Anytime two or more adults wager money on the outcome of a sporting event, they are engaging in sports betting. It doesn’t matter if the wager is ₦1,000 or ₦1 billion, or if the sporting event is happening today, tomorrow or months down the road. If there is naira riding on the result of an event, it’s sports betting.
Sports betting comes in many different forms. You can wager on which team wins a game or event; how many total goals/points/runs two teams will score in a game or event; or even an individual athlete’s or team’s statistical performance.
Multiple factors determine how much money sports bettors can win, including: how much money is wagered or risked; the event’s odds, which are established by sportsbooks in the legal sports betting market; and which sportsbook a bettor chooses to do business with.
In the end, sports bettors and sports fans are quite similar—both are emotionally invested in the outcomes of sporting events. The only real difference: Sports bettors are also financially invested in those outcomes.
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Finding an Online Sportsbook
One way to bet on sports is through an online sportsbook. Online or mobile wagering allows bettors to establish and fund betting accounts and make wagers with a couple of clicks on their computer or mobile phone.
Because of its convenience, online wagering has become a major part of the Nigerian sports betting market, especially with mobile betting, football markets and digital payment options widely used by local bettors.
So what should you look for when choosing to do business with one or more online sportsbooks? Here are some tips:
- Do some quick research. This includes reading independent/nonpartisan reviews from reputable sources. It’s important to ensure that a sportsbook treats customers fairly, has appropriate security measures in place to safeguard your personal information, follows local betting rules where applicable, and expeditiously and accurately pays out winnings upon request.
- Investigate each sportsbook. While user reviews can be helpful, don’t be a slave to them. What one individual views as a negative you might view as a positive, and vice versa.
- Check out what each online sportsbook offers in terms of betting markets. This includes investigating which sports are included in the betting menu and the types of bets customers are allowed to make. Most online sportsbooks accept wagers on major sports such as football, basketball, tennis, boxing, golf, combat sports and more. However, some have limited options for secondary sports or events. Find the site that’s tailored to your preferences.
- ALWAYS read and understand the online sportsbook’s “house rules.” These will differ from one betting shop to the other. While these differences are often subtle, they can be significant and affect your personal experience. Simply put: Before placing any bet, know the rules. If you have questions about a rule or restriction, contact customer service or, where applicable, visit the retail shop and ask to speak with a supervisor.
How the Odds Work
When it comes to sports betting—and gambling in general—everything circles around the odds. If you’re new to the scene, the odds basically indicate the probability of an outcome occurring.
Many Nigeria-facing sportsbooks display decimal odds, which show the total return for every ₦1 staked. For example, odds of 2.50 mean that a successful ₦10,000 bet would return ₦25,000 in total, including ₦15,000 in profit.
For example, if the Super Eagles have 8.00 odds to win a major tournament, a ₦10,000 bet would return ₦80,000 if they won the title. On the other hand, taking Arsenal at 1.67 odds to beat Chelsea means a ₦15,000 bet would return about ₦25,050 in total if the selection won.
Note: Decimal odds scale with your bet amount; the ₦10,000 wager is simply used for ease of understanding how odds work. So if you bet ₦2,000 on a team at 8.00, the total return would be ₦16,000. If you bet ₦5,000 on a team at 1.67, the total return would be about ₦8,350.
Lower decimal odds usually indicate the “favorite,” which is the side that sportsbooks believe is more likely to win. Higher decimal odds usually indicate the “underdog,” which is considered less likely to win but offers a larger potential return.
Example: Enyimba at 1.45 to defeat Kano Pillars at 6.00 indicates that Enyimba are the favorite in this matchup, while Kano Pillars are the underdog.
If multiple teams or players are listed in a futures market, the lower decimal number usually denotes the favorite, while the higher number belongs to the underdog.
Example: In football, the odds to win a major international tournament might show Brazil 4.50, France 5.50, England 6.00, Argentina 7.00 and Germany 8.00. Brazil has the lowest number, and thus is considered the favorite.
If multiple teams or players have very close odds, the side with the smaller decimal number is still viewed as the stronger favorite.
Example: In a domestic football title race, Manchester City may be 1.80 to win the league, while Arsenal may be 2.10. Since Manchester City has the lower number, they’re the favorite to win the title.
Types of Sports Bets and How They Work
Sports betting has never been more accessible, but there’s a learning curve for those who don’t quite understand how all the different bet types work. Below we provide detailed explanations on the most popular bet types, including real-world examples.
