Sports betting can be confusing for a new bettor. To make betting easier, be sure to familiarize yourself with basic terms. There are many ways to place bets. For instance, you can place an In-play bet, place a spread bet, or even make a Total (Over/Under) bet.
In-play sports betting
In-play sports betting is an increasing form of gambling, but it’s not without its risks. Researchers have found that in-play sports betting may increase the risk of psychological disorders. These types of gambling may be more difficult to control and manage, especially with in-play cash out features. Moreover, the in-play process may make sports bettors more susceptible to cognitive bias. The study also found that in-play bettors are more likely to be employed, young, and from diverse socio-economic backgrounds. They are also more likely to be female, and have higher education levels.
Researchers conducted a survey among 338 online gambling websites, with information about in-play sports betting offered. They analyzed the various website features (help and support areas, terms and conditions, promotions, and more) to gain a better understanding of in-play sports betting. This information was then coded to identify characteristics associated with high gambling frequency.
Prop bets
Prop bets are bets on the outcome of a specific event or occurrence. In NFL games, for example, team props might be the total number of touchdowns a team will score or the number of field goals a team will make. In NBA games, you can also wager on the number of rebounds a team will get. With the increasing popularity of professional sports, the popularity of prop bets has increased. In fact, sportsbooks have expanded their prop markets to include more than the traditional spread bets.
If you’re new to sports betting, prop bets are a great way to get started. These bets are often higher-juice than other types of wagers, but they are great for beginners. Most online sportsbooks don’t spend hours agonizing over prop odds; instead, they automatically adjust line moves based on moving statistics. Prop bets also make sports betting more interesting by taking the focus off choosing a winner.
Spread betting
Spread betting is a type of wagering in which the payoff is based on how accurate your wager is. This type of betting differs from fixed-odds betting and parimutuel betting. Spread betting is an excellent way to increase your betting horizons, as you can bet on a wide range of events and still make a profit.
Spread betting allows you to place a bet on underdogs and still win if they cover the spread. It also gives you a clearer picture of the value of a team, unlike betting on the moneyline, which only gives value in points.
Total (Over/Under) bets
Totals betting is an interesting option because it can be very difficult to predict a winner. While it is possible to predict the overall result of a game, there are several factors to consider when making this type of bet. In basketball, for example, tempo and defense can make the difference between winning and losing a game. A pitcher who pitches left-handed can have a lower total than a right-handed pitcher. Similarly, the weather can affect how many points are scored.
Sports betting sites have three primary types of bets: the spread, the moneyline, and the total. The total is sometimes shortened to O/U. For example, in a college basketball game, the total odds may be 155. Likewise, in an NFL game, the total may be 47.
Taxes on winnings
If you’ve been placing wagers on sports events and winning, you may be wondering how to report the winnings and pay taxes on them. The good news is that the IRS and state governments are now collecting hundreds of millions of dollars in gaming taxes. Nonetheless, you’ll still have to report your winnings on your federal tax return. Even if you’ve opted for the standard deduction, you should consider seeking the advice of a tax professional to ensure that your records are up to date and compliant. In addition to helping you understand your rights, they can also help you minimize the taxes you owe based on current tax laws.
When it comes to paying taxes on winnings from sports betting, it’s important to understand that you’ll have to report your winnings as income. This means that you’ll be required to pay federal income tax on your winnings, and you may also have to pay state taxes. The rules vary from state to state, so it’s best to research your local tax laws before claiming your winnings.