Understanding Sports Betting
With that in mind, if you’re going to succeed at sports betting you will need to develop a strategy. The biggest mistake beginners make is assuming sporting knowledge is all you need to win.
Sure, your knowledge of a certain sport will help you win a wager here or there, but the real experts are the sportsbooks. They set the odds with the view to making a profit from players. Remember, this is a business.
For that reason, you need to go beyond mere sports knowledge or you’ll lose in the long-term. The majority of players will lose money. However, if you approach sports betting in New Jersey in the right way, you could be one of the few players to make a profit.
Guide to Wagers and Odds
At first glance, sports betting can seem extremely complicated. There are a lot of numbers involved and betting concepts can be overwhelming. That’s why BetNJ is here.
Once you have read our expert reviews and narrowed down your options to a reliable NJ sports betting site, we will help you understand how to gamble on sports, the basics of sports betting, and the many gambling concepts involved.
Wager categories include single event types and multiple event types.
A single event is a wager on a contest between two teams or a bet on the combined score of the game. A bet on the combined score of the game is known as an Over/Under bet. With a single game bet, there is a single expected outcome that determines the payout.
A “parlay bet” is a multiple event bet. A multiple team bet or parlay means the bettor can select more than one event and increase the potential payout. Most sportsbooks allow up to 10 events in the parlay. The range of possible bets can include a selection of winning teams and over/under bets.
Most sportsbooks allow combined bets of professional and collegiate selections for the event category, meaning you can combine college and NFL selections on the same parlay bet.
Other types of multiple event wagers would include teasers. Teasers are bets placed on multiple events, where the point spread can be adjusted. The adjustment of the point spread can increase the probability of a winning selection but at a significantly reduced payout.
With significant sporting events, like the NFL’s Super Bowl, proposition bets are offered. Proposition bets are not tied to the final outcome of the event. These regard specific events during a game such as who will win the opening coin toss, which player will score first, and which team will punt first.
The payouts can vary by the type of bet and betting odds.
As a sports bettor, it is very important to understand how to read odds. There are several ways to go about this. In order to explain betting odds, however, its best to start with moneyline odds. In moneylines, there will be a number for each team - one with a positive sign in front and one with a negative sign in front. This shows you how much you would theoretically win back from betting $100 on each side.
For example, if the odds on a particular player show +150, you would win $150 for every $100 wagered. If there is a -150, you would need to bet $250 in order to win $100.
This does not mean that you must bet in $100 increments. This is just the way that moneylines are set up, in order to evaluate who are the favorites and underdogs, while explaining what the payouts look like on each side.
In NJ sports betting, you generally win less money on teams who are heavily favored. This is because the favored teams usually have a better chance of winning; and because the underdog has a smaller chance of winning, the payouts are larger for those teams.
Totals or Over Under bets are explained as the combined score of two teams. Totals do not rely on the winner of the game, only the final score at the end. Totals rely on the final total score of both teams combined. When odds show the total next to a moneyline or point spread, this is the over-under for that particular game. As a bettor, you decide if the total score will go over or under this amount.
Point Spreads refer to a margin of victory between two competing teams. There will be a positive or a negative sign next to a team’s spread insinuating the favored team and the underdog. The number next to the favored team, suggests they need to win by that number.
For example, let’s say the Patriots are playing the Bills. The Patriots are -5.5 which means the Bills are +5.5. If you bet on the Patriots, they must win by at least 6 points. If you bet on the Bills, they can either win the game or lose by five points or less and you would still win your bet.
American, Fractional, and Decimal Odds
There are multiple ways in which odds are presented such as American odds, fractional odds and decimal odds. In brief, American odds will have a plus or minus sign in front of the odds suggesting the amount of money you would have to bet to win $100 or how much you would win if you bet $100. Fractional odds appear as fractions and are meant to calculate your payout. In these circumstances, the denominator is your stake and the numerator is the payout. Finally, decimal odds are basically switching these fractions to decimals. In order to calculate your payout, simply multiply the stake by the decimal odds.
These are just the basics of understanding sports betting odds. Our experts have created many guides to help you understand everything from the most basic betting odds all the way to the most advanced gambling concepts.
Basic Betting Techniques
Sports betting strategy is about the numbers more than anything. There are plenty of gamblers who make good money on sports they know nothing about. The way the odds are organized can tell you everything you need to know about how likely a team is going to win.
But to start with, there are some important tenets of strategy you need to follow.
There is no magic formula that generates a winning pick 99.9% of the time. If there were, there would be no balanced action and no sportsbook available to wager from. Bettors develop basic techniques over time to consistently find value in certain betting lines.
You should always be selective with your bets, limiting your analysis to a single sport and a few teams. The sportsbook will put up a line on just about every sporting event there is, as it needs to balance the action on both sides of every bet. Your advantage is to narrow the focus and look for value.
You must find a good source of meaningful comparative data and information on a few teams. Develop a methodology for your own power rankings. You can start with those you can find on the internet and adjust with the focused research you develop.
You must develop a technique that identifies odds/payout value. You find value in a spread that is a bit too high, a moneyline payout that is inconsistent with your probability of a win, or an over/under total that is too low based on your focused analysis.
Also, it's a good rule of thumb to avoid exotic bets! Exotic bets, such as multi-leg parlays, yield the largest payouts by some margin. However, the odds of you winning one of these exotic bets are firmly against you.
These exotic bets may seem fun and profitable, but they’re fixed in such a way as to always give the sportsbook a huge advantage.
Smart sports bettors stick to simple bets, such as the line bet.
Finally, it is important to stay disciplined. Remain objective and trust your numbers. Do not get caught up in public favorites and stick with your core process. You will modify your comparative rankings as the season rolls along but stick with your methodology and limited focus.
