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Staking money on the outcome of sporting events is a preferred pastime for millions of people. As statistics released in recent years indicate, sports betting yields between 30% and 40% of the global gambling industry’s overall revenue, bringing in over US$400 billion in gross revenue to the sportsbooks’ coffers each year.
Thanks to the rapidly developing technologies, punters are now able to wager on their favorite sports from the comfort of their surroundings. In fact, online sports betting is the most rapidly growing segment of this industry on a global scale. Figures pretty much speak for themselves. The gross revenue generated by online sportsbooks worldwide has jumped from US$2.4 billion in 2004 to nearly US$6 billion in 2012, with an overall volume of the gaming turnover exceeding US$74 billion for this year.
But why is online sports betting so popular on a global scale? There are numerous reasons for this, the primal one being that wagering makes watching your favorite sporting events all the more exciting. Nothing quite compares with the feeling of making a correct prediction on the outcome of an important match. Also, online sportsbooks are known to offer a greater diversity of markets punters can bet on as well as more competitive odds.
What also helps is the straightforwardness of sports betting. All it takes is staking some of your money on the outcome you believe is correct and if you guess, you are paid out according to the odds the bookmaker has laid out for this result.
Of course, things tend to get a bit more complex if your intentions are to become a consistent winner and this is where SuperBettingSites comes in. But even if you only fancy a quick punt or two but have no idea where to start, reading the articles on SuperBettingSites may be the right thing to do.
We provide you with extensive information on everything you need to know about becoming a better punter, from basic explanations of what sports betting is all about and how odds work through legality matters, popular markets, reviews, and ratings of the best sportsbooks on the web. You can go through this homepage for concise information on sports betting or use the available links to skip to more specific topics.
A Brief Sports Betting History
Before we jump into more detailed explanations on how sports betting works, we would like to outline the history of one of the world's favorite pastimes in brief. Betting on the outcome of sporting events has existed ever since sports emerged as such for the first time. The earliest records of wagering on athletic competitions' outcomes date back to Ancient Greece after the introduction of the Olympics. Spectators were originally betting among themselves and on many occasions would go as far as staking their homes, servants, and even members of their family.
Early Years
Evolution
Nowadays
Early Years
Betting on the outcome of athletic events soon spread from Ancient Greece to the Roman Empire where it was eventually legalized. Romans loved to make punts on which contestant they believed would win a given gladiator fight but the practice persisted even after gladiator games were forbidden. However, the persecution of people involved in gambling caused betting on sports to become an underground activity in medieval Europe. This did not hinder sports betting from thriving, however, people just did it in secret.
These practices continued to enjoy undying popularity later on in England, where people preferred to bet on the outcomes of horse races. The initial purpose was to show off the qualities of the competing animals in order to attract the interest of potential buyers and horse breeders, with the horses’ owners betting among themselves.
Evolution
What was lacking here was an intermediary who would accept the wagers of all people interested in betting on a given race. Eventually this lead to the emergence of the first bookies in 19th-century England. Their professional occupation entailed accepting people’s bets and collecting a specific percentage in profits by adjusting the odds in such a way so that they always work in the bookmaker’s favor.
After a while, sports betting “traveled” to the other side of the ocean and made in on American soil where it also became a huge success among the population. More and more ways to bet emerged due to the increase in interest and demand. Bookmakers came up with the idea of tote betting where the punters needed to predict the results of several races to turn a profit but the advantage was that this greatly increased the odds of winning.
The concept of handicapping where underdogs were given advantage artificially was introduced. As bets gradually became more complex, it was no longer possible for a single bookmaker to maintain their business which lead to the establishment of entire bookmaking organizations that were able to handle betting action in quick and organized manner.
Nowadays
The second half of the 20th century saw bookies offering odds on other sporting events, apart from horse racing. Soon after, people were able to stake some money on the outcomes of political events like the presidential elections, for example, as well as on the results of the various contests.
Things took yet another turn for the better after the introduction of the World Wide Web which lead to the explosion of online betting in the mid 1990s. Bettors no longer needed to visit their bookies in person to make a punt but were able to wager on a massive variety of markets directly from their homes.
