Members Area
  • About
    • RIIA®’s Founding
    • View Across the Silos℠
    • The Value of RIIA®
    • Advisor Tools
    • Fiduciary Rule Position
    • RIIA® Awards
    • Leadership & Board
    • Intellectual Property
    • Contact Us
  • Thought Leadership
    • Retirement Management Journal®
      • Recent Issues
      • RMJ® Papers
      • Between the Issues
    • Conferences
      • 2017 Summer Conference & RMA® Master Class
      • Register for Conference
      • Summer Conference Sponsorship
    • Virtual Learning Center
      • How to Bet on Sports
    • Research Committee
    • Consumer Information
    • Articles
    • Essential Reading
      • Penny Stocks
  • Engage With RIIA
    • Partner/Sponsor RIIA®
      • Benefits Summary
      • Last and Next 10 Years
      • Conference Sponsorships
      • Thought Leadership Sponsorships
    • Join RIIA
      • Individuals
      • Institutions
      • Opt-in Under Your Company’s Membership
    • Add the RMA® to Your Approved Designation List
    • Register for the Retirement Management Analyst®
    • Pre-Qualify for RMA®
    • Register for Conference
    • Register for a Webinar
    • List as Supporting Member
    • Share Content
    • Sign Up For RIIA® News
  • Become An RMA
    • Approved Designation
    • The RMA® Experience
    • Preview RMA® Curriculum
      • Cost of the RMA®
      • Qualifications For RMA®
      • Approved Courses of Study
    • Take SSU Online Course
    • Pre-Qualify for RMA®
    • Buy Reference Books
      • Practice Manual
      • Desktop Reference Book 2015
    • Annual Re-Certification
    • The RMA® Master Class
  • Work With An RMA
    • Find an RMA®
    • RMA® Code of Ethics
    • Give RMA® Feedback
    • File a Complaint
  • Member Area Login
    • Become a Member
    • Post to the Site
 
Home > Virtual Learning Center> How to Bet on Sports

How to Bet on Sports

Horse racing
If you’re looking for the best introduction to the world of sports betting, this guide is for you. Whether you’re new to it all or just want to see a couple of tips on how to bet on sports from experts, it’s worth  taking a read through. You’ll find a whole host of information that you’ll need, all of which is designed to be easy to read and digest. Let’s get into some of the most important things that a beginner should know when betting on sports.

What is sports betting?

In its simplest form, all you need to do is place a wager on the outcome of a sports game. There can be a number of factors involved, such as researching about different teams and their play styles or considering the odds. However, at the end of the day, a sports bet is usually just a bet on sports and doesn’t need to be much more complicated than that.

What are some of the most basic aspects of sports betting?

One of the most important things for you to learn when you’re first getting into betting of any kind is the basics. When starting out, you should consider:

The mechanics

First things first, it can be essential to understand the mechanics of sports betting before you risk losing your money. For example, the 3 main components of a sports bet are selection, stake, and odds – if you learn what these three things are, you’ll know how a basic wager works and have a better chance of making the right decision. 

The benefits

You may already know that this is one of the most popular forms of betting, but do you know why? For the most part, it’s because of all the benefits that it has to offer. For example, it’s one of the simplest forms of betting. It also offers variety, since you can place bets on pretty much any sport in existence, as well as non-sport activities in some cases. The list of the best betting sites that accept bets on different sports is quite extensive so you have a lot of options to choose from as well. Factors like these are well worth keeping in mind if you’re considering betting on sports for the first time. 

The odds

The final thing you need to understand are the odds. These typically serve two purposes; to calculate the payouts of winning bets, and reflect the likelihood of a particular outcome (i.e. the more likely it is, the lower the odds will be). If you’re looking for the highest chances to win or the probability of what your gut instinct is telling you, the odds will help you to better calculate this. 

How do you place bets?

When you know how to bet on sports and the reasons why you’re interested in making a sports bet, it’s time to look into how you do it. The best part is that it can be fairly simple, and there are a few ways that you can get involved. For example, one common option is visiting a bookmaker. All you need to do is go up to the counter with a completed betting slip and give them your cash – then you just claim your earnings if your wager was successful, with your betting slip. Unless you’ve won a significant amount, you’ll be paid then and there in cash. You might be interested in telephone betting services instead, which are available at many bookmakers. These can be easy to use; all you’ll need to do is make a call to the bookmaker and tell them the details of your bets. There are also online bookmakers now, which are becoming one of the most preferred options thanks to how easy it can be to place a wager. There are hundreds upon hundreds online, giving you plenty of options right at your fingertips. For these, all you’ll need to do is make an account, deposit funds, and place your bets. As you can see, there are a few ways that you can get started, all of which can be straightforward and done in next to no time at all.

