Whether you’re an avid sports bettor or just starting out, it’s important to understand how the odds work in order to make wise wager decisions. Odds are the basis for the chances that a particular outcome will occur and determine how much money you can win if your bet is successful. Odds are also used to calculate winnings from parlays, teasers and other types of multi-bets. Once you have a firm grasp of the basics, betting on the sport of your choice can be an exciting and profitable pastime.
Legal sports betting is now available in 24 states and the District of Columbia, but the number is sure to continue to grow. The list includes Arizona, which launched its sports betting operations in September 2021 following months of legislative maneuvering and public statements of support from Governor Doug Ducey. The state has both retail and online options, with DraftKings, FanDuel, and BetRivers all offering bets on the state’s pro and college teams.
Colorado has a similar setup, with online and mobile sportsbooks from DraftKings, BetMGM, PointsBet, and FanDuel all available to residents. The state is also home to three land-based sportsbooks, and legislation has passed that could see more casinos open their doors for sports betting in the near future.
Indiana legalized sports betting in 2019 and rolled out its sites quickly, with the first retail options opening in September that year and the online and mobile launch following a month later. The state has a gambling compact with the tribes and offers both retail and online options, with DraftKings, BetRivers, and FanDuel all accepting bets.
Illinois passed legislation allowing sports betting in March of 2020 and launched its offerings shortly thereafter. The state’s sportsbooks offer a variety of betting markets, including player prop bets on college games. In-state collegiate bets are not allowed, however, so if you’re a collegiate player looking to place a bet on a game, you will need to look for an out-of-state site.
The major sports leagues have been fighting the move toward legalized sports betting for years now, and the battle rages on in courtrooms across the country. The leagues have won a series of victories, including a ruling from the Third Circuit Court of Appeals that upheld a lower court’s decision against New Jersey.
In baseball, there is a rule known as “Rule 21,” which is posted publicly on the dugout wall and states that any player, umpire, or club or league official who bets any sum on any game in which they have a duty to perform shall be permanently banned from the game. However, despite these rules, baseball players still bet on their own teams at a high rate. The resulting profits can be enormous. Nevertheless, many people are concerned that these deals aren’t ethically sound. Especially since the NCAA has made it easier than ever for schools to strike these kinds of deals. Some are calling for the NCAA to change its stance on this issue.