From the outside, sports betting can sometimes look like a math exam with a variety of numbers, odds and betting lines appearing on the screen. However, in reality, everything is much more straightforward when you grasp the basics, because most wagers simply come down to predicting the story of the game.

Decoding the language: What is a sports bet?

In simple terms, a sports bet is just a contract made between you and the sportsbooks. You choose a specific outcome in a sporting event using one of the betting markets, the sportsbook offers odds on that outcome, and if your prediction turns out to be correct, the bet is paid out at the corresponding odds.

Whether you are betting before the game starts, exploring live sports betting, or even trying virtual sports betting, the same idea universally applies. You are selecting an outcome, entering your bet and accepting the odds offered by the sportsbooks.

Every wager includes three key elements, which are: 

  • The Selection: This refers to the outcome that you are picking or predicting, which could include a team to win or the total score of a match to go over a certain number.
  • The Bet: A bet is the amount of money you are wagering on the outcome. 
  • The Odds: Odds are the price attached to the bet, determining the likelihood of success alongside the potential winnings.

When you understand these three concepts, sportsbook markets become much easier to read. It’s also worth mentioning that the same structure applies to all sports, including hockey betting, basketball betting, football betting, and soccer betting, to name just a few.

The “Big Three” ways to play

You can find a wide range of betting options on the ToonieBet sportsbook, but most beginners start with one of the three most popular bet types. These markets appear in almost every sport (even though they are sometimes worded differently), and provide a strong introduction to online betting. 

Moneyline: The straight shooter

The moneyline is the most straightforward type of sports bet: picking a winner. There are no handicaps and no conditions attached to the margin of victory, and if your selection wins the event, the bet is paid out at the corresponding odds. 

The moneyline is popular because it matches how most fans naturally think about sports: simply picking a team they believe will win.

For example, a matchup might look like this: 

  • Team A: -150
  • Team B: +130

In this instance, Team A is the favourite, which means the sportsbook believes it is more likely to win the game. Due to this increased probability, the potential payout is smaller when compared to backing Team B.

On the other end of things, Team B is the underdog, and since the outcome of it winning is less likely, the sportsbook offers a larger potential return to attract bets.

Over/Under: The scoreboard watcher

Over or under bets, also known as totals, focus on the combined score of both teams throughout a game, with the actual result being irrelevant. 

For example, a football game may have a total of 47.5, a number determined by the sportsbook in advance. If you bet the over, the teams must combine for 48 or more points. For the under, the total score cannot exceed 47.

The Spread: The great equalizer

Point spreads were implemented to make uneven matchups more competitive from a betting perspective, with the sportsbook assigning a handicap to the favourite, which gives the underdog a head start. The size of the handicap will depend on the difference between the two teams’ or players’ chances of winning.

It can be best understood by imagining the game beginning with a pre-set score, for example: 

  • Team A: -6.5
  • Team B: +6.5

This means that team A is the favorite and starts at -6.5, at least in terms of this betting market. It must win by at least 7 points, for the bet to be successful. Conversely, any bet on the underdog is successful in this scenario if it loses by 6 points or fewer, or win the game outright.

The term “covering the spread” comes from this betting market and refers to a team performing well enough to overcome the handicap set out by the sportsbook. Spread markets are popular across most sports, with football betting and basketball betting being the most prominent.

The Odds: It’s just math

Odds are the numbers used by sportsbooks to represent both probability and the potential winnings associated with different outcomes. In other words, they show you how likely the sportsbook believes the outcome to be, and how much you can win if your prediction is correct.

The two most common odds formats used in online sportsbooks are American odds (particularly across Canada) and decimal odds. Here’s how those odds could look, depending on the outcomes’ probability of success:

Selection TypeAmerican OddsDecimal OddsWhat It Means
Heavy Favorite-3001.33Higher probability but a smaller payout
Even Matchup+1002.00Roughly equal chance of success or loss
Long Shot+5006.00Lower probability but with a larger potential return

American odds revolve around a $100 reference point, with negative numbers telling you how much you need to bet in order to win $100, while positive numbers show how much you could win (minus the wager) from a $100 bet. 

For example: 

  • -200 means you must risk $200 to win $100 ($300 in total). 
  • +200 means that a $100 bet would win $200 in addition to the bet size ($300 in total). 

Decimal odds work slightly differently because they show the total return instead of potential winnings. The payout is the bet multiplied by the odds, with the total return including the initial wager, which would also be returned as part of the payout. 

So, if you place a $10 bet at decimal odds of 2.50, the total payout would be $25 (the initial bet is included, so the potential winnings would be $15).

