A study conducted by the American Gaming Association has found that 55 out of every 100 sports fans find sports gambling exciting. When you consider those numbers and combine it with the fact that Maryland tops the list of average household income for US states, that’s a potentially large market to be explored.
Maryland Governor Larry Hogan signed the legislation legalizing sports betting in May 2018. Online Cricket Betting ID is set to begin sometime around the second half of 2022. However, before the sports betting industry kicks off, you need to know how to bet safely.
This article will provide a guide for Maryland sports betting.
Table of Contents
How Sports Betting Work
Betting on sports is another avenue for people to enjoy sports. There’s nothing better than the double joy of seeing your favorite team win and gaining money for it. Staking your cash on a game and watching the match with your buddies builds up anticipation.
Like every other gamble, you place a few dollars on a game and win a higher level of money if your prediction is correct. To win a higher amount, you need higher odds, and the fun increases as your predictions tick off correctly down to the last few games you bet on.
Understanding Betting Odds
Betting involves taking a gamble against someone. In the case of sports betting, everyone bets against the sportsbooks or bookmakers. They establish the bet markets by creating odds against which you take bets. The odds entice gamblers to take opposite sides of the bet.
For instance, if the basketball team, Lakers, are playing against the Chicago Bulls, those who want to bet on either team have to consider the betting odds.
Odds show how many potential winnings you’ll make if the bet comes through. If a team has a (-) sign next to it with some numbers, it means they’re the most likely to win. The team with the (+) sign is the underdog.
The odds are listed in base terms of $100. If you see odds of -150, it means you’ll have to bet $150 to win $100. If you see +150, you’ll have to bet $100 to win $150.
Staking Amounts
The more you stake, the higher your potential winnings. Nevertheless, you have to look at the other side of the fence. The more you stake, the higher your potential losses. Try to keep your staking amount to a level you can afford to lose.
If you make a loss, don’t set out to get revenge against the bookmaker and recover your money. More often than not, this results in a streak of losses.
Also, use the odds to judge how much you should stake. If the odds are high, the probability of losing is increased. Higher odds should be staked with a small amount of cash.
Another key tip is never to put all your eggs in one basket. If you are betting $1000, try to spread the staking amount over five or more bets. This way, a couple of games won’t ruin your potential winnings.
Making a Choice of Sportsbook
The relaxed sports gambling laws allow numerous sportsbooks to offer their services to Maryland bettors. The best sportsbook for you is the one that is suited to what you want.
First, the sportsbook has to offer bet markets on the sport(s) you’re familiar with. Second, you have to consider the promotion package. Some sports gamblers prefer welcome bonus free bets, and others feel comfortable with a deposit match bonus.
Third, check for the sportsbook’s customer service options. Sometimes, the system can have a glitch with your account, and it’s a bad experience to miss a potential winning bet because of a technical error. If a sportsbook’s customer service available hours seems favorable and the options are okay for you, you can choose the bookmaker.
Sports Betting Types
-
Moneyline Betting
This is the simplest type of bet. You simply bet on who wins or loses. The – or + sign signifies which team has a higher or lower chance of winning. A team with a – near its name is the favorite. A team with a + near its name is the underdog.
-
Live Betting
Live betting occurs when the game has begun. Live bets are one of the best ways to boost excitement when watching a game with your buddies. You can bet on several events like the first player to score, the half-time score, and other events.
-
Parlay Betting
Parlay betting allows gamblers to combine multiple games in one bet to boost potential winnings. However, you need to note that a single prediction gone wrong can ruin the whole bet for most parlay betting systems. So while it allows for higher potential wins, the probability of winning is also less.
Conclusion
The legalization of sports betting in Maryland will add a new flavor of excitement to sporting events. To become successful at sports betting in the long run, you need to understand certain betting terms and risk management.
It would help if you also chose a sportsbook by ranking them in terms of markets offered, customer service, and promotional packages. This way, you get to experience exceptional service.
You’re not limited to one type of sports bet. You can bet during a game you are confident you can predict better. Bet on who will win or lose, and combine multiple games into a single bet.