For long term profits, try to bet on individual games. Avoid involvement with multiple team bets. Multiple team bets rarely offer true odds/payout value.
Try not to bet on your own team. When you have ‘skin in the game’ you should avoid betting entirely. Sports are so highly valued around the world because people are passionate about it.
Most people don’t think clearly when a game involves their favorite team. This is how sportsbooks make so much money from players.
The best way to be a profitable sports bettor is to approach each wager logically not emotionally.
Manage Your Bankroll
Working on your strategy for a profitable betting season involves the importance of cash management as part of your overall sports betting plan. You must have the resources available when a good opportunity comes along.
Plan for the long run, while adjusting your bets on your estimate of odds value.
Never bet significant amounts of your bankroll on a single outcome. This can lead to chasing your losses and reloading your account with money you don’t have.
As a rule of thumb, you should avoid putting more than 2% of your season bankroll on a single event. However, an important adjustment to this rule is to apply a odds proportional amount, when conditions are right.
Proportional betting involves using your comparative analysis to determine how much of your bankroll to bet. When you determine that you have a 5% edge, you should then bet 5% of your bankroll.
Sportsbooks offer a line that can be translated into an implied odds percentage. If your expected win percentage after implied odds analysis is 5% higher, then wager 5% of your bankroll.
The proportional method has proven to be a better way of increasing your bankroll when winning while minimizing the loss impact. Prepare for lots of losses. At best, with analysis and discipline, you can expect to win 58 of 100 events on an average season. Make sure you have the funds to withstand some losing streaks while having fun and making a profit.
Strategies Vary Between Sports
There are two facets to successful sports betting in New Jersey. There are the basic foundations of sports betting that apply to all sports and all players then there are the strategies that apply to different sports.
For example, in the NFL or the NBA spread betting is incredibly common. This is where a player will not be betting on a specific team to win but to ‘beat the spread’.
If the New England Patriots are playing the Carolina Panthers and the Patriots have a +7 point spread this means to win the bet the Patriots must beat the Panthers by at least seven points for the bet to payout. Likewise, someone betting against the spread will win if either the Panthers win or the Patriots win by fewer than seven points.
On the other hand, someone betting on greyhound or horse racing will need to utilize a different sports betting strategy.
The most common bet in greyhound or horse racing is the simple win line bet. You place your money on a horse and if that horse wins you win.
Payouts are generally higher but the chances of losing are also much higher. You need a different strategy to take this into account.
Why You Should Have Multiple Sports Betting Accounts
One big advantage bettors have is that sportsbooks must compete against each other to draw in players. This is a highly competitive industry and bettors can take advantage of that.
Frequent bettors always have accounts with multiple New Jersey sportsbooks so they can always guarantee the best odds on every game.
It’ll also enable you to take advantage of multiple promotions and any special offers.
Signing Up with a Sportsbook
Once you’re ready to jump into the world of online sports betting, it’s time to create an account with your chosen sportsbook.
Practically every sportsbook follows the same process for creating an account with them.
Before you begin, turn off any VPNs. Sportsbooks and casinos are required to confirm that you’re located within New Jersey’s state lines. If a VPN is detected, the sportsbook will prevent you from creating an account.
First of all, you need to enter your name, date of birth, email, and address. Double-check this information as any mistakes could lead to problems withdrawing your winnings at a later date.
You should also enter any promo codes you may have obtained, so you maximize your welcome bonuses.
Then simply follow the instructions and find the verification email in your inbox. Make sure you check your spam folder.
Click the verification link and you’re ready to go.
The Sportsbook Cashier
After you’ve confirmed your new account, the next step is to make your first deposit. You’ll find the section for the sportsbook cashier either next to your account management tab or within it.
Just click on the cashier and choose your payment method of choice. Most sportsbook banking methods are instant.
Enter the amount you want to deposit and, in most cases, your money will be available to play with in a matter of minutes.
Confirming Your Identity
At some point (typically upon first withdrawal), you’ll be asked to confirm your identity. This may be annoying but all sportsbooks in New Jersey are required to confirm the identity of their players.
You’ll need to submit a high-quality picture of a piece of photo ID, such as a passport or driving license. You may also be asked to submit a utility bill or bank statement to confirm your address.
Remember that some online sportsbooks may ask for images of two pieces of photo ID.
Just upload them to the sportsbook’s verification section and you should have a decision within 72 hours.
Placing a Bet with a New Jersey Sportsbook
Placing a bet with a New Jersey sportsbook couldn’t be simpler, whether you’re on a desktop or a mobile device.
Most modern sportsbooks in New Jersey allow you to place a bet simply by clicking on the line in question.
For example, if the San Antonio Spurs have odds of +200 all you have to do is click on the number and it will be automatically added to your betting slip.
Simply type in the amount of money you want to wager and click ‘Confirm Bet’. That’s all you have to do and you’re ready to go.
New Jersey Gambling Laws/Safety
New Jersey happens to have some of the least restrictive gambling laws in the entire continental US.
Like in all states where gambling and online sports betting has been legalized, you must be a resident of that state in order to create an account.
Furthermore, you must be present within the state when making your wagers. All sportsbooks have geolocation technology to ensure that wagers are placed within state lines. That’s why VPNs are explicitly banned.
All players must be at least 21 to create an account with an online sportsbook in New Jersey.
Online sportsbooks are also obligated to ensure a minimum level of security for players. All online sportsbooks will have security mechanisms, such as Secure Sockets Layer (SSL).
Finally, anyone who creates an account with an online sportsbook must confirm their age by submitting an image of a valid photo ID. As annoying as this is, online sportsbooks are obligated by law to know who their players are.