ToonieBet step by step: Placing your first wager

how does a betting system work

After understanding the basics of betting markets and odds, the next step is placing your first wager. While the process itself is straightforward, experienced bettors usually follow a few key steps before confirming a wager at Tooniebet! 

Step 1: Find your value

One of the first lessons new bettors and sports fans learn is that wagering online is not just about supporting your favourite team. Instead, successful bettors often focus on value, which appears when the odds offered by a sportsbook (also known as the implied probability) are better than the true probability of the event happening. 

Instead of asking which team you like more, or even which team you think will win, experienced bettors base their wagers on questions such as:

  • Are the odds fair for this matchup? 
  • Does the potential payout justify the risk?
  • Is the market overlooking something about this team or player? 

If the experienced bettor finds something that means the odds and probability of success don’t align, they can dive deeper before deciding whether or not to place a bet.

Step 2: Reading the board

After identifying a potential bet, the next step is navigating the sportsbook board. At ToonieBet, the sportsbook section lists upcoming events, bet types and odds across a wide variety of sports, including: 

  • Hockey
  • Basketball
  • Football
  • Soccer
  • Tennis
  • Baseball
  • And many others! 

Each event displays available markets, like moneylines, point spreads and totals, and when you click on the odds next to a selection, it is automatically added to your bet slip. You can then enter your desired bet, and the potential winnings will be displayed next to it. All that’s left to do then is confirm the wager, and the bet will become active! 

Step 3: Managing your bankroll

Another important part of sports betting is managing your bankroll. A bankroll simply refers to the amount of money you set aside specifically for wagering. 

The Golden Rule here at ToonieBet is to never bet more than you can afford to lose.

A few useful habits to manage your bankroll include: 

  • Setting a budget before you start to place bets.
  • Avoiding large bets after losses (also known as chasing).
  • Keeping bets small relative to your bankroll.

By sticking to these three habits, you can enjoy your time betting on sports and remain in control at all times. 

Advanced moves and pro tips

how to bet on sports

Once you are comfortable with the basics and placing wagers, sportsbooks offer several additional betting options that can add variety to the experience. 

Parlays

A parlay bet is a wager that combines multiple selections for higher odds. However, all selections included in the parlay must win in order for the associated potential winnings to be awarded. 

This means that the higher potential winnings come with greater risk, which is why parlays are often compared to lottery tickets.

Live Betting

As the name suggests, live betting allows sports bettors to place wagers while a game is in progress.

As the events unfold, odds are updated in real time depending on various factors, which include:

  • The score
  • The time remaining
  • Momentum
  • If key players are injured or penalized

This means bettors can react to what they are seeing, as opposed to relying exclusively on pre-game predictions, adding an interactive element to watching sports.

Prop Bets

Proposition bets, known best as prop bets, focus on specific events within a game as opposed to the final score. A few examples include: 

  • Which player scores the first goal.
  • The total inning by an individual pitcher.
  • Statistical milestones within the game, like 250+ passing yards.

Responsible Gaming

While sports betting can add extra entertainment to games, it is important to approach it gambling responsibly. This includes setting limits and keeping betting enjoyable, keeping you in control at all times.

Some helpful guidelines to bet responsibly include:

  • Set a clear betting budget before you start.
  • Avoid chasing wins after a loss.
  • Take breaks when betting stops feeling fun.
  • Treat betting as entertainment, not a way to make money.

Here at ToonieBet, we have a range of tools to keep you safe, all of which can be found within your account settings. These include deposit limits, time outs, and self exclusion, and our customer support team is available 24/7 to help you.

Ready to get in the game?

If you want to start betting on sports online, ToonieBet is the place to be. After you’ve learned the ins and outs of sports betting markets, sign up with us, place a deposit, and enjoy our huge selection of odds. We offer coverage across almost all sports and events, with in-play betting options also being available!

Frequently Asked Questions about online sports betting

1 What is the difference between a favourite and an underdog?

A favourite is the team or player expected to win an event, which is why the odds are usually lower and the potential payout is smaller. An underdog is considered less likely to win, so the odds are higher and the possible return is larger.

2 What is a point spread bet at online sportsbooks?

A point spread bet is when a handicap is applied to both teams during a game. The favoured team will receive a minus handicap, with the underdog receiving extra points. If the chosen team is successful with this handicap in place, then the selection is a winning bet.

3 Which sportsbooks use American odds, decimal odds and fractional odds?

Sportsbooks in Canada and the rest of North America use American odds, while decimal odds are more commonly used in other parts of the world. Fractional odds are popular in the UK, especially in horse racing markets.

4 What is a push in sports betting?

A push occurs when the final result lands exactly on the betting line. When this happens, the wager is refunded, and neither side wins.