Whether you place bets on the Super Bowl, March Madness or an MLB game, bettors should know some fundamentals of how sports betting works, as well as the options available. It means learning the basics and understanding some of the language and terminology used by bettors. Let’s take a look at some of the must-have terms from the sports betting glossary.
Favorites vs. Outsiders For all games regardless of sport, bettors must first decide which team is the favorite and which team is the underdog. There are many factors that go into the process. It is not as easy as the team with the best record that is favored. Things like home court advantage and injuries can help punters decide that one team is more likely to beat the other on any given day. The favorite is considered the one who should win the game. The underdog, also known simply as the dog, is the one who should lose. However, because the favorites are the better team and win most of their games, bettors must make bets fair by offering advantages and disadvantages to favorites and underdogs. Otherwise everyone would still bet on the favorites and sports betting would go bankrupt. As a result, bettors level the playing field by creating risks for favorite bets and offering advantages to underdogs.
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