Sports betting has exploded into a multi-billion dollar industry in the United States, with companies like FanDuel and DraftKings spending millions annually to promote themselves. But despite the lucrative payouts, it’s important to remember that sports betting is just like investing, and you need to be careful not to overpay.
Prop bets:
These are a type of wager that doesn’t focus on the outcome of a game or event. Instead, they center around a specific aspect of the game such as player performance or even something unrelated to the game itself. Examples include bets on the total number of points scored (Over/Under) or the color of Gatorade that douses a coach after winning a game.
Point spreads:
A sportsbook sets point spreads by announcing the margin of victory that the favored team must win by for you to bet on them and come out ahead. This allows them to balance bets and attract new customers while retaining their existing ones.
Correlated parlays:
A correlated parlay combines two or more bets that are closely related in terms of their expected outcomes. This is an excellent strategy for those who feel confident in a certain outcome but are not convinced to place a single bet. The more bets you include in a parlay, the higher the potential payout. However, it is important to remember that each bet needs to win in order for you to profit. Therefore, it’s advisable to limit your parlay bets to 2-3 events at most.