Top tips for beginners

So, now that you have a better understanding of where and how to place your bets, we thought we’d give you a little advice to help you along your journey. Here are 5 tips that you might want to keep in mind while betting on sports:
  • Take your time to learn

It’s always best to start slowly and learn how to bet on sports as you go before you get into making any big bets. There’s no doubt that betting can give you quite a rush, especially if you’re seeing early success, but if you jump the gun you could run the risk of losing out. Don’t just dive into it; take the time to learn more and observe.
  • Always bet with a clear mind

It may sound like an obvious point, but you shouldn’t bet when under the influence. If you’re putting your hard-earned cash on the line, you’re going to want to make sure that you win your wager – and to do so, your mind needs to be working at its best. Aside from intoxication, situations of high energy or high stress may not be ideal for gambling, either.
  • Go into your sports bets with realistic expectations

While becoming a millionaire may not be an achievable goal through sports betting alone, there is certainly the potential to make a significant amount of money from your endeavours if you stick at it and put in the time and effort needed to make worthwhile bets and improve your chances. The number of individuals who make a living off of sports betting and quit their day jobs isn’t extremely high, so having realistic expectations and remembering that no grand-plan will be foolproof (skill is tangible, but luck can certainly play a huge factor in gambling and will change) can work toward you making better decisions.

Are you ready to make your bet?

Now that you have a better idea of how to bet on sports, and have a little advice to help you out, why not put your new knowledge to the test and have a go?   
 

Post a Comment Cancel reply

You must be logged in to post a comment.

 

News and Views

RetirementImage

“Finance for Normal People…”, Dr. Meir Statman, RIIA®’s 2017 Summer Conference Keynote Speaker

Meir Statman, Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University, has just published his most recent book, Finance for Normal People: How Investors and Markets Behave. In his introduction to the book, Dr. Statman writes: “Behavioral finance presented here is a second generation behavioral finance. The first generation, starting in the … {…}
Webinarcropped

Webinar Replay: Money & Women: Why Talking Sports, Sex, & Scare Tactics Don’t Work – May 3

Date: Wednesday, May 3, noon – 1 pm ET Replay Looking to win more new women clients and retain the ones you have? This webinar will help you step back and assess your chances of success. It’s time to move beyond phrases like “skating to where the puck is going” or “we’re in the top of the 7th inning of our planning”. It’s important to know if you are being perceived … {…}
bridging

RIIA’s Summer Conference – How To Get There, Where To Stay

RIIA®’s Summer Conference in Salem, “Minding the Gaps: Mapping Compliance Solutions for The DOL’s Fiduciary Rule and Beyond…,” will take place July 17 – 18, 2017, at Salem State University (SSU) in Salem, MA, 20 miles north of Boston. Register now (Early Bird discounts available until April 30th). The conference will open with a presentation of our CTR Research Program … {…}
SummerConferenceMeetingImage

RIIA® to Present New Research at IMCA’s 2017 Annual Conference Experience

On May 1, Francois Gadenne, RIIA’s Executive Director, will make the first public presentation of our CTR Research Program at IMCA’s 2017 Annual Conference Experience being held April 30 – May 3, 2017. This research samples historical professional and academic literature on investment, wealth and retirement planning to highlight the widely varied recommendations for … {…}

Reminder: RIIA® Brings Members Special Access to Financial Technologies Forum

Attend this one day conference on the digital revolution through and receive a special discounted rate as a RIIA member. The EDHEC-Risk Institute, KAIST, Princeton and Tsinghua Universities are hosting an international series of conferences on financial technologies as a forum to facilitate discussion among all interested parties (academics, practitioners and regulators) … {…}

More News

Calendar

May 2017
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4
May 2017
M T W T F S S

1

 

Francois Gadenne presenting at IMCA Annual Conference

 
2

3

 

Webinar – Money & Women: Why Talking Sports

 

Sex

 

& Scare Tactics Don’t Work

 
4 5 6 7
8 9 10 11 12 13 14
15 16

17

 

Webinar – TIAA’s new retirement income solutions

 
18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4
Resources

Newly Added Resources

  • 05/04/17 by fg

    Robo “Strategery”

    Robo advisors are now part of {…}
  • 10/10/16 by fg

    The Voice of RMA Graduates

    Ah! Here is the link to Dana’s {…}
  • 10/10/16 by fg

    RIIA’s Value Proposition

    This was a year of changes for {…}
  • 08/14/16 by admin

    The Fiduciary Rule

    Many great News&Views on t {…}
  • 08/03/16 by admin

    Summer Conference 2016

    Here is the next N&V summa {…}

Search

Categories

Forum Topics

  • Most popular topics
  • Topics with no replies

Contact

Francois Gadenne
Co-Founder Chairman & Executive Director
Email: [email protected]

Sign up to receive RIIA news


© 2016 · RIIA® · Built by Islay Communications Inc. · Terms & Conditions

Patent Pending