How to bet on sports: Everything you need to know about sports betting
By Simon Head
Sport captures the imagination of fans around the world, who are enthralled by the live action as talented athletes compete for glory on the pitch or in the arena. But, while sport can be exciting and entertaining in its own right, millions of people around the world take their enjoyment to higher levels by betting on the outcome of sporting events.
Sports betting has never been more accessible, and it’s easy to get started. At FIRST, we’re here to help you learn how to bet on sports. It may seem like a daunting task at first, but we will guide you through those early steps and give you all the information and advice you need to get the most out of your sports betting experience.
Sports betting explained
Put simply, sports betting is the act of predicting the outcome of a sporting event, or a portion of a sporting event. You wager money to support your prediction and if you’re right, you win more money.
More often than not, you’ll be betting against a bookmaker, with their oddsmakers setting odds on various outcomes related to each sporting event. Odds are set based on the bookmaker’s opinion on how likely an outcome will be.
Highly likely outcomes will be offered at low odds (e.g. smaller winnings for a correct prediction), while less likely outcomes will be offered at higher odds (e.g. larger winnings for a correct prediction). Shorter odds bets carry a lower risk to bettors, as they’re more likely to be a winner, while longer odds bets carry a higher risk, as the chance of losing is thought to be much higher.
As a bettor, you can select which outcome you predict will happen, and can stake money on that outcome happening. If you win, you get your money back, multiplied by the odds offered. If you lose, the other party wins your stake money.
How sports betting odds work
When learning how to bet on sports, it’s vital that you understand the role odds play in sports betting, how they work and what they mean.
Put simply, odds are designed to show how likely a bookmaker thinks a specific outcome is going to actually happen. More likely outcomes have shorter odds, while less likely outcomes have longer odds.
Each bookmaker has a dedicated team of experts, called traders, who set the odds for each market to reflect their opinion on the event, and to encourage bettors to challenge them by betting against those odds.
Traders are responsible for ensuring every sporting event generates profit for the bookmaker, and they will adjust (move) their odds to reflect changes in circumstances (such as injuries, weather conditions, team selections) and the amount of betting action on a given outcome.
There are three different ways betting sites display their odds, and each method works slightly differently. Let’s take you through each one:
Fractional odds
The oldest and most commonly-seen format of betting odds in the UK, fractional odds have been used by racecourse bookmakers for decades, and are the go-to format for most experienced punters on this side of the pond.
As the name suggests, fractional odds are displayed as a fraction, in x/x format. The first number refers to the amount of winnings you will receive if your bet is successful, and the second number refers to the number of units (stake) you have to bet in order to win that first number.
For example, a winning bet at odds of 3/1 (pronounced out loud as ‘three to one’) will win you £3 for every £1 you bet. Note: Fractional odds refer specifically to how much you would WIN, rather than how much money you will get back. A winning bet will give you your winnings, plus your stake money (bet £1 at 3/1 and get £4 back total if you win).
Typically, fractional odds are always rounded down to the lowest common denominator, so they can be a little trickier to compare head to head with other odds without having to do a little mental calculation. For example, odds of 7/2 are the same as 3.5/1, but fractional odds are always displayed with whole numbers, with no decimals.
As an example, here’s how the match odds for a Premier League game might look:
- Manchester United: 8/15
- Draw: 10/3
- Fulham: 5/1
A winning £10 bet on Manchester United would return £15.33. That’s £5.33 in winnings, plus your £10 stake. A winning £10 bet on Fulham would return £60 (£50 in winnings, plus your £10 stake). A winning £10 bet on the draw would see you get £43.33 (£33.33 in winnings, plus your £10 stake).
Decimal odds
Decimal odds were popularised by European bookies, and are a simple, easy-to-understand introduction to betting odds. The numbers are shown in decimal format, with the number displayed referring to the return you would get for a £1.00 bet.
For example, odds of 3.00 mean that a winning bet will return 3.00 for every pound you bet (£2.00 in winnings, plus your £1.00 stake). Unlike fractional odds, which only refer to your winnings, decimal odds refer to the full return you will receive if your bet is a winner.
