Are you ready to dive into the world of sports betting and place a straight bet at BetMGM Sportsbook? Let’s kick things off with a quick summary. Placing a straight bet means you’re wagering on a single outcome in a sporting event. It’s straightforward, pun intended, and it’s one of the most popular ways to bet. Now, let’s walk through the process step by step.
Understanding Straight Bets
Before we place our bets, let’s clarify what a straight bet really is. In essence, it’s betting on a specific event outcome, like a team winning or a player achieving something remarkable. The odds can be plus or minus, indicating underdogs and favorites respectively. Straight bets are typically moneyline bets, where you’re wagering which team will win the matchup. Pretty straightforward, right?
Remember that responsible gambling is key; never wager more than you can afford to lose. Here’s an example placing a moneyline bet on the Orlando Magic.
Calculating Your Potential Winnings
Now that you understand the basics of placing a straight bet, let’s delve into the exciting part—calculating your potential winnings.
Straight bets offer simplicity when it comes to determining your payout. The amount you stand to win depends on two key factors: the odds and your wager amount.
- Odds: As mentioned earlier, odds can be expressed as plus or minus. A minus sign (-) signifies the favorite, while a plus sign (+) represents the underdog. The odds indicate how much profit you can make on a successful bet.
- Wager Amount: This is the amount of money you decide to risk on your bet. It’s entirely up to you, and you can choose to wager as little or as much as you like, as long as it falls within the sportsbook’s minimum and maximum betting limits.
Calculating Potential Profit for Plus (+) Odds
If you’re betting on an underdog with plus (+) odds, here’s how you calculate your potential profit:
Potential Profit = (Wager Amount) x [(Odds) / 100]
Let’s say you bet $100 on an underdog with +250 odds. Using the formula:
Potential Profit = $100 x [(250) / 100] = $250
In this scenario, a successful $100 bet on the underdog would yield a profit of $250, in addition to getting your initial $100 wager back.
Calculating Potential Profit for Minus (-) Odds
For favorites with minus (-) odds, calculating potential profit is a bit different:
Potential Profit = (Wager Amount) / (Odds / 100)
Suppose you bet $150 on a favorite with -120 odds:
Potential Profit = $150 / (-120 / 100) = $125
In this case, a successful $150 bet on the favorite would result in a profit of $125, alongside the return of your initial $150 wager.
Understanding how odds and your chosen wager amount interact will help you make informed betting decisions and maximize your potential winnings. It’s a crucial aspect of straight bets that empowers you to bet confidently on BetMGM Sportsbook.
Step-by-Step: Placing Your Straight Bet
Step 1: Find an event to bet on
Once you have the BetMGM Sportsbook App opened and are logged in, the first step is finding the event you want to place a bet on. You can search for the event by scrolling the home screen or using the A-Z Sports Menu. In the video above, I’m betting the Miami Heat as a two-and-a-half-point underdog.
Step 2: Enter an amount to wager
After selecting your bet, the second step is to enter your wager amount. To do so, select the bet slip button at the bottom of the screen. On the bet slip screen, enter the amount you want to bet.
Step 3: Place your bet
The third and final step to placing a straight bet is pressing the “place bet” button at the bottom of the screen.
How To Place a Straight Bet at BetMGM
Is a moneyline bet a straight bet?
Is it better to straight bet or parlay?
In general, parlays are tough to win in the long term, making straight bets a better bet if you’re trying to profit from sports betting.
What is the payout for a BetMGM straight bet?
When you click on a line at BetMGM, the potential payout will automatically appear on your bet slip.