The innovations continued with the emergence of the so-called betting exchanges where punters can set their own odds on events and sell them to fellow bettors. Today, it is even possible to make punts on events while they are still in progress thanks to the live markets most online bookmakers offer. You can even watch some events live via the real-time streams at the bookies’ websites.
Online Sports Betting Regulations by Country
Sports betting may be a favorite pastime of millions of sports fans but the unfortunate reality is that placing wagers online is not legal and regulated in all countries. It is of essential importance to check whether these activities are regulated and permitted in the location you live in. To spare you the efforts, we shall outline in brief the legal status of online sports betting in several countries.
The United States
The United Kingdom
Australia
Canada
The United States
There are jurisdictions which prohibit citizens from participation in such activities as was the case in most of the USA until recently. Only punters residing in the states of Nevada, Oregon, Delaware, and Montana were allowed to participate in some forms of sports betting because of the Professional and Amateur Sports Protection Act (PASPA) that passed in 1992.
The enactment of this piece of legislation resulted in an almost nationwide ban of online sports betting but fortunately the Act was overturned by a decision of the Supreme Court in May 2018. This favorable ruling of the Court paved the way for individual states to pass their own legislation in regard to the legality of online sports betting. Delaware has already legalized fully online sports betting.
Some states like California, Illinois, West Virginia, Mississippi, and New York have already moved towards regulating online sports betting and have proposed bills to legalize these activities. More states are expected to follow suit, legalizing and regulating this popular form of gambling within their borders.
The United Kingdom
The United Kingdom is one of the best-regulated online gambling markets in the world. Betting on sporting events’ outcomes from the convenience of your home is fully legal in this jurisdiction and all online sportsbooks operating in the country are licensed and strictly regulated by the local UK Gambling Commission (UKGC) under the provisions of the Gambling (Licensing and Advertising) Act of 2014.
After the enactment of this favorable legislation, many local and offshore betting operators recognized the enormous potential of the UK market and penetrated it by applying for UKGC licenses. This gave local punters an incredibly broad choice of legitimate online sportsbooks. Enforcing proper regulations certainly makes sense considering how widespread this form of gambling is among UK citizens. The online sports betting market in the country has been growing at a steady pace after the introduction of the regulations.
As of 2001, punters from the UK are no longer expected to pay a levy when betting on their favorite sports. Instead, a tax was imposed on the sportsbooks operating from within the country which caused many local betting companies to transfer their operations offshore in an attempt to escape taxation.
Local regulatory authorities solved this issue with the introduction of the so-called point-of-consumption tax, demanding a 15% slice from the profits all licensed bookmakers earned when servicing UK punters, regardless of the physical location of the operators. Of course, bettors are still “taxed” in a way, not by authorities but by the bookies themselves who secure their profits by offering customers reduced odds and larger margins.
Australia
The legal situation in regard to online betting in Australia is a bit daunting. After the enforcement of the Interactive Gambling Amendment Bill of 2016, online sports betting remained legal but some of the amendments in the legislation outlawed specific types of wagering.
Web-based sportsbooks were in effect prohibited from accepting bets on the in-play markets (bets on events in progress) from Australian punters. This pertains to both locally licensed and offshore gambling operators. For one reason or another, wagers made before a given sporting event has started do not count as a form of “interactive” gambling according to Australian authorities and therefore, are allowed.
That being said, many foreign-based sports betting platforms fail to comply with these restrictions and would continue to accept wagers on their in-play markets from Australian customers. This is may be attributed to ignorance in regard to the new regulations but many offshore operators simply choose to ignore the changes because the Australian authorities do not prosecute them for not complying.
Canada
Canadian punters can have their peace of mind knowing that betting on sports online is legal in their jurisdiction but there are restrictions that need to be complied with. The complexity here stems from the fact each Canadian province has its particular laws and requirements in this regard. A license by the respective province needs to be issued in order for a sportsbook to operate legally on its territory.
What further contributes to the confusion is the distinction between what forms of sports betting are allowed and what is forbidden. Locally licensed sports betting operators are permitted to offer only parlay aka accumulator bets, where wagers on several events are combined and the punter wins only if all selections in the parlay are successful. This heavily restricts the legal betting options for Canadian punters.
