Sports betting is booming after the Supreme Court struck down PASPA last year, allowing states to legalize wagering on sporting events. 60 Minutes correspondent Jon Wertheim joins CBS News to explore the influx of money and how it could impact the integrity of sports—particularly college sports.
There are a few things you should know before placing your first bet. First, the odds on a team are constantly changing as the season progresses. This is because the more a team performs, the better their chances are of winning. Therefore, a longshot team will have lower odds and a higher payoff if you make a bet early on in the season.
Another factor to keep in mind is that a straight bet is just that—a bet on one specific outcome. This is the easiest type of bet to place and offers a relatively low risk with a potentially high reward. For example, if you think the Toronto Raptors will beat the Boston Celtics in an NBA game, you would place a bet on the team to win.
Point spreads are another common type of bet. In this scenario, the oddsmakers assign a number to each betting matchup that handicaps one team and favors another by subtracting points from the favorite and adding them to the underdog. This is done to create an equal amount of bets on each team and reduce the overall risk. In general, the more favored a team is, the lower the point spread and the larger the payoff.
Lastly, totals are the odds on the combined score of both teams in a game. These are usually set at the beginning of the season and can change over time based on player performance, injuries and other news. For example, if you believe the Rams and Seahawks will play a defensive slugfest that ends with less than 43 combined points, you can bet on the Under.
While there are a lot of ways to make money betting on sports, the most important thing is money management. You should always have a set amount of money that you can afford to lose and only bet 1-2% of your bankroll on each play. This way, you won’t blow up your account after a bad streak and can continue to build your bankroll over time.
Keeping track of your bets in a spreadsheet is also a great idea. This will allow you to see your wins and losses more clearly. It will also help you stick to a budget and avoid the temptation of betting more than you can afford to lose. In addition, you should only bet on sports that you are familiar with from a rules perspective and follow the latest news regarding players and coaches. This will help you spot better lines and improve your chance of making a profit. Finally, remember that gambling is a vice and comes with the risk of addiction. If you have a problem, seek professional help before continuing to gamble.