Decimal odds are popular with new bettors, because they make comparing odds easy, with no additional mathematics involved. They also give you the full picture of what you can expect to receive if your bet is a winner.
Using the same Premier League example above, here is how the same game, with the same odds, is listed using decimal odds:
- Manchester United: 1.53
- Draw: 4.33
- Fulham: 6.00
A winning £10 bet on Manchester United would return £15.33 (1.53 x £10), while a winning £10 bet on Fulham would return £60 (6.00 x £10). A winning £10 bet on the draw would see you get £43.33 (4.33 x £10).
Moneyline odds
If you watch a lot of American sports, it’s likely that you’ll see regular references to moneyline odds. This is the odds format most commonly used in the USA, and with the explosion in popularity of online sports betting Stateside, you’ll see betting odds, in moneyline form, featuring on screen during the big American sports events.
The format is very different from both fractional and decimal odds, with odds split into positive and negative odds, with the relevant symbol prefixing the odds number. Minus odds denote the betting favourite, while plus odds denote the betting underdog.
The minus odds number shows how much you have to stake to win £100, while the plus odds number shows how much you stand to win if you bet £100.
Here’s an example:
- Baltimore Ravens: +125
- Kansas City Chiefs: -150
In this example, a winning £100 bet on the Ravens will return £225 (£125 in winings, plus your £100 stake), while a winning £100 bet on the Chiefs would return £166.67 (£66.67 in winnings, plus your £100 stake. A winning £150 bet on the Chiefs would return £250 (£100 in winnings, plus your £150 stake).
Odds comparison table
Here’s our quick reference table to show how the different odds formats compare, side by side.
| Fractional odds | Decimal odds | Moneyline odds | Implied probability | Winnings from a £10 bet | Total return from a £10 bet |
| 1/4 | 1.25 | -400 | 80% | £2.50 | £12.50 |
| 1/3 | 1.33 | -300 | 75% | £3.30 | £13.30 |
| 1/2 | 1.50 | -200 | 66.7% | £5.00 | £15.00 |
| 4/6 | 1.66 | -150 | 60% | £6.60 | £16.60 |
| 1/1 (Evens) | 2.00 | +/-100 | 50% | £10.00 | £20.00 |
| 6/4 | 2.50 | +150 | 40% | £15.00 | £25.00 |
| 2/1 | 3.00 | +200 | 33.3% | £20.00 | £30.00 |
| 3/1 | 4.00 | +300 | 25% | £30.00 | £40.00 |
| 4/1 | 5.00 | +400 | 20% | £40.00 | £50.00 |
| 5/1 | 6.00 | +500 | 16.7% | £50.00 | £60.00 |
| 10/1 | 11.00 | +1,000 | 9.1% | £100.00 | £110.00 |
| 50/1 | 51.00 | +5,000 | 2% | £500.00 | £510.00 |
| 100/1 | 101.00 | +10,000 | 1% | £1,000.00 | £1,010.00 |
Different types of bet
Betting goes way beyond simply picking a team, or a player, to win. There are several different markets and bet types on offer for every sporting event. But, as a general guide, these are the main types of bet you will frequently see on sports betting sites:
Single
A single bet (sometimes called a moneyline bet) is the simplest type of bet you can place. With this type of bet, you simply predict the outcome of a specific game, match, race or fight. If your selection wins, so do you!
Accumulator
An accumulator (sometimes called a parlay bet) combines two or more single bets into one combination bet. You need every one of your selections to win in order for your accumulator bet to win, but, with the odds of all your selections combined, a winning accumulator can often deliver a big payout.
Outright
An outright bet (sometimes called a futures bet) is a bet where you predict who will win an overall competition or event. These bets often last for the duration of a season, such as betting on the winner of the English Premier League, or the Super Bowl. The further in advance you bet, the bigger odds you are likely to see.
Point spread
Point spread bets are a hugely popular way to bet on American sports. With these bets, the bookmaker sets a margin of victory for the favoured team, and gives the underdog a head start. The bettor can then opt to back the underdog to ‘win’ with their head start, or back the favourite to overcome the deficit and win by a wider margin than the bookmaker has set. Backing favourites in this scenario is referred to as “betting against the spread”. This type of bet allows you to support an underdog to outperform the bookies’ expectations and ‘win’ a bet for you even if they don’t win the match itself.
