Worry Not, New Gamblers. Your Basic Guide To NFL And Colts Betting Is Here

Posted on September 9, 2020 - Last Updated on September 13, 2020

The Indianapolis Colts are ready for another NFL season, and we have your betting options covered.

The team will kick off its football calendar against the Jacksonville Jaguars on Sept. 13.

With football back in the mix, gamblers from all over Indiana will be getting in on the Colts action.

This fall will be only the second year of NFL betting in the Hoosier State.

However, if you’re new to the sports betting world, things can get a bit overwhelming.

We’ve got a breakdown of the NFL betting basics, on everything from how to sign up for a sportsbook to the different types of Colts betting options out there.

How to sign up for a sportsbook

Whether you’re an Indiana native or you’re visiting from out-of-state, you have plenty of sportsbook options.

Right now, Indiana has eight different online sportsbooks that you can pick from.

Signing up is easy. Just click on any of the links above on your computer or mobile device to get started.

Most of these sportsbooks have smartphone apps in Indiana, which will give you quick and easy access to your account.

Since there are so many sportsbooks out there, you’ll have the chance to shop around a little. Each book has its own set of odds, promotions and betting options that will change from game to game.

You may find that you like one sportsbook more than another, so feel free to try a handful of the options and look around a bit until you find one that feels right for you.

If online betting isn’t your thing, you can always visit a retail casino to place your bets.

You won’t have to sign up to place a bet in person, but you’ll have to return to the casino later to collect your winnings when it’s all said and done.

How to make a sportsbook deposit

Before you can bet on the Colts, you’ll have to deposit some money into your sportsbook account.

Thankfully, there are a ton of options out there that only take a minute or two to set up. Here’s a look at a few of the options you’ll have when it comes to funding your account:

  • Credit or debit card: Just like ordering a pizza or shopping online. Enter your credit or debit card’s number, expiration date and security code.
  • Online banking: Transfer money directly from your bank account to your sportsbook account. You’ll have to sign into your bank account online.
  • PayPal: Make a sportsbook deposit using your PayPal account. PayPal sign-in details are required.
  • Prepaid cards: Some sportsbooks are willing to send you a personal prepaid card in the mail. You can then use that card to fund your sportsbook account.
  • Electronic checks: Uses the routing number and account number from your bank to transfer money to a sportsbook.
  • Wire transfers: A slower way to deposit that will take a few days. Some sportsbooks have a minimum deposit amount for wire transfers.

So now that we’ve covered how to put money into your account, the obvious follow-up question is, how do I take money out of my account? After all, you’ll want to spend your NFL winnings at some point.

Withdrawing money from your sportsbook account is easy.

Most sportsbooks give you the option of sending the money directly to your bank account, PayPal account or to your home via check. All of those options will take a handful of days to complete, but are available at the click of a button.

How to bet on the NFL

Once you’ve put some money into your sportsbook account, the next step will be actually placing a bet.

There are a few different kinds of sports bets out there, so we’ll cover the basic ones here.

When it comes to sports betting, the team with the “-” in front of its odds is the favorite, and the team with the “+” is the underdog.

Moneyline betting

Moneyline betting is the most straightforward, since you just have to pick which team you think will win the game.

For example, here’s a look at the moneylines for the Colts’ season opener, according to DraftKings:

  • Indianapolis Colts: -400
  • Jacksonville Jaguars: +320

The lines tell you how much money you would win betting on either team. In this case, you would have to bet $400 on the Colts in order to win $100, or a $100 bet on the Jaguars would win you $320 if they pulled off the upset.

Spread betting

Spread betting is a different story. Instead of picking the outright winner, you’re betting on the margin of victory.

Here’s a look at FanDuel’s spreads for that same Colts-Jaguars game:

  • Indianapolis Colts: -7.5
  • Jacksonville Jaguars: +7.5

If you’re betting on Indy’s spread for this game, you would need the Colts to not only win the game, but to win it by eight points or more. You would technically need the Colts to win by 7.5 points or more, but since you can’t score a half point in football, eight is the closest possible value.

Conversely, if you take Jacksonville’s spread, you would need the Jaguars to lose by seven points or less.

Since the team is expected to lose, if the Jaguars end up winning the game you would also end up winning your bet, regardless of their margin of victory.

Total betting

Betting on point totals is another popular type of bet.

Total betting makes a prediction on what the combined score between the two teams will be. Gamblers can then bet the over or the under on that total, based on how many points they think both teams will actually end up scoring.

Right now, BetMGM has the total for the Colts’ season opener set at 45.

If you think it’ll be a low-scoring game and that both teams will combine for less than 45 points, then taking the under could be a nice choice.

If you feel like a high-scoring display is in the cards, taking the over might be for you.

Moneylines, spreads and over/under betting are only a few of the gambling options out there, but they are the most popular.

Whether you’re betting on the Colts or a different NFL team this fall, now you have all the tools you need to get started.

Photo by AP Newsroom
Jake Garza Avatar
Written by
Jake Garza

Jake Garza is a sports writer based in Indianapolis, IN. He's an Indiana University graduate who's spent time as a sports reporter covering teams at the prep, collegiate and professional levels.

View all posts by Jake Garza