering enthusiasts a new way way to engage with their favorite sports.

What is Online Sports Betting?

Online sports betting is the practice of wagering on sporting events through internet-based platforms. It allows individuals to place bets on various outcomes of games, matches, or tournaments from the comfort of their homes or on-the-go using mobile devices.

This encompasses a wide range of options, from predicting the winner of a single game to more complex wagers such as point spreads, over/under totals, team totals, and player-specific performances.

Gambling online provides access to a broader selection of betting markets compared to traditional brick-and-mortar sportsbooks.

Is Online Sports Betting Legal?

The status of legal online gambling on sports varies by jurisdiction.

In the United States, the landscape of sports betting has evolved significantly since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in 2018. This decision allowed individual states to legalize and regulate sports betting within their borders.

Numerous states have embraced legalized online sports betting, with New Jersey and West Virginia among the early adopters in 2018. 

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While legalization has become the norm, it's crucial for individuals to check local laws and stay informed about up-to-date information regarding the legality of online gambling in their area.

In some regions, online gambling legal frameworks may differ. It's important to note that even in states where sports betting is legal, there may be restrictions on betting on certain events, such as college sports or lower levels of minor-league baseball.

Choosing the Right Online Sportsbook

Selecting a reputable online sportsbook is crucial for a safe and enjoyable betting experience. 

With numerous gambling sites available, it's important to consider several factors when choosing where to place wagers.

What to Look for in an Online Sportsbook

When evaluating online gambling sites, consider the following criteria:

  • Licensing and Regulation: Ensure the sportsbook is licensed and regulated by a reputable gaming enforcement agency.
  • Security: Look for platforms that use encryption technology to protect your personal and financial information.
  • Betting Options: Choose a sportsbook that offers a wide range of sports and betting markets to suit your preferences.
  • Competitive Odds: Compare betting odds across different platforms to ensure you're getting the best value for your wagers.
  • Bonuses and Promotions: Many sportsbooks offer bonus bets or other incentives for new and existing customers. Compare these offers, but be sure to read the terms and conditions.
  • Mobile Betting App: Mobile gambling has taken over the vast majority of sports bettors and all major sportsbooks have a mobile option.

Top Online Sportsbooks for US Players

While the best gambling sites may vary depending on individual preferences and location, some well-regarded online sportsbooks for US players include:

  • DraftKings Sportsbook
  • FanDuel Sportsbook
  • BetMGM (operated by MGM Resorts)
  • Caesars Sportsbook
  • BetRivers
  • Bet365

These platforms generally offer a comprehensive betting experience, with options for both sports betting and online casino games. 

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Availability may depend on state regulations, making it essential to check which operators are licensed in your area.

Understanding Sports Betting Odds

Comprehending odds is fundamental to making informed wagers. 

Odds represent the probability of a particular outcome and determine the potential payout for a successful bet.

How Betting Odds Work

There are three main formats for presenting betting odds:

  1. American Odds: Displayed as positive or negative numbers (e.g., +150 or -200).
  2. Decimal Odds: Shown as decimal numbers (e.g., 2.50).
  3. Fractional Odds: Presented as fractions (e.g., 3/2).

Each format conveys the same information but in different ways. 

For example, American odds of +150 indicate that a $100 bet would yield a $150 profit if successful. Conversely, odds of -200 mean you'd need to wager $200 to win $100.

Understanding how to interpret and compare odds across different formats is crucial for identifying value in betting markets.

Sports Betting Strategies

Developing effective betting strategies can help improve your chances of success. 

While no strategy guarantees wins, employing sound principles can enhance your betting experience and potentially increase profitability.

Bankroll Management

Proper bankroll management is crucial for sustainable betting. This involves:

  • Setting a budget for betting activities
  • Determining a maximum stake per bet (often 1-5% of your total bankroll)
  • Tracking wins and losses
  • Adjusting bet sizes based on bankroll fluctuations
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Effective bankroll management helps mitigate the risk of significant losses and ensures you can continue betting over the long term.

