If you like betting on sports teams from New York, you’ve got a lot of choices. Such a vast state also means a lot of teams to grab your interest.
Heavyweight favorites like the Yankees are a much safer bet than the perennial underdogs like the Mets, so do you want to go for a safe, modest payday or bet on the underdog for a substantial win? Our betting tips about NY sports teams will help you figure out which bets to make and which ones to avoid - just remember this is a moveable feast, so you need to keep your eyes on the game.
Read on to find out what’s hot and what’s a slap in the face - first things first, how to place a bet.
How to Place a Bet?
Bettors (people who place bets) need to understand how to place wagers by understanding how to read the offered odds. The odds are set by using strategic algorithms to determine the outcome of a game. Bookmakers also weigh-up what the general public will be placing their bets on to define the odds.
Many bettors mistake betting on their favorites to win, often miscalculating that the best odds may be on the underdog. Generally, bettors consider the recent results instead of looking back into historical performances and taking the long view of a team’s overall performance.
Understanding ‘American Odds’ is vital to making the most of a bet and getting those best odds. So, let’s use the NY Giants and the Mets as an example:
The sign in front of each odd shows whether you will win more money than you have wagered or less than your wager. The listed odds with a ‘minus sign indicates to a bettor how much you need to wager to win $100. In this example, it means you need to bet $140 to win $100.
A listed odd with a ‘plus’ sign shows a bettor their potential win on a $100 bet. Based on the same example, a $100 bet on the Yankees would result in a payout of $120. Get it?
Where To Find Interesting Odds
Online sports betting is a confusing art to master for many sports fans looking to place a bet. There are so many factors to understand; one is definitely how to find actual betting value. Sadly, the knowledge this involves comes with time, patience, and practice.
Value Betting is when you bet when the perceived risk-reward ratio slants in your favor. We have discussed above the myth of placing wagers on the favorite to win, and the stronger team is considered a ‘safe bet.’ Many times though, the ‘value bet’ would mean higher odds when choosing the underdog.
Many bettors shy away from backing the underdog, perceiving the risk to be too high, but it’s best to bear in mind that an ‘underperforming or losing’ team receiving a significant point spread by a bookie does not have to win the game. They only need to lose by less than the actual points that it is receiving - yep, if you understand this so far, you’re doing well!
The good news is this is doable, as many times, the favorites to win are focused on reducing injury and winning the game and do not focus on covering the point spread.
Different Players, Different Bets
Sports betting provides bettors with an almost endless variety of the types of bets they can wager on. From straight bets, total line bets, money line bets, over/under bets, point spreads and, parlay bets, handicap bets, teaser, futures, and outright bets. Frankly, the list is endless.
The baseline can be very confusing, and so it all comes down to the bettor, their understanding of the sports, and their knowledge of various betting types on offer. Get to know your sport in detail if you want to win.
For beginners, we feel that it’s best to focus on a sport they understand well. Let’s say that is Basketball and to bet on teams that have in-depth knowledge of the teams, the Brooklyn Nets and the NY Knicks, for instance.
Next, take the above advice and understand the types of bets on offer for various events and their odds and betting value, study form, and know that you’ll win some and you’ll most certainly lose some.
Take Away
There’s no rush; take it slow and don’t bet more than you can afford to lose; treat it like a hobby or an entertaining game, never as a job or your main point of income. Learn from your mistakes, and soon enough, you will be confidently placing bets and winning money.