Straight Bets
A straight bet is the most common type of sports wager. Sometimes referred to as a “single bet,” a straight bet is simply wagering on the result of a single game or event.
Example #1: Nigeria are playing Ghana in an international football match. You think Nigeria will defeat Ghana, so you make a straight bet on Nigeria.
Example #2: UFC heavyweight champion Francis Ngannou is fighting challenger Ciryl Gane. You believe Ngannou will win the bout, so you make a straight bet on the champ.
Moneyline Bets
One of the easiest methods of betting on sports is through moneyline betting. By making this type of wager, you no longer have to worry about point spreads or totals but instead pick the team, player, or side that you think will win the event.
In Nigeria, a moneyline wager will usually show decimal odds and be displayed as a typical match-winning market. So, if Nigeria were to play against Ghana and you thought Nigeria would win, you would then be able to place your moneyline wager on Nigeria. If Nigeria were to win the match then you would have a winning bet.
The most important thing to note is that the favourites are likely to have lower odds, and therefore, the underdogs, providing you with the opportunity for greater returns should they win. This makes it easy to understand moneyline betting, but still imperative to be very thorough and conduct research prior to placing your moneyline bets.
Tote Betting
Tote betting is a form of betting where all bets are placed into a pool. The company operating the tote pool then subtracts a percentage of the pool when all bets have been placed. The remaining money is then divided by the number of winning units to decide the dividend that will be paid out.
Spread Bets
The best way to think of spread bets is they’re related to margins of victory. A spread bet involves either “giving away” or “taking” a certain number of points/goals/runs. That number is determined by the sportsbook and reflects the expected victory margin.
Bettors choose whether they’re going to “take” the spread, which means betting the underdog, or “give” the spread, which means betting the favorite.
Example: D’Tigers (-5.5) vs. Angola (+5.5). If you think D’Tigers will win by at least six points, you would give or “lay” 5.5 points. If you like Angola’s chances to either win the game or lose by 5 points or fewer, you would take the 5.5 points.
All point spreads have odds attached to them, and more often than not, those odds are close for both teams. That means if you want to bet either D’Tigers -5.5 points or Angola +5.5 points, your potential return will depend on the decimal odds shown on the betting slip before you confirm the wager.
Parlay Bets
A parlay is a combination of two or more straight wagers into one bet. Parlays are popular because they open up the door to win bigger payouts while risking less money. Think of it as sports betting’s version of a lottery.
The number of legs, or bets, in a parlay, as well as the odds attached to each of those legs, determines how much a bettor can win. The bigger the parlay—and the bigger the bet—the bigger the potential payoff.
However, it’s important to note that parlays of any size are difficult to hit—and the more legs you add, that degree of difficulty increases exponentially. All it takes is for one leg to miss and your parlay is dead. In fact, if you go 6-1 on a seven-team parlay, you might as well have gone 0-7.
Here are the two main types of parlays:
- Same-game: A parlay constructed with multiple bets from a singular game.
- Multi-game: A parlay built with bets from multiple games. Note: the legs of a multi-game parlay don’t have to be from the same sport.
A third parlay type is called a “teaser,” which is most popular in point-spread markets. Like a parlay, a teaser is constructed with two or more teams. The main differences: Only point spread bets can be included in teasers, and bettors are allowed to shift the point spread by a certain number of points in any direction they desire.
Here’s an example of a four-team, 6-point basketball teaser:
- D’Tigers (-4.5) vs Angola
- Senegal (-2.5) vs Ghana
- Egypt (+7.5) vs Tunisia
- Kenya (+3.5) vs Rwanda
If you put D’Tigers, Senegal, Egypt and Kenya in your teaser, you would be able to move the point spread 6 points in your favor. So teaser point spreads would be:
- D’Tigers (+1.5) vs Angola
- Senegal (+3.5) vs Ghana
- Egypt (+13.5) vs Tunisia
- Kenya (+9.5) vs Rwanda
Because bettors get to move the point spreads, the payouts on teasers are much lower than parlays.
Totals Bets
Totals bets are quite similar to point spreads. Also referred to as “Over/Under betting,” totals bets focus on the final score of a given game rather than who wins the game.
When betting a total, you’re just predicting if the two involved sides will combine for more, Over, or fewer, Under, goals/points/runs than the total amount posted by the sportsbook.
