DAVIES: We’re talking sports betting with Eric Lipton, who worked with a team of Times reporters on a series about this new industry. It’s called “A Risky Wager.” We’re going to start off with a few basics:
Almost all sports betting involves odds. They are a number that shows the probability of an event happening, and they’re set by bookmakers to balance bets on both sides of a game. You can find these odds on the sportsbook’s homepage or in its lobby, and they are adjusted to reflect each week’s action.
The odds are also used to create point spreads, which give you the chance to win if you bet on the underdog. For example, if the Patriots are 3-point favorites against the Bills and win 27-24, the bet would push and you’d get your money back. That’s called a “lay.”
Some wagers focus on the final result of a game, like over/under bets. These are based on the total points scored and the bettor’s prediction of whether the game will exceed or fall short of the predicted amount.
It’s important to maintain discipline with your bets. Keeping track of your bets in a spreadsheet will help you see the areas that are doing well and those that aren’t. One of the biggest mistakes you can make in sports betting is chasing losses. This is because it’s impossible to win all your bets, and trying to recover the money you lost is more like throwing good money after bad.