Sports betting is everywhere these days – you can’t escape it – and for beginners, it can feel very confusing at first!

Whether it’s TV ads, radio jingles, music lyrics, your mates chatting about their latest bets, or on social media, where people share their betting codes and celebrate their big wins, it’s clear that betting is a huge part of Nigerian culture.

It’s easy to see why. Nigerians are passionate about sports, from football to basketball to boxing. And with so many sports to bet on, it’s no wonder that betting has become so popular.

Perhaps you even know someone who’s cashed out big, sparking your own curiosity to try your hand at sports betting. But where do you start?

For many beginners, browsing a sports betting site can feel like stepping into an advanced math class filled with strange terms and countless options. But don’t worry, we’re here to help.

This beginner’s guide will break down the basics of sports betting, so by the end, you’ll know everything you need to know to get started and start placing bets with confidence. Here you can find trusted new online betting sites.

What is Sports Betting?

Simply put, sports betting is the act of predicting the outcome of a sports event and placing a wager on that prediction.

If your prediction is correct, you win money based on the odds of that outcome; if it’s wrong, you lose your stake.

Sports Betting for Beginners: Betting Odds

Sports betting revolves around odds set by bookmakers to reflect the probability of an event happening.

Bookmakers are the companies behind betting sites, apps, and betting shops where you place your wagers. They’re the ones who provide the platform, set the odds, and take your bets.

You can read more about the types of odds you will typically encounter on Nigerian betting sites here, but in essence, odds determine how much you stand to win and indicate the likelihood of an outcome.

In most countries, odds are presented in one of three formats: decimal, fractional, or American.

Decimal odds, used by the majority of Nigerian sports betting sites, are the simplest for beginners to understand. For instance, if you see odds of 2.00, it means you’ll double your money if you win. So, a ₦1,000 bet at 2.00 odds will return ₦2,000 (₦1,000 stake + ₦1,000 profit).

Fractional odds, commonly used in the UK, show your profit relative to your stake. For example, odds of 5/1 (read as “five to one”) mean you’ll win ₦5 for every ₦1 you bet. A ₦1,000 bet at 5/1 odds returns ₦6,000 (₦5,000 profit + ₦1,000 stake).

American odds (popular in the US) are a bit more complicated. A positive number (e.g., +200) shows how much profit you’ll make on a ₦1,000 bet, while a negative number (e.g., -150) indicates how much you need to bet to win ₦1,000.

Understanding how these odds work is important since they not only tell you the likelihood of an outcome but also how much you can win from a bet.

How to Bet on Sports: Sports Betting Terms You Should Know

So now we’ve covered the basic stuff, let’s get into the main sports betting terms every beginner needs to know.

1. Favourites vs Underdogs

The first thing you’ll encounter as a sports betting beginner is the concept of favourites and underdogs.

Bookmakers will assess the strength of both teams or individuals contesting a particular sports event and then set odds for them.

The favourite is the team or individual that’s expected to win, and this is reflected in their odds, which are typically low.

The underdog is expected to lose, so their odds are always set much higher.

Favourite vs Underdog Example

Let’s say two football teams, Liverpool and Ipswich Town, are playing. Liverpool are obviously, the much better team and will be expected to win. This will be reflected in the odds the bookmaker will assign them, which for the sake of this example we’ll set at 1.20 odds for a Liverpool win.

That means for every ₦100 you bet on them, you’ll only get ₦120 back if they win. Not much of a profit, right? That’s because the bookmakers aren’t stupid and will never set big odds for a favourite and set themselves up to payout massive amounts if the favourite wins as expected.

Ipswich, on the other hand, being the much smaller team with nothing close to the quality of Liverpool are the underdogs, so their odds will be high, let’s say 5.00 odds to win. That means for every ₦100 you bet on them, you could win five times your money, or ₦500 if they win.

So, as you can see, the more unlikely the outcome, the higher the odds a bookmaker will set for that outcome and the higher the expected payout because betting on an underdog carries more risk.

Odds are also a clever way many bookmakers subtly steer sports betting beginners away from betting on a favourite and lure them into betting on an underdog where the possibility of losing money (and thus making the bookies a healthy profit) is much higher.

2. Matchwinner Market

In the example we discussed above about favourites and underdogs, we touched upon this market, which is all about predicting the winner of a specific game or match.

It’s one of the simplest and most popular ways to bet on sports, especially for beginners.

You’ll often see this market represented by the 1 X 2 symbols on most betting platforms. Here’s what those symbols mean:

• 1: This stands for the home team. The odds listed next to this number will indicate if they’re the favourite or the underdog.
• X: This option represents a draw and has its own set of odds.
• 2: This symbol denotes the away team and will also have its odds displayed.

However, it’s worth noting that the 1 and 2 symbols don’t always represent the home and away sides.

In events like a football final played on a neutral ground, both teams are technically away. But for betting purposes and other factors, a nominal home and away side is designated.

For individual sports like tennis and boxing, the 1 and 2 symbols are purely for betting purposes.

How to Place a Matchwinner Bet

To place a matchwinner bet, you simply pick a team or individual (either the favourite or the underdog), place your bet, and if your chosen team or individual wins, you win the bet.

On the other hand, you can also bet on a draw if you believe neither side will win. Draw bets are mainly applicable to sports like football, where matches can end in a tie, unlike in basketball or tennis, where draws aren’t an option.

3. Over/Unders (Totals)

Over/unders betting is about predicting the combined number of certain events or stats in a game. Instead of betting on who wins or loses, you’re betting on whether the total number of something – like goals, points or cards – will be above or below a certain number set by the bookmaker.

Bookmakers set various lines (totals) for numerous events in a match or game and assign odds to each line. Bettors can then wager on whether the actual total of an event or statistic will be over or under the set line.

Over/unders betting usually refers to goals in a football match or points in a basketball or American football match.

But it actually encompasses everything from individual player stats (props) to team totals and game totals. These can include events like corner kicks, cards shown, shots on target, and more.