Example: A Nigeria vs Ghana football match has a total of 2.5 goals. If you think both teams will combine for at least 3 goals by the end of the game, you would bet the Over. If you expect a tight match that ends with 2 combined goals or fewer, you would wager on the Under.
If you’re interested in diving into Over/Under betting, remember this popular saying as it relates to wagering on totals: “It’s never Under until it’s Over!” Meaning, as long as a game is ongoing, it’s always possible to win your Over bet or lose your Under bet.
On the flip side, if you bet on Nigeria-Ghana Over 2.5 goals and the score is 2-1 at halftime, you’ve got a winner and don’t have to sweat out the second half.
Futures Bets
Futures bets are another fun way to get involved in sports betting. Rather than wagering on a game taking place today or this week, futures bets are just that: bets that will be decided in the future.
Examples include betting on a team to win the Premier League; betting on a country to win football’s World Cup; betting on a golfer to win next year’s Masters tournament; and betting on a player to win a top scorer award.
Futures bets tend to offer greater odds—and thus larger potential payouts—than straight bets. The reasoning is simple: It’s tougher to predict, say, the Champions League winner at the start of a campaign than it is to choose which team will win a random regular-season game.
An important thing to remember about futures bets: The odds are constantly changing. For instance, just because Arsenal have 16.00 odds to win the league title on Day 1 of a season doesn’t mean those odds will hold firm for the next seven months. In fact, they most certainly will not.
Injuries, transfers and performing below or above expectations can affect how a futures market unfolds. That said, the odds you get when you place your wager will never change—in other words, if you bet Arsenal at 16.00, those are your odds all season. If the betting market drops Arsenal to 5.00 because they’re playing well, you made a great bet. But if Arsenal struggle and their odds drift to 50.00, well … your bet is in big trouble.
Serious bettors who get involved in the futures market are always looking for the best value. You should, too. That’s why it’s important to do your research before putting your money down. After all, why would you bet Arsenal at 16.00 at one sportsbook when another is offering odds at 18.00?
Prop Bets
While other markets focus on the final outcome of a game or event, prop bets relate to an individual athlete’s performance—or even something that doesn’t show up in the boxscore.
One example of a player prop would be betting on Victor Osimhen’s total shots in a game, Over or Under 2.5 shots.
One example of a prop bet that has absolutely nothing to do with the actual action on the field or court would be predicting a special-event outcome that is connected to the broadcast or celebration rather than the match result itself.
Here are some of the more popular forms of prop bets:
- Player prop: Relates to a single player’s performance, such as total number of points scored in a basketball game, goals in a football match or rushing yards in a football game.
- Game prop: Relates to a single game, such as choosing which player will score first in a football match or which team will finish with more total shots.
- Novelty prop: Usually reserved for big events—novelty props can range from the length of the national anthem to the first song that a halftime artist will perform.
How Do Payouts Work in Sports Betting?
Sports betting payouts are determined by the odds attached to your bet and the amount of your wager. This potential payout is always listed on your betting slip, whether you wager online or in person.
Sometimes the payout shown includes the money you wagered—for instance, if you bet ₦10,000 to win ₦50,000, the payout would show ₦60,000. If it doesn’t, just add the amount you bet to the potential winnings to determine the total payout.
You can also calculate potential odds and payouts before making a bet. This can be done by learning various odds and payout formulas, or by using an online betting/odds calculator.
Some online sportsbooks do offer payout bonuses, which can boost your winnings. If and when these bonuses are available, you’ll receive an alert when you log into your online betting account.
Bettors can withdraw funds from their betting accounts at any time. How long it takes for the money to hit your bank account varies by sportsbook—which is another thing to look into when researching the best sportsbook for you.
Can You Make Money Betting Sports?
You absolutely can turn a profit betting sports, just like you can playing the stock market. Unfortunately, it’s not easy—especially over the long haul.
Keeping that in mind, don’t jump into sports betting with the expectation that you’re going to win every bet you place, because you won’t, or make life-changing money, because very few do.
Now, you can certainly improve your chances of making money by being disciplined, meaning not betting more than you can afford to lose, doing research and seeking the advice of respected and successful sports bettors. And if you’re disciplined and responsible, you certainly can have a lot of fun along the way.
Just always remember: As with most everything in life, there are no guarantees in sports betting. There’s also no such thing as a sure thing.
