Sports betting is the activity of placing bets on various sports events. It has become increasingly popular in recent years due to the advent of online sports betting platforms.
A lot of Filipinos enjoy placing bets on their favorite sports teams and events, making sports betting popular in the Philippines. For those who are new to this activity, it’s important to understand the fundamentals before risking your money.
In this article, we will discuss a beginner’s guide to sports betting.
How Sports Betting Functions – The Mechanics of Betting
Sports betting enables you to stake money on actual sports events, and if your prediction of the outcome is correct, you will earn a cash prize.
For example, there is a highly anticipated game in the Philippine Basketball Association (PBA) between Barangay Ginebra San Miguel and the San Miguel Beermen. The odds for Barangay Ginebra to win are +150, while the odds for San Miguel Beermen to win are -200.
A bettor who believes that Barangay Ginebra will win may place a money line bet of PHP 1,000. If Barangay Ginebra does win, the bettor would receive a payout of PHP 2,500 (PHP 1,000 x 1.5). On the other hand, if the San Miguel Beermen win, the bettor would lose their bet of PHP 1,000.
Although sports betting is not a new concept, there has been a significant shift toward online sports betting in recent times. While online bookmakers function similarly to traditional physical venues, the key distinction is that all betting activities can be conducted online via a computer or mobile device. This advancement has brought about a revolution in the industry, introducing numerous new betting markets and methods.
Available Betting Options
It’s almost certain that for any sport that exists, there will be an online betting platform that enables you to place bets on it. Prominent sports such as football, tennis, basketball, and others, including both major and minor leagues, are encompassed by these platforms.
There are various types of bets that people can place on different games and events. Several of the typical varieties of bets include:
- Fixed Odds Betting – This type of betting involves placing a bet on a specific outcome of an event, and the payout is based on the odds given at the time of placing the bet.
- Parlay Betting – This involves placing a bet on multiple events or games, and all selections must win for the bettor to receive a payout.
- Point Spread Betting – In this type of betting, a handicap is applied to the favored team, and the bettor must choose whether the favored team will win by a certain margin or not.
- Over/Under Betting – This involves placing a bet on whether the total points or goals scored in a game will be over or under a certain number.
- Live Betting – This type of betting allows bettors to place bets during an event or game as it unfolds.
- Exchange Betting – This involves betting against other bettors, rather than the bookmaker, with the exchange platform taking a commission on winning bets.
- Prop Betting – This involves placing a bet on a specific outcome within an event, such as the first team to score, or the number of yellow cards in a football match.
Ways of Placing Bets on Sports
Newcomers to sports betting may feel apprehensive about placing a bet using actual money because they fear the possibility of committing errors. However, the process is straightforward and uncomplicated. After placing a few wagers, it becomes more intuitive and familiar.
If you’re new to sports betting, here’s a brief list of how to go about placing a bet on a sport:
- Select a platform for placing bets
- Register for an account
- Find the specific betting option
- Input the amount of your bet
- Time to place your bet
Creating a Betting Account
To place any bets on a sports betting site, it is mandatory to create an account, a standard procedure in the Philippines but also in other places. The main purpose of this requirement is to prevent fraudulent activities and ensure that all customers are of the legal age to gamble.
Sports betting sites aim to attract customers, and therefore, creating an account is usually an effortless process. Typically, there is a conspicuous ‘Sign Up’ button that guides you through filling out basic details. Usually, you can start using your account immediately after creating it.
It is worth noting that some sites offer a welcome bonus, a special promotion that is only available to new users when they first join. You can learn more about the specific offers provided by each site through our bookmaker reviews, and we have a dedicated page that explains welcome bonuses and how to make the most of them.
Making a Deposit or Withdrawal
To deposit funds on a sports betting site, you must provide your payment information. For newcomers, this can be an intimidating process, and questions like “Is it secure?” or “Is this a scam?” may arise. However, if you use a legitimate sports betting site, there is no need to worry.
In modern times, many players prefer using digital wallets such as Gcash or PayMaya instead of their credit or debit cards, so you can choose the payment method that suits you best. Deposits are usually processed instantly, but withdrawal times vary depending on the method used – cryptocurrency withdrawals may take only a few minutes, while a cheque may take a month or more to arrive.
Manage Your Bankroll
To be a successful sports bettor, it’s important to manage your bankroll effectively. One strategy for bankroll management is the Kelly Criterion formula, which involves calculating the optimal bet size based on the probability of an event occurring and the odds offered by the sportsbook.
You should also track your bets and adjust your betting strategy accordingly, and avoid common mistakes such as chasing losses and betting with your emotions.
Final Thoughts
Sports betting can be a fun and exciting way to gamble, but it’s important to learn a beginner’s guide to sports betting before placing bets. By learning the beating functions,, available betting options, ways of placing bets, and managing your bankroll effectively, you can increase your chances of placing successful bets.
Remember to bet responsibly and continue learning about sports betting to improve your skills over time. Happy betting!