You’ve watched the games and you’ve read the stats – now it’s time to put some money on the line! Maybe you’re planning to use your NFL picks to buy some new clothes, or maybe you just want to sit back and watch your parlays come in from the comfort of your living room.
Either way, you might be wondering whether you can make any money betting on sports. If so, check out NFL picks and parlays pro tips.
What is Sports Betting?
Sports betting is a form of gambling where you predict the outcome of sports games. For example, you might want to bet that your favorite team will win the game. The odds that they’ll win are based on how well they’ve been playing in recent weeks or months. The odds of them winning might be 40% or 60%. If they’re not playing very well and the odds are 40%, then if you bet $10, you stand to make $4 back ($40 total). But if they’re playing really well and the odds are 60%, then if you bet $10, you would stand to make $6 back ($60 total). That’s what’s called a parlay.
How to Place a Bet
To place a bet, you’ll first need to find a sportsbook where you’re able to make bets. Some online sportsbooks will let you bet on the outcome of any game while others might only let you bet on a particular matchup or sport. Once you’ve found the right one for your needs, it’s time to place your wager. It’s important that you know the rules of the game or sport before placing your wager because if not, then there’s no way for you to win. To place your wager, all that is required is an account with a bookmaker and money in it.
By placing a bet, you’re making a contract with that sportsbook where they agree to pay you if your wager wins. If you win, then you’ll be paid by them but if not, then there’s no obligation for them to pay up. All sportsbooks post their payout rates so you can know exactly how much money will go into your account for every dollar wagered. It’s important to remember that not all payout rates are created equal because some books may have higher wagering requirements or lower odds of winning compared to others so it’s important to compare these factors before choosing which book to place your bets through.
How to Read Odds
Odds are not just for betting in sports. They are also used to measure the chance of an event happening. Odds can be thought of as a ratio, with one number for the number of ways that the event can happen and another number for the number of ways that it can’t happen.
For example, if there is a 1/3 chance that it will rain tomorrow, then there is a 2/3 chance that it won’t rain tomorrow. This means that you would see odds like 1:2 or 3:1 or 4:1 etc. These numbers may seem confusing but they are really just saying what the probability is. If you want to make money betting on sports, you will need to learn how to read the odds!
What is a Parlay?
A parlay is a single bet that links together two or more individual bets. The goal is to win the entire parlay, so each individual bet needs to win for the whole thing to pay off. Each individual bet in a parlay must be of the same type: all money line bets, all spread bets, or all over/under bets. For example, you can’t mix money lines and spread bets in one parlay. Instead, you would create two separate parlays; one with only money line wagers and one with only spread wagers.
If you’re unfamiliar with how betting odds work, this may seem confusing at first, but it’s actually fairly straightforward once you grasp it.
How to Calculate a Parlay
Parlays are a popular way to bet, but not many people know how they work. Calculating a parlay is actually pretty simple. First, let’s cover the basics: A parlay means you’re betting on two or more games at once (usually three or four) by placing one wager. If any of your picks win, then you’ll get paid out at odds that are better than just betting on one game.
To calculate a parlay, start by figuring out your odds for each game you’ve chosen. For example, if you’re betting $10 per game, multiply $10 by your odds for each game.
Bankroll Management
The most important aspect of sports betting is bankroll management. If you don’t have the money to lose, then stop gambling. A solid rule of thumb is never bet more than 5% of your entire bankroll in one wager. This means if you only have $100 in your account, don’t bet more than $5 at a time. Furthermore, set a betting budget for the month or year. Allot an amount to spend each week/month depending on how much you are willing to lose per betting cycle. In other words, try not to gamble with money that you need for rent or food because this will lead to serious financial issues down the line.
Experts always recommend that beginners set a betting budget to limit their exposure. This will prevent you from burning through your entire bankroll in a short period of time. If you have $500, only wager $10 per game if you plan on risking 5% of your bankroll. Ideally, try to maximize your betting opportunities by using hedging strategies. A hedge is essentially just betting on one side while also placing another small wager on an opposing team. For example, let’s say Team A is playing Team B with a total of 40 points while you think both teams are likely to score 20 points each.
Conclusion
If you’re looking for a way to make money betting on sports, the best options are football parlays. A football parlay is a wager in which the player predicts that two or more outcomes will occur. If all of your predictions happen, then you win more than what you put up. And if even one of them doesn’t happen, then you lose everything.
