How to Bet on Sports: A Beginners Guide For Betting in Ohio

Wagering Amounts

Betting a $100 on a game does not always mean that you will win $100 on your success. Odds, plus the amount you bet are the key to determining payouts. Fortunately, online sportsbooks and their related mobile apps make it super-easy to know what your potential payout will be.

For simplicity, the payout will be determined by the odds placed on your wager. For American odds of +110, you must bet $110 to win $100. In our example of “Cleveland -6,” if you had bet $110 on Cleveland, and the Browns win by six points or more, you win $100. If the Browns lose, OR if they do not win by at least six points, you lose your $110.

The “juice,” that is what sportsbooks call the $10 in our example. You bet $110, they pay you $100 for a win or they keep the entire $110 for a loss. Juice is the price you pay for playing.

Point Spreads

A bet on the point spread, or “straight bet” is what we have described above. One team will be a betting “favorite” and one will be an “underdog.” To win a straight bet, your favorite must match or exceed the point spread, your underdog must only lose by less than the point spread or win.

Repeating our example above, if the Browns are favored over the Steelers by 6 points, you would need the Browns to beat the Steelers by 6 points or more to win the bet. If you bet the Steelers, you only need for the final margin to be less than 6 points. In this example, if the Browns win 24-19, the Steelers have “covered,” and that side of the betting wins. 

Moneyline

While most bets are not as simple as one team winning, this would be the exception. In a moneyline bet, the player is betting on a team to win a game outright, no matter how many points the spread reflects. Moneylines can be extremely lucrative as the underdog carries a higher odds number than a straight bet.

Another type of moneyline is the 3-way moneyline, which requires you to pick one of the two sides as the winner or whether the game will end in a tie or draw.

Here's an example from college basketball: Illinois is playing Ohio State, and the Buckeyes are -9. Your straight bet odds (against the spread) are -110 for Ohio State, meaning you have to bet $110 to win $100. Your moneyline odds, however are -450 on the Buckeyes and +340 on the Illini. Betting $100 on Ohio State would profit just $22, but a $100 bet on Illinois would profit $340. 

You will be able to place a moneyline bet on various events, including Ohio State vs Michigan, the Super Bowl and all of the other big sports games. 

Totals Betting or Over/Unders

“Betting totals” is completely different from betting lines or outright wins. In this type of bet, the winner of the game is completely irrelevant. What the bettor is looking to do is manage the total points scored, runs, or goals of the final score of the game of the teams combined. The total is set for the same reason as the point spread: to split the betting action 50/50. Totals lines can move just like that of point spreads.

Typically, when you see a total posted it will carry odds of -110; meaning you must bet $110 to win $100. For lower-scoring games where scores are only expected to be in single digits, the sportsbook will typically adjust payouts instead of the total line.

Here’s an example from soccer: the totals are almost always 2.5, so instead of adjusting such a small line, the book may make your “over” odds -180 and your “under” odds +150. This would mean that payouts on your “overs” are smaller than your payout on the “under.” A $100 bet on the Over would profit $56, a $100 bet on the Under would profit $150…if successful of course. Check out the latest Bengals playoff chances to see if a totals bet is somthing you might be interested in. 

Parlays

A parlay bet  is two or more bets that have been bundled into a single bet to increase odds payouts and potential profits. The payouts are eye-popping for parlays, but don’t let that fool you, they are hard to hit successfully and professionals tend to avoid them. Even still, they are fun so let’s take a look at a sample three-leg parlay:

The Bengals are playing the Colts and the Colts are a 6-point favorite carrying odds of -110 on the straight bet. Odds makers have set the total at 41.5 (also carrying odds of -110). The player believes it is going to be a high-scoring game and bets the Bengals to win the game outright and bets the over in a 3-leg parlay that includes a straight bet on the Bengals as well. The parlay’s odds would combine all three bets at +1263, meaning that a $100 bet would profit the player $1,263 with a winning ticket. If just one of the three legs fails, however, the entire bet is a loss. We recommend using a Barstool Sportsbook Ohio promo code to optimize your parlay betting.

Live Betting

With the ability to now bet on sports online, and several operators releasing mobile apps, the new concept of live betting has taken sports gambling to a completely new level. In the old days of sportsbooks, once a game started, all betting action was suspended.

Live betting allows players to place additional wagers on games while the action is taking place. Players can watch betting odds change as the game/match progresses in order to take advantage of the flow of action.

Futures

Futures are the options for betting outcomes of events like the Super Bowl, World Series, Heisman Trophy winners, etc. Players can typically find futures bets available immediately after the season completes.

For instance, immediately after the Super Bowl is completed, Ohio retail sportsbooks will post the odds for every team in the League to win the Super Bowl the following year. Players might also find futures odds on conference and divisional winners, win/loss totals and more.

As of the writing of this article, the Cincinnati Bengals Super Bowl odds are +1000 to win the Super Bowl in 2023, the Browns are +3500 . A player would profit $1,000 or $3,500 respectively for a successful bet.

Prop Bets

The Super Bowl is the “king” of prop bets. There are more proposition bets designed on the Super Bowl than any other event worldwide.

