Sports betting is everywhere in Nigeria 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.
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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.
However, there is a way experienced bettors work around this, through a strategy known as value betting.
This strategy is simply about identifying bets where the probability of a given outcome is greater than the odds offered by a bookmaker. You can learn more by reading our article on value betting.
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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.
You can place matchwinner bets (and more) with any of our recommended best betting sites.
To learn more about which betting site best suits your preferences, read our in-depth reviews of all legally operating betting sites in Nigeria.
Also, check out our betting offers page to see which betting sites have promotions and bonuses you can take advantage of when betting on a matchwinner market.
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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.
For any event that is part of a sports match, sportsbooks will set a total line for bettors to wager on.
For example, in a football match, a bookmaker might set the total goal line at a range from 0.5 to 6.5, with each line having corresponding odds that reflect the likelihood of that outcome.
You can bet on over 1.5 goals if you expect two or more goals or under 1.5 goals if you think there will be fewer than two goals in the game.
For more details on over/unders betting, have a look at our comprehensive guide on What is Over/Under in Football Betting.
Give a boost to your next sports bet4. Sports Betting for Beginners: Accumulators
An accumulator, also called an acca, parlay, or multi-bet, is a type of bet where you combine multiple selections into one single bet slip or wager.
By doing this, you’re essentially multiplying the odds of each individual event, which leads to a higher total odds and payout.
So, instead of betting ₦100 on a single event (known as a “Single”), you could use that same ₦100 to bet on two or more events combined in an accumulator on the same bet slip.
The more selections you add, the higher your potential winnings, but it also comes with a greater risk. That’s because if even one of your selections doesn’t come through, the entire bet loses.
Accumulator Bet Example
For example, you could combine Team A to win, Team B to draw, and Event C to have over 2.5 goals into a three-leg accumulator:
(Team A @ 2.00 odds) x (Team B @ 3.00 odds) x (Team C @ 2.50 odds) = 15 odds.
₦100 x 15 = ₦1500.
If all three outcomes go as predicted, you could win ₦1500 from a ₦100 wager. The allure of big wins from accumulator bets makes them an enticing betting strategy for beginners in sports betting.
Accumulators have always been popular among Nigerian bettors, but there’s a newer, exciting variation known as Bet Builders. Many bookmakers in Nigeria, like Betano, betBonanza, Betway and Betking, now offer this feature.
A Bet Builder is similar to an accumulator, but instead of combining selections from different events, you can stack multiple bets from the same match.
For instance, if Liverpool are playing Ipswich, you could create a Bet Builder that includes:
- Liverpool to win
- Over 1.5 goals in the match
- Mo Salah to score anytime
- Darwin Nunez to score anytime
With a Bet Builder, all these selections are combined into one single bet, allowing you to predict various outcomes from a single game.
However, the odds may be slightly lower than a traditional accumulator because the selections are likely correlated (i.e., if Liverpool win, there’s a higher chance Mo Salah might score).
To learn more about how accumulators work, check out our comprehensive guide.
And, for a bit of inspiration, take a look at some of the astonishing accumulator wins in recent history and see how a single bet can change someone’s life in an instant.
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5. Prop Bets
Proposition bets, or prop bets for short, are wagers on individual player performances or specific game events.
They share similarities with over/under betting as you’re mostly betting on whether individuals or teams will exceed or fall short of a given statistic.
But when most people talk about prop bets, they’re usually referring to player props, particularly in popular North American sports like the NBA, NFL, and Major League Baseball (MLB). Of course, you can also place prop bets in football.
Player and team props might look something like this:
- LeBron James over or under 26.5 points
- Aaron Judge over or under 2.5 home runs
- Lamar Jackson over or under 2.5 touchdowns
- Kylian Mbappe over or under 2.5 shots on target
- Erling Haaland to score the first goal
- Penalty awarded in the match
Prop bets can be incredibly profitable, especially if you’re someone who really knows their stuff about a particular sport. They’re easy for beginners to pick up, making them a great starting point if you’re new to sports betting.
Plus, they’re ideal for creating bet builders, where you can combine different player props from the same game for higher payouts.
The best betting sites offer hundreds of props on every single game, opening up tons of options. This sheer volume can create an arbitrage opportunity because sportsbooks often struggle to accurately price all these different outcomes.
Even if you’re not knowledgeable about stats, building your own models, simply tracking certain props and understanding how they’re valued can give you a nice edge over the bookies.
Give a boost to your next sports bet6. Sports Betting for Beginners: How to Place a Bet
Okay, you know now the different bet types. But how do you actually place a bet? Modern sportsbooks make this process quite user-friendly.
- Register or log in to your preferred licensed and regulated sportsbook.
- Navigate to the match(es) or event(s) you want to bet on.
- Select your bet type (matchwinner, over/unders, props, etc.).
- Enter Your Stake
- Review your bet and hit ‘Place Bet’.
Most sportsbooks will also provide a ‘bet slip’ feature that shows your potential winnings before you confirm.
300% First Deposit Bonus up to ₦1456007. Betting Budget
One of the golden rules of sports betting is to never bet more than you can afford to lose. As a beginner, you need to learn the ropes, start slowly and avoid chasing big wins with large stakes.
We recommend you use the Flat Betting strategy, where you stake the same amount on every bet — typically between 1% to 5% of your total betting budget.
For example, if your betting budget is ₦10,000 and you choose a 5% flat bet strategy, you would wager ₦500 on each bet, regardless of the odds. This approach helps control your losses and promotes responsible gambling.
With a flat betting strategy, you won’t lose your entire betting budget during a bad stretch, and you also set yourself up for good profits when your bets do well.
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Where to Place Your Bets: Best Nigerian Betting Sites
So, where can you actually place a bet in Nigeria? Selecting the right sportsbook can significantly enhance your betting experience.
With dozens of betting platforms available in the country, it’s important to make sure you’re signing up with a bookmaker that’s legitimately licensed to operate here.
This ensures that when you win, the bookmaker can pay you, and if any issues arise, you have recourse to regulatory bodies for resolution.
For beginners in sports betting, choosing the right bookmaker can be challenging. That’s why we’ve done all the hard work for you by thoroughly reviewing every legally operating betting site in Nigeria.
Our comprehensive reviews cover everything you need to know, helping you make a well-informed decision about which platform suits your betting style and preferences.
Our reviews cover various aspects like top-notch customer service, seamless mobile betting, and generous welcome bonuses, as well as ongoing promotions for new and regular punters alike.
Whether it’s quick payouts, a user-friendly app, or rewarding loyalty programmes, we’ve got you covered so you can find a platform that aligns perfectly with what you’re after.
To make the right choice, you can also refer to our article, which outlines what to look for when selecting and registering with a Nigerian betting site.
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Bet Responsibly!
Remember, sports betting should always be enjoyable. It’s easy to get carried away, especially when trying to recover losses. The best bettors know when to step back and take a breather. Always bet responsibly and avoid chasing losses.
In sports betting, you will have both good days and bad days. This is an important point for every beginner to keep in mind. Just like any other activity, it’s essential to periodically evaluate how you’re doing.
Tracking your bets can help you pinpoint your strengths and weaknesses. It can reveal what’s working and what’s not.
This insight lets you know if you’re better at predicting football outcomes than basketball or if you have more success with player props compared to over/under bets.
Understanding these patterns helps you focus your resources effectively on what’s working best for you and maximises your chances of winning.
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