Sports betting for beginners comes down to three things: know which bets you can make, read the odds as a price and a probability, and bet an amount you have set aside and can afford to lose. Start with one sport you already follow and one or two bet types, and add more only once you can say why a price looks wrong.
This guide covers the legal basics, the main bet types, how to read and convert odds, where to bet, and the habits that keep a bankroll alive. Every example below uses round numbers so the arithmetic is easy to follow.
Is sports betting legal?
In the United States, it depends on your state. The Supreme Court decided Murphy v. NCAA on 14 May 2018 and held that the federal law barring states from authorizing sports gambling (PASPA) was unconstitutional. Since then each state has decided for itself whether to allow sports betting, in what form, and from what age.
So the first step is your state’s own rules: whether betting is legal where you are, whether it is allowed online or only in person, and the minimum age. Use a sportsbook that is licensed in your state, and remember that the rules that apply are those of the state you are in when you bet.
The main types of bets
Moneyline: you pick who wins. The favorite has a minus price and the underdog a plus price.
Point spread: the favorite has to win by more than the spread and the underdog has to lose by less than it, or win. A team at -3.5 must win by 4 or more; the other side at +3.5 covers if it loses by 3 or fewer.
Total (over/under): you bet on whether the combined score goes over or under the book’s number.
Parlay: several bets on one ticket. Every leg has to win, and the payout grows with each leg you add. So does the chance that one leg sinks the whole ticket.
Prop bet: a bet on something inside a game, such as a player’s yards or a first scorer. Our prop bet guide goes through them.
Futures: a bet on something settled later, such as a champion or an award.
Live betting: bets placed while the game is on, at prices that change with the score and the clock.
How to read American odds
American odds are written around $100. A minus number is what you risk to win $100; a plus number is what you win on a $100 bet.
| Price | $100 bet wins | $10 bet wins | Implied chance |
|---|---|---|---|
| -150 | $66.67 | $6.67 | 60.0% |
| -110 | $90.91 | $9.09 | 52.4% |
| +110 | $110 | $11 | 47.6% |
| +200 | $200 | $20 | 33.3% |
To work out a win on a minus price, divide your stake by the price and multiply by 100: $40 at -130 wins $40 x 100 / 130, or $30.77. On a plus price, multiply your stake by the price and divide by 100: $40 at +110 wins $44. In both cases you get your stake back on top.
Implied chance, minus price: price divided by (price + 100). For -150, 150 / 250 = 60%.
Implied chance, plus price: 100 divided by (price + 100). For +200, 100 / 300 = 33.3%.
Decimal and fractional odds
Decimal odds, common outside the United States, give the total return per $1 including the stake. At 2.50, a $10 bet returns $25: $15 won and $10 back. The implied chance is 1 divided by the price, so 2.50 is 40%.
Fractional odds give the profit against the stake. At 5/2, you win $5 for every $2 bet, so a $10 bet wins $25. The implied chance is 2 divided by (5 + 2), or 28.6%.
Why the odds add up to more than 100%
Take a game priced at -110 on both sides. Each side implies 52.4%, so the two add up to 104.8%. The extra 4.8% is the book’s margin, often called the vig or the juice.
That is the number you have to beat. At -110, you need to win 52.4% of your bets just to break even, so a 50% bettor loses money over time. A bet is worth making only when you rate the chance higher than the price does.
Where to bet
Online sportsbooks licensed in your state take moneylines, spreads, totals, parlays, props and live bets, and they compete with sign-up offers. Read the terms before you take one: most come with conditions on how the bonus can be used and when it expires.
Retail sportsbooks, at a casino or a track, take the same bets at a counter or a kiosk. The prices are not always the same as online, even at the same brand.
Before you sign up, check that the book is licensed where you are and read reviews of how it pays out. Our sportsbook reviews cover the books one by one, and our FanDuel guide walks through one app from sign-up to cash-out.
Habits that keep a bankroll alive
Set a bankroll and a unit. Decide what you can afford to lose for the season, then bet a fixed slice of it, a unit, on each bet. Our guide to betting units shows how to size one.
Shop for the line. Two books can price the same game differently. Half a point on a spread, or -105 against -115, changes how often you have to win to come out ahead.
Bet fewer games. A game where you have no reason to disagree with the price is one where you are paying the margin for nothing.
Keep a record. Write down every bet, the price and the result. Your record tells you what you are good at faster than your memory does.
Be careful with parlays. A two-leg parlay of -110 bets pays about +264 and needs both to win; each leg’s margin compounds into the ticket.
Do not chase losses. Raising the stake to win back what you lost is the fastest way through a bankroll.
Words you will hear
- Cover: a spread bet that wins.
- Push: a tie with the number; the stake comes back.
- Chalk: the favorite.
- Steam: sudden line movement in one direction.
The rest are in our betting terminology A to Z, and for protecting a ticket that is still alive, see our guide to hedging.
Where to start
Pick one league you already watch, and start with moneylines and spreads. Our game-by-game calls for the NFL are on NFL predictions, each with the price it was made at.
If betting stops being fun, stop. The National Council on Problem Gambling’s helpline takes calls and texts at 1-800-MY-RESET (1-800-697-3738).