Betting on Favorites vs. Underdogs

When placing bets, you'll often choose between favorites (teams or players expected to win) and underdogs (less likely to win). Each approach has its merits:

Betting on favorites:

  • Higher probability of winning
  • Lower potential payouts
  • Often requires larger wagers to achieve significant profits

Betting on underdogs:

  • Lower probability of winning
  • Higher potential payouts
  • Can lead to substantial profits with smaller wagers

A balanced approach, considering factors such as team form, injuries, and historical performance, can help inform decisions when choosing between favorites and underdogs.

Line Shopping and Hedging

Line shopping involves comparing odds across multiple sportsbooks to find the best value for your bets. This practice can significantly impact your long-term profitability.

Hedging is a strategy where bettors place wagers on opposite outcomes to guarantee a profit or minimize potential losses. 

While hedging can be complex, it's a useful tool in certain situations, particularly for futures bets or parlays.

Advanced Betting Topics

As bettors gain experience, they may explore more advanced betting options and strategies to enhance their betting experience.

Live Betting and In-Play Betting

Live betting, also known as in-play betting, allows you to place wagers on events as they unfold. 

This dynamic form of betting offers several advantages:

  • Ability to capitalize on momentum shifts during a game
  • Opportunity to hedge pre-game bets based on live action
  • Increased engagement with the sporting event
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Live betting odds update in real-time based on the current state of play, requiring quick decision-making and a strong understanding of the sport.

Prop Bets and Futures

Proposition bets (props) and futures offer alternative ways to engage with betting beyond traditional game outcomes.

Prop bets focus on specific events within a game, such as:

  • Player performances (e.g., total points scored by a basketball player)
  • Game events (e.g., whether there will be a safety in a football game)
  • Timing of events (e.g., time of the first goal in a soccer match)

Futures bets involve wagering on long-term outcomes, such as:

  • Championship winners
  • League MVP awards
  • Season win totals for teams

These bet types often offer higher potential payouts due to their more speculative nature.

Online Casinos and Sports Betting

Many online gambling platforms offer both sports betting and casino games, providing a comprehensive gambling experience for users who gamble online, whether they are online casino players, sports betting enthusiasts, or both.

How Online Casinos Offer Sports Betting

Online casinos frequently integrate sportsbooks into their platforms, allowing users to switch seamlessly between casino games and sports betting. 

This integration offers several benefits:

  1. Single account for multiple gambling activities
  2. Shared wallet for casino and sportsbook funds
  3. Cross-promotion of bonuses and rewards
  4. Diverse gaming options to suit various preferences

Popular online casino games often available include:

  • Slots
  • Table games (e.g., blackjack, roulette)
  • Poker
  • Live dealer games

Responsible Gambling

While sports betting can be an enjoyable form of entertainment, it's crucial to approach it responsibly to prevent potential negative consequences.

Setting Limits and Managing Your Bankroll

Responsible gambling involves setting clear limits on time and money spent on betting activities. Key practices include:

Establishing a budget for betting and adhering to it

Setting deposit limits on your betting account

Taking regular breaks from betting activities

Never chasing losses by increasing bet sizes

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Effective bankroll management is crucial for maintaining control over your betting habits and ensuring that gambling remains an enjoyable pastime rather than a financial burden.

Responsible Gambling Tools

Online sportsbooks and casinos often provide a range of responsible gambling tools to help users maintain control over their betting activitie.

Common responsible gambling features include:

  • Deposit limits: Allow users to set daily, weekly, or monthly caps on deposits
  • Loss limits: Restrict the amount a user can lose within a specified timeframe
  • Session time limits: Notify users when they've been active for a set duration
  • Self-exclusion options: Enable users to temporarily or permanently block access to their accounts
  • Reality checks: Periodic reminders of time spent gambling and money wagered
  • Account history: Detailed records of betting activity and financial transactions
  • Self-assessment tests: Help users evaluate their gambling habits

Many platforms also offer links to external resources for those seeking help with gambling problems. These tools empower users to gamble responsibly and maintain a healthy relationship with betting activities.

Avoiding Problem Gambling

Recognizing the signs of a gambling problem is essential for maintaining a healthy relationship with betting. 

