Sports betting is increasingly getting legalized in many states throughout the US. In 2020, the industry generated total revenue of 1.55 billion dollars, and it is expected to rise in 2021. It is a fast-growing industry and a lucrative one at that. If you’re thinking of trying your luck in the sports betting industry, there are certain things you need to be aware of. Here’s what all amateurs need to know about sports betting.
Betting Depends on Location
If you want to bet on sports, you’ll need to bet according to the rules of your state. Sports betting is currently legalized in 22 states, with another 24 introducing a bill to legalize it or passing the bill. But the rules about wagering are wary from state to state. In certain states like Mississippi, you can only bet in person, while in others like New Jersey, you can also bet online. Some states also have prohibitions regarding betting on in-state college teams.
Manage Your Bankroll
Your bankroll consists of the amount of money that you are depositing for betting. You should never bankroll more money than you can afford to lose. Learning how to manage your bankroll includes knowing your unit size. The unit size is the percentage of your bankroll you’re willing to bet on a particular event. For amateurs, this should be anywhere between 1% and 5%, with recommendations to stay on the lower end of the scale unless you’re certain about the outcome of an event.
Learn the Lingo
Every industry has its own jargon, and so does sports betting. You should know and get used to some sports betting terms to understand better what’s going on. In sports betting, a wager is called an “action,” a $1,000 bet is known as a “dime”, the opposing teams are “sides”, and a “handle” is the number of bets taken. You should know what these terms mean and even learn some sports’ specific lingo to do better in sports betting.
Know the Bets
Do your research on the type of bets offered by the handicapper and which ones would be best for you. Common wagers include the money line, points spreads, parlays, or even futures which are tricky to bet on and not recommended for amateurs. But there is an increasing number of prop bets that allow you to bet on just about anything like the number of commercials that will be aired during the Super Bowl, whether a fan will run out onto the field, and more.
If you’re an amateur sports bettor, then expert guidance can help you go a long way. Our experienced sports handicappers at Charlies Sports can teach you how to manage your bankroll when it comes to sports betting wisely. We offer free NFL picks, free NBA picks, free MLB picks, and even horse racing picks. Sign up here and book your package or call 1 866 252 0096 to order your picks.