Nigeria’s sports betting boom shows no signs of slowing, fueled by online convenience and a passionate youth fanbase. Physical shops have given way to mobile apps, attracting a wave of new bettors daily. This dynamic landscape, encompassing both sports and online casinos, now generates billions of dollars yearly.
However, for beginners in online sports betting, navigating the terminology and strategies can feel daunting.
This guide demystifies the process, equipping you with seven essential tools every beginner needs to confidently navigate any online sportsbook in Nigeria.
Here’s an introduction to online sports betting with seven things that every newbie needs to know.
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Mastering Master Online Sports Betting: 1. Favourites vs. Underdogs
The bookies (the guys taking bets) analyse the teams and their chances in a particular game, then set odds for each team.
These odds tell you how likely they think each team is to win and how much you can win if your guess is correct. In sports betting, there are two kinds of teams:
- Favourites: These are the teams everyone expects to win. They’re so likely to win that the bookies set their odds of winning very low.
- Underdogs: These are the teams everyone thinks will lose. They’re not expected to win, so their odds are much higher.
Here’s an example to make it even clearer:
Let’s say two football teams, Kano Pillars and Wikki Tourists, are playing. Kano Pillars are the current champions, so they’re the favourite with odds of 1.50. That means for every ₦100 you bet on them, you’ll only get ₦150 back if they win. Not much of a profit, right?
Wikki Tourists, on the other hand, are the underdog with odds of 5.00. That means for every ₦100 you bet on them, you could win five times your money, or ₦500 if they win!
So, remember:
Favourites: The expected winners, the safe bets with low odds and low payouts.
Underdogs: The unlikely heroes, the long shots with high odds and potentially big payouts.
2. Matchwinner Market
Simply put, it’s a betting market where you predict the winner of a specific game/match. You pick a team (either the favourite or the underdog), place a bet, and if your chosen team wins, you win the bet! Odds tell you how much you could win based on how likely they are to win.
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3. Overs/Unders
Over/under betting doesn’t require predicting which team will win or the exact match score. It focuses on the total number of events or statistics in a game.
A line is set by the sportsbook to represent the expected total, and bettors predict whether the actual outcome will be over or under this line.
While the most common form of over/under betting revolves around the total goals or points in a match, this market extends to various events and statistics, including player props, team totals and game totals on listed events.
For instance, in a football match, if the bookmaker sets the total goal line at a range from 0.5 to 6.5, you can bet on over 1.5 goals if you expect two or more goals or under 1.5 goals if you anticipate fewer than a goal in the game.
To gain deeper insights into overs/unders betting, be sure to explore our comprehensive article.
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4. Mastering Online Sports Betting: Accumulators
Accumulators, also known as parlays and accas, offer the chance to combine multiple bets for potentially massive payouts.
So instead of staking ₦100 on a single event, you can stake the same amount on two or more events on the same betslip for a bigger payout. The payouts will vary based on how many bets you include and the odds of those bets.
For instance, you could combine Team A to win, Team B to draw, and Team C to win into a treble accumulator:
(Team A @ 2.00 odds) x (Team B @ 3.00 odds) x (Team C @ 2.50 odds) = 15 odds.
₦100 x 15 = ₦1500.
So, if all three outcomes go your way, you could win ₦1500 on a ₦100 wager.
As you can see, the odds are massively increased for an accumulator, much more so than if you were to bet on each selection at its own odds. However, remember that the risk is also much higher. If even one team loses, the entire bet is lost.
For a comprehensive understanding of accumulators and how they function, make sure to read our guide.
You can also read up on the most remarkable accumulator wins to understand the incredible potential of successful accas. These stories can be truly inspiring and show how a single bet can change someone’s life in an instant.
5. Placing Your Bet
Now that you’ve chosen your weapon (bet type), it’s time to enter the stadium (sportsbook). Most online sportsbooks in Nigeria offer user-friendly interfaces and straightforward betting procedures. Here’s a quick guide:
- Register or log in to your preferred licensed and regulated sportsbook. This article guides you through selecting and registering for the sportsbook that best aligns with your preferences.
- Select your desired sport and match.
- Browse the available bet types (favourites/underdogs, matchwinner, over/under, etc.).
- Click on your chosen bet type.
- Enter your desired stake amount.
- Double-check all your bet details, confirm and place your bet.
6. Where to Bet: Best Nigerian Sportsbooks
With numerous online sportsbooks emerging, choosing the right one can be daunting. That’s why here at sportbetting.ng, we’ve exhaustively reviewed all legal and licensed online sports betting platforms in Nigeria, assessing factors like:
- Welcome bonuses and promotions.
- Variety of sports and betting options.
- Competitive odds and payouts.
- User-friendly interface and mobile app.
- Customer service and payment methods.
Explore our in-depth reviews and compare features to find the perfect sportsbook that matches your preferences and playing style.
7. Mastering Online Sports Betting: How Much to Bet
As a beginner in online sports betting, it is important for you to start slowly and avoid chasing quick wins with impulsive bets.
That’s why we recommend the flat betting strategy, which promotes consistency and risk management. Flat betting involves using a fixed percentage of your bankroll on each bet, regardless of the odds.
For example, if your bankroll is ₦10,000 and you choose a 5% flat bet strategy, you would wager ₦500 on each bet. This approach helps control your losses and prevents impulsive decisions based on emotions. Learn more about flat betting in our comprehensive article.
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Bonus Tip: Bet Responsibly & Play for Fun!
Sports betting should be a fun and exciting pastime, not a source of financial hardship. Always remember to:
- Set a budget and stick to it. Only bet what you can afford to lose.
- Don’t chase losses. Losing is part of the game, so don’t try to recoup your losses by betting more.
- Take breaks and have fun. Don’t get consumed by betting. Enjoy the sports you’re watching and celebrate your wins responsibly.
By following these tips and the information provided above, you’ll be well-equipped to navigate the online sports betting landscape in Nigeria with confidence and knowledge.
It’s important to remember that sportbetting.ng is here with you every step of the way, providing a wealth of knowledge, educational resources, and informative guides to support your sports betting endeavours. Good luck, and may your bets be victorious!