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How To Bet On Basketball: NBA Betting Guide For 2023-24 Season

Placing bets on NBA action can lead to substantial profits, but going in on a whim without any research or preparation can backfire in a big way.

That's why the team at Odds Shark wants to put you in the best position possible to make bank on your basketball wagers, with the following guide setting you up with the tools of the trade you need to maximize your success and fill your bank accounts.

How To Bet On The NBA

There are several ways one can put money down on the sport, and even for the most seasoned bettors, reestablishing the basics can pay dividends in the long run. This guide will run through the specific types of bets you can make, while also presenting strategies you can use on a regular basis.

Moneyline

Betting the moneyline is also referred to as a "straight-up bet," meaning you're simply picking the winner of a specific game. If the team you bet on emerges victorious, then so do you.

TeamMoneyline 
Toronto Raptors+150
Philadelphia 76ers-120

In this example, the Philadelphia 76ers are considered the favorites in their game against the Toronto Raptors, evident by the minus sign (-) displayed in front of their numerical odds. The Raptors are the underdogs, which is made apparent by the plus sign (+) next to their respective numerical odds.

If you were to bet on the Sixers to defeat the Raptors on the moneyline by betting $100 and Philadelphia won, you'd receive your original bet back along with $80 in profit. If Toronto won, the profit would be larger - in this case, your original bet and $150 in profit - because it was the underdog in this matchup. 

Totals (OVER/UNDER)

For a totals bet, the winner and loser of a game plays no part in the result of your wager. All that matters is if the total combined score of the two competing teams is OVER or UNDER a preset number set by oddsmakers. 

TeamTotal
Toronto RaptorsO 240.5 (-110)
Philadelphia 76ersU 240.5 (-110)

In this example, oddsmakers have set the total for a game between the Raptors and 76ers at 240.5 points. 

To make a totals bet, you can either pick the final score exceeding 240.5 total points (241 or more) as an OVER or pick it falling below 240.5 total points (fewer than 240) as an UNDER.

If the final score was the Sixers defeating Toronto 126-122, that would mean the total went OVER, since 248 total points is higher than what oddsmakers had at 240.5 total points. With -110 odds, which is fairly common in the OVER/UNDER market, a winning bet made with $100 would give the original bet back and $90 in profit.

Point Spreads

A spread bet provides more flexibility beyond simply picking winners of games like one would do with a moneyline bet. The spread is indicative of what the point differential could end up being on the scoreboard.

TeamSpread
Toronto Raptors+4.5 (-110)
Philadelphia 76ers-4.5 (-110)

Using what we learned with moneyline bets and the minus (-, favorites) and plus (+, underdogs) signs, we can see here that the 76ers are favored to beat the Raptors by at least 4.5 points. 

If one bets the spread for the 76ers to cover, that means Philadelphia would need to beat Toronto by at least 4.5 points (five or more) for a winning bet. If the 76ers won the game but the point differential was by four points or less, that would result in a win for anyone who bet on the Raptors because they "covered the spread."

If Toronto won the game outright, that would also equate a winning spread bet for the Raptors. 

If the spread was a whole number like 4 instead of 4.5 and the final score was separated by exactly that amount, then the result would be a PUSH and the bettor would get their original bet back with no profit or loss.

Player/Team Props

A prop bet is short for "proposition betting," which means betting on specific instances to occur or not occur during a basketball game by a player or a team as a whole. 

Here's a look at some of the more popular player and team props for NBA basketball, especially for those new to sports betting:

  • How many points will Player X score in a game?
  • How many rebounds will Player X grab in a game?
  • How many assists will Player X distribute in a game?
  • How many combined points, rebounds, and assists will Player X finish within a game?

Futures

An NBA futures bet tends to revolve around the outcomes of both the regular season and playoffs as opposed to specific games the day of.

Odds are never set in stone either, as they'll constantly fluctuate over time based on performance, change in record, injuries, and numerous other mitigating factors. They're something worth constantly monitoring.

Here are some examples of some of the more popular futures bets:

  • Which team will win the NBA championship?
  • Which player will win the Most Valuable Player award?
  • Will Team X qualify for the NBA playoffs?

Advanced NBA Betting Options

Knowledgable sports bettors can take their experience to an entirely different level with more advanced wagers, although newbies should steer clear until they fully grasp the fundamentals. These types of bets have a greater risk-reward factor, but as mentioned, should only be saved for seasoned vets as as they're far more difficult to win as opposed to general spreads, moneyline, and totals.