Props
Short for ‘proposition’, prop bets (sometimes known as side bets or specials) are bets that offer bettors the chance to bet on specific outcomes within a given game or event that aren’t directly tied to the overall result. These can include bets such as ‘first goalscorer’, ‘most corners’, or ‘number of cards’. Prop bets are particularly popular around big showpiece events, where bookmakers often offer a wider range than usual for the occasion
What are the most popular sports to bet on?
The sporting world never stops, and that means there is always a huge range of sports and markets to bet on. Here are a few of the most popular sports that people like to bet on:
Football
Learning how to bet on football online has never been more exciting, with bookmakers offering a wide range of football betting markets to choose from.
Whether you want to place a season-long bet on a team to win the league, back a player to score a goal in tonight’s big match, or build an accumulator of teams you think will all win over the course of a weekend, there’s always a huge range of bet types available. Thanks to sports betting, even corners can be exciting, as you can bet on how many there will be in a given game!
Tennis
The tennis tour is one of the most relentless schedules in sport. Every game is a physical battle of conditioning and technique, as the world’s best players travel the globe competing in tournaments almost all year round.
The sport lends itself perfectly to betting, with punters able to bet on a plethora of tennis markets, both pre-match and in play.
Golf
Golf is arguably one of the toughest sports to be consistently successful at, which is why the world’s top players are among the most skilled athletes in sport.
With big fields of competitors, and tournaments running throughout the year, betting opportunities are plentiful for golf fans, and there’s always value to be had - with even the favourites for golf tournaments at relatively long odds. The trick is to nail the right pick!
Boxing
Betting on boxing is always a fun way to get yourself more invested in the big fight night action.
There are a number of different ways to bet on boxing, with “round betting,” where you predict in which round the fight will end, always a popular choice for regular boxing punters. But, if you want to keep it simple, you can place a straight-up bet on the fighter you think will win.
MMA
Mixed martial arts, and the UFC in particular, is big business, and there are plenty of different ways to bet on MMA to get you even more invested in the action on fight night.
MMA offers fighters more ways to win, which means more ways to bet. You can bet on a fighter winning by knockout, submission or decision, or you can choose which round you think a fight will end.
The big UFC events always deliver a packed lineup of bouts to follow on fight night, which opens up the opportunity to bet on more than one fight at a time. You can predict multiple winners and add them all together in one fight night accumulator. Get them all right, and you could be a big winner!
American sports
American sports are perfect for sports betting. They’re stats-heavy, stop-start in nature, and offer a huge range of betting opportunities, especially while the action is taking place.
Whether it’s the NFL, NBA, MLB or NHL, you can bet ‘against the spread’ by backing a team to win by more points than the bookmakers predict, or select a team to simply win their weekend game. There are plenty of additional markets, too, including the margin of victory, total points scored by both teams, or ‘player props’ where you can bet on an individual player’s performance during a game.
If late nights, copious stats and ad breaks are your thing, American sports could be the perfect betting option for you.
Horse racing
The ‘sport of kings’, horse racing is what made sports betting a national industry in the United Kingdom. Bookmakers were previously known as ‘turf accountants’, with bookies setting up shop at race meetings and offering odds on each race.
Now you don’t have to be at the racetrack to get your money on your favourite horse. Everything is possible online, and you can bet on the gee-gees, and cheer them on, from the comfort of your own home.
How to get started in sports betting
Getting started in sports betting is a straightforward process, but there are a number of steps you will need to go through before you’re ready to place your first bet. Here are the key steps you need to follow:
Find the right betting site
The sports betting industry has never been bigger, and there has never been more choice for sports bettors looking to choose a betting site.
Here at FIRST, we’re on hand to help make that search a little easier. Our comprehensive bookmaker reviews highlight the best, most trustworthy brands and sites out there, so you can bet with confidence and peace of mind.
Check out our list of the best bookmakers and browse around the sites for yourself. Go for the site that offers you a combination of the best markets and odds for the sports you want to bet on, along with a smooth, easy-to-use interface. If you prefer to bet using cryptocurrency, then you can explore our list of the best crypto sports betting sites.
