Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can't claim losses that total more than your gains. So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you'd be able to deduct all of those losses. Since the Supreme Court lifted the U.S. Federal ban on sports gambling in 2018, 21 states have legalized sports betting, and an estimated $13 billion in wagers was placed nationwide in 2019. Sports betting forums offering free picks from football, baseball, basketball and more.
Ever walk into a casino sports book and feel like you're looking at the mission control of an alien spaceship? It can be an overwhelming experience as a first-time bettor, especially if you don't know what the numbers on the digital boards mean. All you know is that you're confident this team is going to beat that team and you'd like to lay down some money on it.
Well, that's called betting the moneyline.
Like any hobby, sports betting is one of those activities with its own language, set of best practices, and house rules. Rookies have to learn what all of this entails, often from a friend who is already confident in their knowledge. Once you learn a handful of sports betting tips for beginners, you'll feel confident placing a bet on a legal sports gambling app like the one from BetMGM or strolling up to a cashier to wager on a game or team you like.
Similar to our guide to NFL betting tips, we wanted to put together a little piece that explains some of the basic things you need to know about sports betting before putting your hard earned cash on a game.
How does a spread work?
In games like football and basketball you'll see two teams listed. For example, on opening night of the NFL season this year, the Kansas City Chiefs are -9.5 vs the Houston Texans. What this means, is that if you want to bet the Chiefs, they need to beat the Texans by 10 points or more in order for you to win. If the Chiefs win by 7, then you didn't 'cover the spread' and that would be a loss. On the opposite side, you can bet the Texans +9.5, which means you would win if the Texans lose by 9 points or less, or win the game outright.
What's a moneyline bet?
In baseball, you will see bets like this: New York Yankees -200 vs Toronto Blue Jays +175. What this means is that you are betting the moneyline, which is just betting a team to straight up win. However, the more likely a team is to win, the more expensive the bet is. In this example, you need to put up $200 to win $100 on the Yankees. But if you bet $100 on the Blue Jays in this bet, and they win, you will win $175. Betting favorites on the moneyline can be expensive!
What is the 'juice'?
When you bet a game with a spread, you'll notice that most of your bets will say -110 or -120. That means that you need to risk $110 in order to win $100. This is called the 'juice' or the 'vig'. This is essentially how the casinos make their money.
What's a parlay bet?
A parlay is a bet where you group together a bunch of bets, but must win all of them in order to cash the ticket. These bets can be fun, and depending how many bets you put in, can offer a huge payoff with very little cash to risk. Below is a table that shows general odds on parlays if you are betting regular -110 spreads. This chart is based on risking $100. Remember though, while four teams may hit for you in your five team parlay, that one loss makes the entire bet a loser. So choose carefully!
Have multiple places to bet
The odds on bets are not necessarily the same from sportsbook to sportsbook. The Chiefs in the example above may be a 9.5 point favorite on one book, but only a 9 point favorite on the other. That's a pretty important thing, as if you bet the Chiefs -9.5 and they win by 9, you lose your bet. But if you bet them at the other book at -9, then you would have pushed, and gotten your money back. Always look at multiple sites and get the best line possible!
Stay within your means
We are betting on these games to be entertained. If you go on a losing streak, it happens to everyone. Don't get out of control and start doubling up, trying to get your losses back. Bet the games to have some extra fun, but don't go over your head!
Where should I bet?
Find reputable books to bet on, ones that are approved by your state. The great thing about these books, is they are always looking to get new customers, and offer some great promotions – like this $600 risk free bet from BetMGM! Before signing up, make sure you do a quick google search on that specific site, there are usually some great deposit bonuses available that will get you some extra money to place on some bets
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VISIT BETMGM.COM FOR TERMS AND CONDITIONS. MUST BE 21+. WV, CO, NJ OR IN ONLY. GAMBLING PROBLEM? IN NJ CALL 1-800-GAMBLER, IN WV VISIT WWW.1800GAMBLER.NET, OR IN INDIANA CALL 1-800-9-WITH-IT OR IN CO CALL 1-800-522-4700The BroBible team writes about products and services that we think you want. Occasionally, we write about items that are a part of one of our affiliate partnerships and we will get a percentage of the revenue from sales.
There was some skepticism on whether the Habs would be able to capitalize off their effort from the Stanley Cup Playoff bubble. Montreal, the No. 12 seed in the Eastern Conference, ended the Pittsburgh Penguins' season in the qualifying round. We can talk about the imploding Penguins another day.
But for now, there's cause for celebration in the streets of Montreal (socially distanced, of course) because the Habs are one of the early-season darlings deserving of our attention.This division realignment has made for some intriguing starts, but none more compelling than the North Division. Montreal, as of Tuesday, is one point behind the Toronto Maple Leafs for first in the North, with a game in hand.
If the playoffs started today, the North would have a foursome of Toronto, Montreal, Vancouver and Winnipeg. Sign me up.
