20.07.2021 - The NBA playoffs are in full swing and with the final coming up in July, many of the more inexperienced punters out there (especially those in states where betting has just become legalized, such as Ohio) will be wanting to know what the best way to bet on basketball is. Even seasoned betters in other sports will need to know a few tricks and tips when it comes to betting on a sport like basketball.
With this handy guide, you’ll have everything you need to know to place bets on this exciting, and entertaining, sport.
Point Spread
One of the most common methods of betting on basketball is what’s called a point spread. In this betting technique, the team that are expected to win are called the favourite, and the team that are expected to lose are known as the underdog.
Then, the team that is expected to win, lays points to the team expected to lose. Take for example if the Raptors were playing the Knicks. The Raptors would be expected to be the winning team, while the Knicks would be the underdogs. If the point spread were to make the Raptors a 10-point favourite, then the Raptors have to win by 10 or more for those who bet to win.
For those who are betting against the point spread the betters are often asked to lay 11 to 10 odds, meaning they risk an $11 to win the $10. That extra $1 is considered the bookie’s fee for accepting wagers. Good to know for those in newly legalized states!
Totals
Another popular method of wagering on basketball is through betting totals — also known as over/unders. The total is the predicted combined score of both the teams playing. A number is posted, then bettors have the choice of wagering more than the predicted total points scored or less than it (under).
Just like the point spread, bettors are often asked to lay the 11 to 10 odds.
Money Line Wagers
Another less popular option when it comes to betting on basketball is through what is called money line wagers. Money line wagers are a bet on the winner of the game that doesn’t include the point spread. Money line wagers are made using odds; its historically what all sports betting was, however with too many bettors making bets on favourites the points spread was introduced.
Parlays and Teasers
Also referred to as exotic bets, parlays and teasers involve bettors correctly predicting the winners of one or more games. With parlays, bettors do have the option of betting against the points spread or alternatively, using the money line. Teasers are made using the points spread with players able to adjust the point spread in their favour. There’s a catch though when it comes to parlays and teasers: all of your teams must win, or your entire bet is lost.
The biggest basketball bets made
If you want to get some inspiration from the biggest basketball bets every made, here are four for you that really take the cake when it comes to sports betting — who knows, maybe you’ll get just as lucky one day!
NBA Accumulator
Just five years back, an anonymous bettor from Western Australia predicted — correctly — the entire 13 match NBA scorecard. This was before repeating that achievement a couple weeks later. Over two weekends, this man turned $5AUS into $216,000 — and another five dollars into $86,000.
His luck began in week one with Philadelphia’s 89-81 victory over Washington, and then another win from New York Knicks over the Detroit Pistons. And then less than a month later he did it all over again after the Denver Nuggets lost to the Philadelphia 76ers. Incredible work and one of those stories that just gets told for its awesomeness over and over again.
UConn Huskies
An anonymous college basketball (and Connecticut) fan pledged $90,000 US on his Huskies to beat the Villanova Wildcats during March Madness. The huskies won and then he decided to not cash out but keep going on. He ended up making $390,000 that year.
Floyd “the Money” Mayweather
In June 2013, Floyd Mayweather placed a $5.9m USD bet on Miami Heat to beat the Indiana Pacers — which gave him a winnings of $6.5m. A few years later he received a $200,000 profit after backing the Golden State Warriors to win game 3 against the Houston Rockets at the Western Conference.
Haralabos “Bob” Voulgaris
At age 25, a Greek Canadian placed his entire life savings on the LA Lakers to win the season’s NBA championship. Following a six month wait, lo and behold the Lakers won and Bob collected what was his first half a million dollars. Now he’s one of the most successful NBA sports bettors of all time, with a 70% win rate. He also plays high stakes poker and now owns his very own sportsbook. What an inspiration to basketball fans, and bettors, everywhere!