Create your betting account
Once you’ve selected your preferred betting site, the next step is to create an account. Doing so has never been more straightforward, thanks to the ease of modern online payment systems. If you’ve bought anything online, the chances are you’ve already set up an online payment account before, so the process will be very similar.
Always consider your online security when setting up any account that gives access to your bank or credit/debit cards, so keep your login details unique and secure, and don’t share your account details with anybody.
Deposit funds
Before you can bet, you’ll need to deposit funds into your account. You can do this through a number of different methods, with some operators offering the option of using cryptocurrency, rather than standard currency.
When you deposit funds into your account, you can also set up account safeguards to protect you and your money. Different betting sites offer different responsible gambling safety options, and these can vary from deposit limits, stake limits, and time limits to help you stay in control of your gambling.
Choose your event
Once you have funds in your account, you’re ready to bet. The next step is to choose which sport, and which event, you want to bet on. Betting sites offer a plethora of different betting markets across a wide range of sports, so choose your sport, then select the event you want to bet on.
Select your market and bet
You’ve found your sport and chosen your event. Now all you need to do is select which market you want to bet on and make your selection. You could be picking a horse to win a race, betting on a player to be the first goalscorer in a football match, or selecting which round a boxer will win their title fight.
Take your pick, enter your stake (remember, if you lose, you don’t get it back!) and place your bet. Then all you need to do is sit back and watch the action unfold.
Sports betting tips
Bet on what you know
Every time you’re placing a bet, you’re pitting your sporting knowledge against the knowledge and experience of bookmakers’ traders, most of whom have been in the industry for years. So it makes sense to bet on the sports, teams and athletes that you know about, in order to give yourself the best chance of winning.
Do your research
Never go into a bet without researching your pick first. Study the form, check the league table, assess the head-to-head stats – make sure you’re as informed as possible before putting your money down. After all, you want to give yourself the best chance of winning, and when it comes to sports betting, knowledge is king.
Shop around for the best odds
One bookmaker’s odds on a given outcome might not be the same as another’s, with each bookmaker backing their team’s own view on each sporting outcome. That means it always makes sense to shop around for the best odds before placing your bet.
Having betting accounts with multiple trusted bookmakers can help you make the most of your opportunities and give you the chance to take the best odds available to maximise your winnings.
Only bet what you can afford to lose
This is the single most important tip for anybody preparing to dive into the world of sports betting. Sports betting should be a fun activity that enhances your sports-watching experience, so only bet what you can afford to lose. When you go out for a meal you know how much you can afford to spend. Treat your betting the same. Set limits, don’t go past them, and NEVER chase your losses. There’s always another day.
How to bet on sports: FAQs
How old do you have to be to bet on sports?
You have to be aged 18 or over to legally bet on sports in the UK, whether in person or online. You may have to provide proof of age when setting up your betting accounts, so be sure to have your passport or driving licence to hand when registering.
How do you place a bet on sports?
Simply choose the sport you want to bet on, then select the event. Pick the market you want to bet on and find your selection. Once you have that, you can add that selection to your online betslip.
Once you have the selection(s) you want to bet on in your betslip, check all the details to make sure you have the right market and the right odds, then enter your stake and place your bet. Good luck!
What is the best sport to bet on in the UK?
Football and horse racing are the two biggest and best sports to bet on in the UK, but you’ll find a wide range of markets and odds on many of the other major sports, including tennis, golf and boxing.
The best sports to bet on in the UK are the biggest, most popular sports, as they’re the ones that offer the widest range of different betting opportunities.
Which sport is easy to bet and win?
The sport you know the most about is the easiest one to bet on and win. You can bet on almost any sport online, with a plethora of different markets on offer for each sport, and each event. Go with the sports, teams and athletes you know the best and you’ll stand the best chance of winning.
How do I calculate my bet?
Our guide to sports betting odds explains the main odds formats, how they work, and how to calculate your winnings/returns based on your stake. Most reputable betting sites have bet calculators, and online betslips offer you the opportunity to calculate your bet before you place it.