However, since offshore bookmakers licensed outside the country are not blocked, Canadian bettors looking for a greater diversity would often choose to experiment with different wager types by visiting foreign websites. Furthermore, players from this jurisdiction are not harassed by local authorities for participating in offshore sports betting activities.
Odds and Vigorish
Now that you have acquainted yourself with the history and the legality side of sports betting, the next step in understanding how the odds and vigorish work. And it is a very important step you are not recommended to skip on if you strive to be successful with your bets in the long run.
There are three ways to express odds in sports betting and most bookmakers online would accept wagers in all three formats. The purpose of each of those is to show you how much money you can extract from the outcome you are betting on.
Decimal Odds
Fractional Odds
American Odds
The Vig
Decimal Odds
The first format uses decimals to express the odds which are listed by the bookies like this – 1.44, 2.00, 4.00 and so on. This is probably the simple method for odds expression and one that prevails in Continental Europe, Canada, and Australia. The decimal format enables you to easily calculate the exact amount you will collect from a given winning bet.
One way to do this would be to follow the formula where you first multiply the decimal odds by your stake and then subtract the stake from the result. This helps you determine whether or not a specific proposition gives you good value for your investment i.e. bet. Let’s provide several examples for you to see how it works in practice with a $10 bet:
- For odds of 2.33 – (2.33 x $10) – $10 = $13.30 in net winnings
- For odds of 5.00 – (5.00 x $10) – $10 = $40.00 in net winnings
- For odds of 1.50 – (1.50 x $10) – $10 = $5.00 in net winnings
Fractional Odds
The second way to list odds is to use the fractions and this way of expression prevails across the United Kingdom, especially in specific sports like horse racing where you will see odds of 7/1, 1/1, 3/1, 9/1 and so on. This is pronounced as “7 to 1” to use the first example from above. Fractional odds show you how many units you can potentially win for each unit you put on stake. So to proceed with the 7:1 example, you will collect 7 units if you bet one unit and win.
The formula used for calculating your potential payout with fractional odds is a bit more complex than the one for decimals but is altogether manageable. What you do in this case is multiply your stake by the odds like we have done in the examples below:
- $10 x (7/1) = $10 x 7 = $70 in net winnings
- $10 x (10/2) = $10 x 5 = $50 in net winnings
- $10 x (1/1) = $10 x 1 = $10 or even money
Things get slightly more complex when your bookmaker offers you odds that are expressed in reverse i.e. the fraction contains an integer numerator that is smaller than its integer denominator like so 4/5, in which case you can possibly collect 4 units in winnings with a 5-unit bet. When this happens, it is said that the odds are “against” a given outcome occurring.
Of course, this gives you poor value because you need to risk more money than the amount you can potentially win. The calculations for the wins, however, are performed according to the same formula. The complexity stems more from punters having to perform a bit more difficult calculations. Here is how it works in a few quick examples:
- $10 x (4/6) = $6.66 in net profits
- $10 x (2/5) = $4.00 in net profits
- $10 x (1/4) = $2.50 in net profits
You can also use the odds to calculate the implied probability of a given bet and convert it into a percentage figure. So let’s try an example where you are backing a horse, say Northern Star, to win the Kentucky Derby at odds of 6/1. What you need to do is divide the denominator of the fraction by the sum total of the numerator and the denominator and then multiply it by 100 to convert the result into a percentage figure, like this 1 / (6 + 1) = 1 / 7 = 0.142 x 100 = 14.28. Therefore, the likelihood of Northern Star winning the Kentucky Derby is not particularly high at approximately 14.3% so you may have to think twice before you stake money on this horse.
One key thing about sports betting (and gambling in general) is that the higher the odds for a specific outcome are, the smaller the chances of it occurring are. The opposite also stands – poorer odds indicate there is a high probably of winning and respectively, the payout will be smaller.
American Odds
And finally, there are American odds which you may encounter by the name of “moneyline”. You have probably guessed where this format is mostly used so let’s proceed by explaining how these odds work. In this format, the odds are expressed through negative and positive numbers. When a positive number is used, it shows you the net profit you can earn with a successful wager of $100.
