Ready to make a little extra cash and wondering, “How does sports betting work?” Here are five things you should know before placing your first bet.
Individual and team sports have been a crucial part of society since ancient times.
Over 2,000 years ago, the Greeks were organizing the first Olympic games. Today, sporting events take place on a weekly basis throughout the nation. The best part is — you can get involved in the game by betting on who will win.
Sure, you’ve seen it in movies and television shows, but how does sports betting work? Is it legal in the U.S.? What types of sports can you bet on? Read on to learn the top five things you need to know about sports betting and how it works.
1. Find or Create Your Pool
Before you get to betting, you’ll need to either find or create a pool of other bettors to help you learn what you should bet on. If you want an established pool, then consider heading out to a casino. There are also plenty of websites and apps, like LineHive, that offer betting pools to help you gain insights on where to place your bets.
Would you rather make your own betting pool? You could invite your friends, family members, or even co-workers to join. If you need more bettors, then extend your search to online friends.
There are plenty of online platforms that can help you grow your pool. Growing your pool is important because more bettors mean more insights, which can mean bigger potential winnings. Here at LineHive, we call that the power of the hive!
2. How to Make a Bet
After gaining insights from your hive, you need to choose what sporting game or event you’ll be making wagers on. Depending on your preferences, you could bet on aspects outside of the outcome like:
- Specific players
- The number of points scored
Once you’ve set the betting parameters, it’s time to place a wager. Pick what you’d like to bet on and an amount.
Are you wondering how to make a smart bet? Thankfully, there are plenty of resources available to help. Check out our articles here at LineHive to learn smart betting techniques.
3. Anticipating the Results of a Game
Once the bets are set, it’s time to enjoy the game or sporting event. You’ll find the game feels more intense when you’re betting on it.
So, sit back, relax, and enjoy the event!
4. How Winnings Are Split
After the big game, it’s time to collect. If you bet on the losing team, then you won’t win anything. If your team won, though, then you’ll get a slice of the pot.
The size of your winnings depends on how many people are in the pool and how many bet on the winner.
It’s hard to deny — winning money feels great. Once you’ve tasted victory before, you may decide to use your winnings to make an even bigger bet.
Keep in mind that sports betting is a $3 trillion industry around the globe. If you’re looking for more action, then you’re sure to find it.
5. Sports Betting Is No Longer Underground
In the past, sports betting occurred primarily underground. That’s because the act was illegal in most states.
Everything changed in 2018, though. The U.S Supreme Court removed the federal ban on sports betting. Once that happened, most states made moves to legalize the enjoyable past time.
Today, it’s legal to make sports bets in most states. If you’re unsure, then double-check your state’s laws.
How Does Sports Betting Work? Now You Know
So, how does sports betting work? In short, willing participants place wagers on the outcome of the event. If you guess right, then you’ll share the pot with others who guessed the winner.
Does sports betting sound like something that would interest you? Are you looking for an amazing community to bet with? Create an account with us at LineHive, and you can start gaining insights to make place bets right away!