Props are bets on events like the coin toss, or how long the national anthem takes to sing. Props can also include the number of touchdowns by a single player. With the typical online sportsbook, bettors can find player props, betting team props, and many more. Props are the sportsbook’s way of being “creative” and opening more ways to bet the game’s action.

NBA Betting

The fast-moving NBA is one of the more exciting sports to bet owing to the high scoring and volume of games. From a betting perspective, the NBA has the same lines, totals, etc., but has the added intrigue of the volume of the regular season (82 games). After looking at the latest NBA odds, bettors looking to score big in a single evening can bet a bunch of games in a single night, or they can spread out their action over the long haul.

NBA betting has some quirkiness that should produce caution for the beginner. First is the lines for each game are released the day before a game, so bettors will have very little time to evaluate the side of the line they want to bet. Also, whereas the NFL is very transparent about injuries and substitutions, the NBA is known for having last-minute scratches on star players.

One of the most intriguing NBA bets is produced by PointsBet Ohio. With PointsBet, you can multiply your totals bets by escalators. See our related articles about points betting.

NHL Betting

Betting the NHL is very similar to betting Major League Baseball, except for its smaller volume of games. Fans of the hockey league are loyal and dedicated, and for good reason. The action is more akin to the NBA, but with the scoring at a premium, the drama is constant.

Just as in baseball, the NHL markets use odds and totals to drive most of their wagers with the “puck line” playing the supporting role just as the “run line” does in baseball; and yes, it works the exact same way.

Bettors on hockey will want to pay close attention to how teams are trending, how goalies in particular are playing and how well rested they will be for this week’s games. A hot goalie may be getting a rest vs. a lower end team and the club may want to bring up someone from the minors. In that case, a close examination of the total and puck line will be in order.

College Basketball Betting

The same rules apply for betting college basketball is the same for college football. When betting, you want to be mindful of influence from your heart. The tips are the same as betting the NBA, track who is playing and who is not, watch those intra-conference rivalries, and never bet on Carolina playing at Duke, or against Kansas winning the Big 12.

As for basketball, the game can be easily bet with the greatest inventory of action in American sports. There are dozens of games on each week, so finding action is super-easy. So easy, in fact, that several sports scandals have been initiated betting on obscure college basketball games including points shaving, officiating and the like. Remember the points-shaving scheme spoken about in the movie Goodfellas? That was a real-life college basketball points-shaving scandal, ESPN even made a 30 for 30 movie about it.

Sign Up For Multiple Sportsbooks

Most of the online sportsbooks will have very similar lines on the most popular markets, but they all have different features and promotions going on constantly. Shopping around for your “Manic Monday” promo, or a “Wild Wednesday” super-bonus can be a big deal. You might even occasionally find a line or two with just the right amount of juice reduction for that game you want to bet.

Shop The Lines

As we talked about earlier, shopping for the best lines can be an advantage for sports bettors, especially with volume betting sports like baseball, basketball, and hockey. Ohio bettors will want to pay close attention to how local sportsbooks set lines versus the Las Vegas lines. Try to catch where emotion is being calculated for the locals.

Stick To A Betting System

Betting systems allow players to take advantage of advanced analytics when placing bets vs. going with your ‘gut’ on the amount of your wagers. There are several from which to choose and you can decide if you want to avoid losses or play the positives. Either way, you want to stick with the system you have chosen over the long run.

Whether you’re going to use a Flat Bet, Fibonacci, or Martingale system, making sure you manage your bankroll effectively is the key. Always keep in mind that unless you are going to dedicate yourself to being a professional gambler, this is for entertainment and you should always use discretionary funds…don’t bet your rent money.

Start With Straight Bets

For beginners, straight bets are the easiest to understand and pay well enough to not damage the bank roll too much…and as we talked about earlier, football is probably the best sport for beginners. Ohio is a big time football state, so players should be well versed in how teams will perform on Saturdays and Sundays. Beginners are advised to maybe stick to one sport until they get their "feet on the ground."

Bet Smaller Markets

Sportsbooks will focus most of their attention on the larger market sports like the NFL or the NBA. They keep a tight control over the lines and odds because millions of dollars are at stake. Smaller markets do not get quite the same amount of attention and bettors may be able to take advantage of an overlooked line on a WNBA game, an MMA contest or a lacrosse match. In fact, dedicated fans of obscure sports may actually know more about a particular match than the oddsmakers.

Make Small Wagers

When you are just getting started in sports betting, you are not going to know how well your betting strategies work. So take it easy to start, do not go out with a $1,000 bet to start the MLB season (even though it may be “guaranteed”…see above). Start out with a bankroll, choose a system and stick to a betting unit. Once you get your feet on the ground, so to speak, then you can determine whether you will increase your stake in the games.

Live Bets

Sportsbooks spend time and energy setting lines, but when the action starts, the movement is fast and furious. The oddsmakers adjust lines and totals (final score) as games progress, but they can’t catch everything and you, the bettor watching the game, may be able to take advantage of this type of mistake.

For example, if the Cincinnati Bengals are down early, but you think they have a chance to comeback, you can place a live bet at better odds than the original line. Now, you could still lose the bet, as Joe Burrow could struggle after a slow start. Still, with live betting, you can take advantage of new information in real time, beat the oddsmakers to the punch and win money.