But if the odds are expressed with a negative number, it indicates the amount you are expected to put on stake in order to collect $100 in net profits. The negative numbers are used for the favorite in a given event and therefore would yield a smaller payout. And vice versa, positive numbers are used for the underdog as winning bets for such outcomes would results in a significantly higher payout for the punter.
Similarly to the other two formats, the moneyline can be used by punters to calculate their payouts on winning bets. Luckily, the formula we use is pretty much identical to the previous two, at least when your odds are expressed with a positive number. Therefore, your potential winnings are equal to the staked amount multiplied by the positive odds divided by 100. Here are two examples for clarification:
- $40 x (130/100) = $52 in net profits
- $20 x (200/100) = $40 in net profits
The formula for odds expressed with negative numbers differs in that the punter is required to divide the negative odds by 100 and then divide the stake by the results like we did in the examples below:
- $20 / (-150/100) = $13.33
- $15 / (-250/100) = $6.00
The Vig
Bookmaking is, after all, a business like any other and therefore, the primary goal of a bookmaker is to turn profit. But how do sportsbooks extract profit exactly? Bookies achieve this by setting the odds for the bets they offer in such a way so as to reduce volatility for themselves and guarantee their profits. At the same time, the odds they offer should reflect the real probability of a given event happening. The odds are also set in such a way so as to attract relatively equal amounts of betting action for both outcomes, which balances the books.
A bookmaker would choose their margin (which is usually between 2% and 10%) and then lay the odds for the possible outcomes on the basis of this margin. The margin is in practice a commission that is built into the odds of all bets and is often referred to as vigorish (vig), juice, or overround.
The first step in this process involves calculating the actual probability of an outcome occurring. For the purpose, the bookmaker would resort to using various statistics regarding the form and the previous performance of sportsmen and teams. Injuries are also taken into consideration. They would often exchange opinions with fellow bookmakers as well.
The more information is collected in advance, the more the set odds reflect the actual probability of a given outcome occurring. Respectively, if there is a deficiency of information, the bookmakers would build higher margins into the odds which translates into lower value for the bettors accepting these odds.
The simplest way to explain how the vigorish works is by using an example with only two outcomes, both of which are entirely random but have equal chances of occurring, like a coin flip, for instance. Since the chances of the coin landing on heads or tails are practically 50/50, the odds for each outcome should be even, or at least would be in an ideal world. It is almost the same with bets on heads-up matches where both players are in equally good form and have relatively even chances of winning.
However, in such cases the sportsbook will offer you odds of 9/10, for example, or 1.90 in the decimal format and -111.11 in the moneyline format. You bet $50 on each outcome for a total of $100 on stake. The overall profit you can expect to generate would be equal to $95 according to the formula for profit calculation we provided earlier, i.e. $50 x (9/10) = $50 x 0.9 = $45 + $50 (initial bet) = $95.
The remaining $5 from the $100 you initially invested will be collected by the bookmaker as a commission. This also allows us to calculate the margin for one such bet. We do this by subtracting the net profit from the overall staked amount, so in this case the margin is equal to 5%. In other words, the bookie is guaranteed to profit with $5 for every $100 punters wager on a bet with these odds.
Let’s finish off with another example, this one for a bet where the odds are expressed in the moneyline format. Bookmakers would sometimes lay odds of -110 for each side involved in the bet. Therefore, the punter needs to invest $110 in order to win only $100. It follows the sportsbook gets to collect a dollar out of every $1.10 wagered on an outcome with these odds. Therefore, if you stake $100 only at odds of -110 your profit will amount to $90.90 and the remaining $9.10 will end up in the bookie’s pocket.
Sports Variety and Markets
There are many reasons why online sports betting is so popular among punters but the biggest incentive for people to switch from landbased to online sportsbooks has to do with diversity in terms of sporting events and markets. There are all kinds of sports you can bet on online and these are not limited only to the usual basketball, football, tennis, hockey, cricket, horse racing, and baseball options only.
Online sportsbooks would offer odds on numerous less conventional options like motorbikes, cycling, darts, hurling, and handball, among many others. Bettors who are looking for something new are even given the option to make a punt on the outcomes of TV specials and presidential elections. For instance, you can try to predict who the next winner of X-Factor will be or even who would be the next president of the US.