Warning signs may include:

  • Betting more than you can afford to lose
  • Neglecting work, family, or other responsibilities due to gambling
  • Lying about gambling habits or hiding them from others
  • Feeling anxious or irritable when not gambling

If you or someone you know exhibits signs of a gambling problem, it's important to seek help. 

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Many online sportsbooks and casinos offer tools for self-exclusion and provide resources for those seeking assistance with problem gambling.

FAQ

Legality

Is online gambling legal in the United States?

The legality of online gambling varies by state. Some states have legalized online sports betting and casino games, while others have more restrictive laws. It's essential to check your local laws for up-to-date information.

Choosing a Sportsbook

How do I choose the best online gambling sites?

Consider factors such as licensing, security, betting options, competitive odds, and user reviews when selecting online gambling sites. Reputable sites should be licensed by recognized gaming authorities.

Winning Real Money

Can I win real money gambling online?

Yes, it's possible to win real money through online gambling. However, it's important to remember that gambling always involves risk, and there's no guarantee of winning.

Fast Payouts

What are the fastest payout methods for online gambling?

E-wallets and cryptocurrencies often offer the fastest payouts. However, payout speeds can vary depending on the specific gambling site and your location.

App Safety

Are gambling apps safe to use?

Reputable gambling apps from licensed operators are generally safe to use. Always ensure you're downloading the official app from a trusted source and that it's licensed to operate in your jurisdiction.

Making a Deposit

How do I make a deposit at an online sportsbook?

Most online sportsbooks offer various deposit methods, including credit/debit cards, e-wallets, bank transfers, and sometimes cryptocurrencies. Choose a method that's convenient and secure for you.

Parlays

What is a parlay bet?

A parlay is a type of bet that combines multiple individual wagers into a single bet. All selections must win for the parlay to pay out, but it offers higher potential returns than placing each bet separately.

NCAA Betting

Can I bet on college sports online?

The ability to bet on college sports varies by state. Some jurisdictions allow NCAA betting, while others prohibit it or have restrictions on betting on in-state college teams.

<p>Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.</p><p>Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022.&nbsp;</p><p>Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambler team.</p>
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Meet our Authors

Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.

In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content. 

Continuing his innovative approach in 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This venture showcases his dedication to integrating advanced technology in the evolving landscape of sports betting. Through these diverse experiences, Paruyr has continuously influenced and shaped the betting industry, driving new trends and setting high standards.

 ExperienceYear
Engaged in private entrepreneurship2000-2013
Founder and President at Bookmaker Rating, an online platform focused on sports and betting2013-2020
Co-founder at Azuro, a decentralized betting protocol2022

"Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports." 

- Paruyr Shahbazyan, Founder, RG

 

Principles and Ethics

Paruyr Shahbazyan's core beliefs lie in the power of informed decision-making and integrity in the betting industry. He understands that the foundation of successful betting is not just about odds and predictions, but also about the trust and reliability of the information provided. Paruyr advocates for a betting environment where transparency and knowledge are paramount, ensuring that bettors are well-equipped with accurate data and insights.

Strategic Vision

Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

Future Perspectives

Looking towards the future, Paruyr envisions a betting landscape that is more inclusive, technologically advanced, and globally connected. He anticipates a significant shift towards more decentralized and transparent betting systems, driven by blockchain technology. Paruyr is committed to being at the forefront of this change, continuously exploring new possibilities and innovations that can redefine what it means to engage in sports betting in a digital world. His focus is on building systems that prioritize user empowerment, fairness, and the global growth of the sports betting community.

 

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG as a leading source of information in the gambling industry.

Experience:

  • Over 20 years in writing and editing across multiple industries
  • Former head of regional innovation at BMO Financial Group
  • Senior Writer, Online Casino Reports
Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Nick Ashbourne
Nick Ashbourne
Senior Writer

Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.

Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022. 

Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambler team.

Sergey Demidov
Sergey Demidov
Head of News Department

Sergey has been in sports journalism since 2007 as a reporter, editor, and manager. He has covered the Olympic Games, soccer World Cups, the World Cup of Hockey in 2016, the European championships, the Stanley Cup Finals, IOC events, and many others. Sergey interviewed the sport's greatest athletes, coaches, and executives. Since 2016, he has been an Independent Senior Editor of NHL.com/ru.

Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

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