Parlays

An NBA parlay incorporates numerous wagers into the same bet, but all of the wagers need to be successful in order for the parlay to be a winner. 

Here's an example of a same-game parlay, meaning all of the wagers are being made for one specific game (Raptors vs. 76ers):

BetOdds
Philadelphia ML-168
Joel Embiid To Score OVER 26.5 Points-122
Gradey Dick To Hit 2+ 3-Pointers-410
Overall+214

In this example, the same-game parlay is picking the 76ers to defeat the Raptors as a moneyline bet, Joel Embiid to score OVER 26.5 points, and Gradey Dick to hit more than two 3-pointers. If all of those scenarios happen, then the same-game parlay would be a winner.

However, if even one wager falls short, then the entire parlay crumbles and it results in loss. Philadelphia could win the game, and Embiid could drop 30 points on Toronto to hit the OVER, but if Dick fails to connect on a 3-pointer, then that ruins the entire parlay.

In short, it's basically all or nothing, which elevates the risk factor exponentially. 

Live Betting

As the name would indicate, live bets are made once the game in question has gotten underway and is still ongoing at the time of the bet.

The odds will fluctuate based on the ebb and flow of the game. The Sixers, for example, may have been a heavy favorite against the Raptors prior to tip-off, but Toronto could have a massive lead at halftime which changes the odds entirely. 

You're essentially at the mercy of momentum, but making a bet at the perfect time during a game can be far more rewarding than if it were done earlier in the day.

NBA Betting Tips & Strategies 

There's no set rules or blueprint for how to find consistent and sustained success when betting on the NBA, and that's part of the fun. Being great requires a ton of digging and due diligence, but what works for some may not work for others.

Regardless of how you choose to bet on the league, here are some helpful tips and strategies to consider prior to locking in any wager.

Strategy No. 1: Recent performance

If the Sixers are riding a five-game winning streak heading into their game against the Raptors, who've won just a single game over their last five outings, that's going to play a major part in how you bet on that matchup. 

The tricky thing about professional sports in general is that any team can beat any other team on any given night. Even so, it's important to find patterns in performance to help you lean one way or the other. Streaks end, and every dog has its day, but you'll ultimately feel better knowing you did your homework and followed those patterns. 

Strategy No. 2: Matchup history

If the Sixers had won 10 of their last 11 games against the Raptors, how confident would you be in betting on Toronto to pull off the upset?

Not that confident, of course, because history is telling you that the Raptors rarely beat Philadelphia when going head-to-head. There's more money to be made should an upset occur, of course, but how likely is that to happen based on what you know?

Never go too far back into a matchup history, though, because the Sixers sweeping a season series in 2016 doesn't mean a great deal in 2024 because the teams and circumstances are entirely fresh. 

Strategy No. 3: injury reports

In today's day and age, injury reports can drastically change at a moment's notice and completely shift odds in favor of one side hours before tip-off. 

The Sixers may be heavy favorites to knock off the Raptors, but if Embiid were hypothetically yanked out of the starting lineup for rest on a nagging ailment, Toronto's odds would dramatically improve since it wouldn't have a former MVP winner to contend with. 

Never assume that every player for any team will be available to play when you need them to most. Checking injury reports throughout the course of the day is an absolute must. 

Creating An NBA Betting Account

  1. Pick a Sportsbook

    Select the one you like best. Sportsbooks are betting sites you visit to wager on the NBA. Each and every betting site we champion is trustworthy, safe, secure and meets our standards. If they didn’t, we wouldn’t recommend them. There are many places to bet on the NBA. Head over to our best NBA betting sites to find the sportsbook that's the best fit for you.

  2. Sign Up

    Registration is easy and only takes a couple of minutes. Provide your name, email address, deposit information and birthday to verify that you are legally permitted to gamble. Enter all relevant information and wait for a confirmation email or link. Have your deposit info nearby because as soon as the sign-up process is finished, you can make your first NBA bet.

  3. Make a Deposit

    How you choose to fund your account is entirely up to you. Gambling for real money at your preferred sportsbook entails deciding on a deposit option that makes sense for your needs. Almost all betting sites let you make deposits with your credit cards (Visa, MasterCard, AMEX), e-wallets (PayPal, Neteller, Skrill), and debit. Some online sports betting sites will accept cryptocurrency as a deposit method. You’ll typically find gambling sites that take Bitcoin, Litecoin, Dash and Ethereum.

  4. Place Your Bet

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