The options where markets are concerned are just as diverse. The great thing about online sportsbooks is that they tend to offer a very extensive coverage of both popular and lesser known sports. You can wager on different events from the Premier League, the World Cup, NBA, NFL, the ATP World Tour, the PGA, and NHL.
Of course the specifics of some sports are such that they would offer a greater variety of markets but generally the options at online sportsbooks would include over/under, straight bets, point spreads (handicaps), propositions, outrights, and parlays, to mention a few. Betting on the in-play (live) markets enjoys a particularly big popularity. Many players would prefer to wager money on the live markets because this enables them to place their bets after the events have already started, which naturally increases their chances of making a correct prediction.
Many sportsbooks would also support the so-called exchanges where players can both accepts odds backing their favorites and lay odds to sell them to fellow punters in order to lock in profits or minimize their losses.
Characteristics of Good Online Sportsbooks
Now that we have presented readers with basic information on legalities, betting options, and odds, we shall proceed by listing a few of the traits they should look for when choosing an online sportsbook. There are hundreds upon hundreds of websites that would accept wagers on sports but the unfortunate reality is that some of them simply cannot be trusted. One way to determine whether a sportsbook is a reliable or not is to look for the qualities listed below.
Versatile Markets
Software and Interface
Promotions
Broad Cashier Options
Customer Care
Trustworthiness
Versatile Markets
A broad range of options is always a good sign for a sports bettor. When selecting where to place your bets, you should ensure you choose a bookmaker with a comprehensive coverage of both popular and smaller events for the sports you are interested in. Browse through the sportsbooks you have selected to see what sports they cover and go for the one that offers you the highest number of options.
Remember some of the sports may not be listed among the available options because they are not in season at the present moment. You can make sure if these are available or not by contacting the sportsbook’s customer service team. It is always a good thing to have options even if you currently do not intend to bet on a given sport – you may have a change of heart at a later stage.
Competitive Odds
There is one thing all good punters have in common and it is shopping the lines. A reliable sportsbook would acknowledge that if it wants to stay in business, it needs to keep its customers happy and one way to achieve this would be by offering them better odds than the competition. Do not settle for a sports betting site where the odds are poorer than normal as this would cost you over the long run.
Software and Interface
When choosing where to place your bets, you need to ensure the software your online sportsbook uses is robust enough to guarantee you a seamless experience, but compatibility should also be taken into consideration. Some of the biggest names in the online sports betting industry, like bet365, have developed their own platforms running on proprietary software. Others would prefer to use the software of third parties.
The most prominent examples of high-quality sports betting software include Geneity Limited which is a subsidiary of Playtech’s alongside OpenBet, Betradar, and 2DB. The optimal solution would be for you to choose a sportsbook that supports multiple languages and currencies and is compatible with a broader range of desktop and mobile devices.
The interface a sportsbook uses is of equal import. It should be intuitive enough to allow for a quick and straightforward navigation. While hunting for a good sportsbook, you should be on the look-out for websites that display the odds in the format you are accustomed to. The most trusted bookmakers on the web will support all three popular formats – the moneyline, fractions, and decimals.
Good filtering is another key trait a good sportsbook should possess. Sometimes there are way too many betting options online and it would be nice if the punters are able to sort them out by sport or bet type so they can easily find the wagers they are looking for. It goes without saying the availability of in-play markets is an absolute must.
The speed the sportsbook loads with is also important, so make mental notes when you are browsing through different websites and observe how much time it takes for the page to load. The last thing you would want would be lags and slow loading speeds to ruin your desire for making a bet.
Promotions
Good odds are one way to make more money from sports betting but there is yet another way to get more value when you are wagering online and it is by taking part in the promotional incentives hosted by your online bookie. A reputable sportsbook would host a greater variety of such incentives as a means to reward its punters for their patronage. It is always a good idea to check what bonuses different bookmakers offer and choose the website with the best offers.
Some of the bonuses that are commonly available include free bets, sign-up deposit matches, reload bonuses on following deposits, and cashbacks. When big championships and competitions are in progress, the sportsbooks would tailor unique incentives to attract more action from punters. Examples would be penalty paybacks or early payout offers if the team you are backing is two or more goals ahead.