We are betting on these games to be entertained. If you go on a losing streak, it happens to everyone. Don't get out of control and start doubling up, trying to get your losses back. Bet the games to have some extra fun, but don't go over your head!
Where should I bet?
Find reputable books to bet on, ones that are approved by your state. The great thing about these books, is they are always looking to get new customers, and offer some great promotions – like this $600 risk free bet from BetMGM! Before signing up, make sure you do a quick google search on that specific site, there are usually some great deposit bonuses available that will get you some extra money to place on some bets
—
VISIT BETMGM.COM FOR TERMS AND CONDITIONS. MUST BE 21+. WV, CO, NJ OR IN ONLY. GAMBLING PROBLEM? IN NJ CALL 1-800-GAMBLER, IN WV VISIT WWW.1800GAMBLER.NET, OR IN INDIANA CALL 1-800-9-WITH-IT OR IN CO CALL 1-800-522-4700The BroBible team writes about products and services that we think you want. Occasionally, we write about items that are a part of one of our affiliate partnerships and we will get a percentage of the revenue from sales.
There was some skepticism on whether the Habs would be able to capitalize off their effort from the Stanley Cup Playoff bubble. Montreal, the No. 12 seed in the Eastern Conference, ended the Pittsburgh Penguins' season in the qualifying round. We can talk about the imploding Penguins another day.
But for now, there's cause for celebration in the streets of Montreal (socially distanced, of course) because the Habs are one of the early-season darlings deserving of our attention.This division realignment has made for some intriguing starts, but none more compelling than the North Division. Montreal, as of Tuesday, is one point behind the Toronto Maple Leafs for first in the North, with a game in hand.
If the playoffs started today, the North would have a foursome of Toronto, Montreal, Vancouver and Winnipeg. Sign me up.
But the Habs, much like they did in the bubble, are relying on depth during their 6-1-2 start. Only this depth is more explosive than the bubble. Montreal added wings Tyler Toffoli (four-year contract) and Josh Anderson (seven-year contract) to provide a much-needed scoring punch.
Toffoli leads Montreal with seven goals, while Anderson has regained his former Columbus form with six points (four goals, two assists).
Defenseman Jeff Petry has forced himself into the very-early Norris discussion, leading the Habs with 11 points (four goals, seven assists). He's been one of the best two-way defensemen in the game, but the scoring touch adds an element to this Montreal blueline that already has Shea Weber and budding rookie Alexander Romanov.
We haven't even reached the mainstays; Brendan Gallagher (four goals), Tomas Tatar (six points) and Jonathan Drouin (nine points in nine games) have all been great.
The MVP, however, is Nick Suzuki.A name that Vegas Golden Knights fans are likely cheering for if they can, Suzuki is also at a point-per-game pace with nine points (three goals, six assists) after a two-point night Monday.
Suzuki, along with Tatar, were the main pieces in the infamous Max Pacioretty trade with Vegas in 2018. Suzuki was one of the triplets Vegas selected in the first round of their inaugural draft (Cody Glass, Erik Brannstrom). Glass, of course, is the lone wolf remaining with Brannstrom in Ottawa as a part of the Mark Stone trade.By the way, the Stone trade is looking like the greatest heist this side of Herschel Walker.
Suzuki has slowly developed a trusted 200-foot game while being a sneaky playmaker for the Habs. He came into the league with a wicked shot that would destroy light fixtures at the Las Vegas Ice Center. Now, he's added the passing to his repertoire. He's the star Montreal can build around.
Montreal leads the league at a whopping 4.33 goals per game, and that number has helped on the books. The Habs are 7-2 against the spread with the over cashing five times, including Monday's win against Vancouver. Montreal is 3-0-1 against Vancouver with each win by at least three goals.
That 6-2 win against Vancouver came after a 2-0 loss at Calgary on Saturday. Teams in the North Division are 6-1 this season in their first home game after playing on the road; overall, teams are 18-6 this year.
In short, this team is dangerous. Carey Price's numbers could be better (2.77 GAA, .903 save percentage), but the name of the game is to score more goals than the other team, and Montreal has done that better than most.
Good goaltending, a young team, in a realigned division that is up for grabs. Don't look now, but the Canadiens are coming. Here are our NHL sports betting picks for this weekend.
Stars at Blue Jackets: This matchup is going to come down to goaltending, which I expect to favor Columbus. Entering Tuesday, the Jackets have gone under the total the past three games. If Dallas is starting Jake Oettinger, the CBJ should have enough to get by. BLUE JACKETS Best sports bets to make with friends.
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Predators at Panthers: If Nashville could play on the road all year, it might as well. Entering Tuesday, all of the Preds' wins have come away from Nashville. The under has cashed in three of those wins, and if it comes down to goaltending, we know what Sergei Bobrovsky will not bring to the table. PREDATORS
Penguins at Islanders: After allowing 11 goals in their first two road games, Pittsburgh has won four of five away from PPG Paints Arena. Given New York's struggles of late, and Sidney Crosby finding his scoring touch, it's a perfect mix. PENGUINS
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