Looking to get into sports betting but don’t know where to start? This comprehensive guide will explain all the key concepts like betting markets, odds, moneylines, point spreads and more to get new punters up to speed.
Introducing Sports Betting
Sports betting involves wagering money on the outcome of sporting events. You can bet on football, basketball, tennis, horse racing and many other sports.
Most bets are placed online these days through bookmakers like Bet9ja, 1xBet and Betway. After signing up, you deposit funds and can place bets 24/7 on their sites or via mobile apps. If your bet wins, you collect cash winnings.
Key Advantages of Sports Betting:
- Exciting way to make sporting events even more thrilling and engaging to follow
- Potential to win money if your sports knowledge is good
- Huge variety of betting options on dozens of sports
- Ability to bet 24/7 online or via mobile
- Can start with small stakes
Understanding Betting Markets
A betting market refers to exactly what you are betting on in a sporting event. There are hundreds of potential markets per match. Common examples include:
- Match winner – Predicting whether Team A or Team B will win Total goals – Betting over/under a set number of goals e.g. over 2.5 goals First goalscorer – Choosing which player will score first Both teams to score – Wagering whether both teams will score Handicaps – Giving one team a virtual deficit e.g. -1.5 goals Accumulators – Combining picks from different matches
- Nigerian bookies cover an enormous range of markets across football, basketball, tennis, and other major sports. Choose your preferred markets wisely.
- How Betting Odds Work Odds represent the probability of each outcome occurring and the potential returns on a winning bet. Odds are displayed differently depending on the bookmaker:
- Decimal (1.25): This format displays the total returns from a winning 1 unit stake. So odds of 1.25 means for every 1 unit staked, a total of 1.25 units will be returned including your initial stake. Higher decimals indicate a more likely outcome.
- Fractional (5/4): This shows your profit from a winning bet relative to your stake. Odds of 5/4 mean for every 4 units you stake, you’ll receive 5 units in winnings. Higher fractions indicate higher implied probability.
- Moneyline (-115): Used in US sportsbooks. The number shows how much you need to stake to win $100 in profit. Negative lines (-) indicate the favorite while positive (+) lines denote the underdog.
Understanding Moneyline and Point Spread Betting
Two of the most popular betting markets for US sports like football and basketball are moneylines and point spreads:
Moneyline: This is a bet on the outright winner without any handicap. Typical moneyline odds:
- New York Knicks -120 Brooklyn Nets +110
- The negative (-) moneyline indicates the favorite. You would need to bet $120 on the Knicks to collect a $100 profit if they win. The positive (+) moneyline denotes the underdog. A $100 bet on the Nets would return $110 profit.
Point Spread: The spread sets a margin of victory one team needs to win by. Example:
Miami Heat -6.5 vs Boston Celtics +6.5
If you bet Miami -6.5, Miami needs to win by 7+ points for your bet to cash. Boston +6.5 means if Boston avoids losing by 7+ points (either wins outright or loses by less than 6.5), that side covers the spread and wins the bet.
Now Go Start Betting!
That covers the basics of getting started with sports betting in Nigeria. We recommend new punters start by betting small stakes to get a feel. Focus on easily understandable markets like match winner and totals before trying more exotic props.