Broad Cashier Options
In order for punters to be able to wager at an online sportsbook, they need to register and transfer some funds into their accounts. Of course, it is of equal import for them to be able to cash out their winnings and do so in the quickest manner possible. Therefore, it is of essential importance to find a sports betting site that allows for quick and fee-free deposits and offers you fast payout speeds.
Withdrawals from online sportsbooks typically require a specific amount of time to process and the funds punters cash out remain pending in their balance until the transfer is vetted. Check the processing times of the sportsbooks you are interested in and choose the sites with the shortest timeframes.
The availability of different currencies is also among the characteristics of good sportsbooks and so is the broader range of banking solutions. Choose a website that gives you the opportunity to conduct payments with a method you know and feel confident in. The commonly accepted methods at online sportsbooks include credit or debit cards, digital wallets like PayPal, ecoPayz, Skrill, and Neteller, prepaid cards by Entropay and Paysafecard, Bitcoin, and bank transfers.
Customer Care
Another way to evaluate the reliability of an online sportsbook is the level of customer care it demonstrates. Aim for sportsbooks that provide you with different means of contacting them. The availability of a live chat feature is extremely important, especially when you encounter a problem and need to have it solved quickly.
The support staff at trusted sportsbooks would be available at all times of day or night and would respond to punters’ queries in a professional and courteous manner. Trusted sports betting sites would usually offer support in several different languages so that non-English speaking punters can easily communicate their issues to the staff. Any haughty remarks or unprofessional behavior should be treated as warning signs – avoid sports betting websites whose support does not show the necessary level of respect towards customers.
Trustworthiness
We have put this trait in last place but, in fact, it is the most important thing you need to look for. Always make sure you place your bets at sportsbooks that operate under a valid license as this will prevent you from becoming a victim of scams. A valid license ensures you are wagering on a trustworthy website that guarantees you a safe betting environment. The licenses that hold the biggest weight are the ones issued by the regulators from Malta, Gibraltar, the UK, the Isle of Man, and Alderney.
Trustworthiness is directly linked to transparency. A reliable betting operator that values its customers would normally spare them the trouble of having to decipher vague promotional terms and conditions. Such operators would not only present their bonus terms clearly enough for anyone to understand but would also not hesitate to publish their licenses’ numbers on their websites.
If you lack the experience to sieve out the reliable betting sites from the bad seeds out there, you can easily check the reviews we publish on SuperBettingSites.com. Each of these is carefully vetted by us and has the seal of approval of a reputable licensing authority.
The Rules Smart Punters Follow
Luck plays a part in all forms of gambling and sports betting is not an exception to this rule. However, this is one of the few forms of gambling where the bettor can win consistently and overcome the bookmakers’ vig by implementing a proper approach into their sports betting. Here are a few quick rules smart punters follow that will get you started:
- Build a separate bankroll for sports betting and never resort to using money you cannot afford to part with
- Do your own “bookkeeping” and keep track of all bets you place, regardless of their outcome
- Do not succumb to your emotions – a smart punter always remains rational
- Shop the lines for the best odds that give you good value
- Narrow down your bets to specific markets and specialize in specific areas
- Avoid betting progressions like the Martingale, these are inherently flawed and applying them can lead to financial ruin
- Take the time to do a research on teams and sportsmen’s form and performance in previous events. Injuries are a major warning sign for experienced punters
Is Online Sports Betting Right for You?
The truth of the matter is no one can answer this question more accurately than you can. Yet, there are several things that can be used as indicators to tell whether or not sports betting is an activity you should get involved into.
If you are uncomfortable with losing money, sports betting (and gambling in general) is not for you. A certain amount of risk is always involved when one gambles and if you are unwilling to come to terms with this, it would be foolish of you to bet on sports, or on anything else for that matter. Otherwise, you risk getting sucked into the vicious cycle of chasing your losses and this never ends well.
In order for a punter to win on a consistent basis, it is necessary for them to do their homework and invest some time into researching the teams or players they plan to back. This helps you make informed decisions with your bets and if you are reluctant to invest the needed time and efforts, you will be better off finding another hobby.
Ask yourself do you possess the necessary level of discipline that is needed to exercise proper money management. If not, your sports betting will almost certainly become an unprofitable venture that is doomed to failure sooner or later.
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