Besides being an industry, sports betting is a ‘world’ on its own. It’s so huge that knowing where to start from doesn’t come easily. There are so many kinds of sports and each sport has so many betting options you can pick to win money. Therefore, if you have been looking for a comprehensive beginner’s guide for sports betting, this (sports betting for beginners) is for you. Everything you need to know about sports betting as new bettors is discussed below. Come along!
What is Sports Betting?
For most of us, the thrill and unpredictability of sports is beyond amazing. We ride the emotional waves like they are our own, from the lows of unexpected losses to the highs of spirited wins. To think this experience could be better was not something we thought possible, but that is exactly what sports betting offers. It moved us from spectators to stakeholders.
Simply, the act of placing a wager on the result of a sports event is known as sports betting. Essentially, instead of just cheering a team to victory, you put your money on them to win and as a result, you win more money if your predicted outcome is correct or accurate. Therefore, it adds financial gain to entertainment.
Now, sports betting is not just a mere gambling of luck like many think it is. It is an amazing combination of strategy, psychology, and chance. Today, sports betting is a multibillion-dollar industry, with 2020 Grand View Research estimating the value to be over 83 billion dollars globally.
Is Sports Betting Legal?
As a beginner, one of the first things you should pay attention to is the legality of sports betting. For instance, state-authorized sports gambling was prohibited in the US until 2018. Since 2018, each state is allowed to decide the legality of sports betting, which has seen sports betting legalized in more states, setting aside the federal ban.
The United Kingdom is more relaxed about sports betting, with several regulated bodies overseeing the industry. Hence, the UK is one of the most favorable countries for sports bettors. Asian countries are very averse to sports betting, such that severe penalties are often meted out to bettors. The Philippines have recently become an exception, allowing licensed operators to conduct online betting, giving room for legalized sports betting.
Therefore, as a beginner, find out about the laws and regulations of your jurisdiction before placing the first bet. Otherwise, you may face serious legal issues. It is also important to note that even if you move to a new jurisdiction as a tourist, you can face heavy fines and jail time if caught placing an illegal bet. Therefore, always check the laws and regulations of a jurisdiction before placing the first bet.
What is the Legal Age for Betting?
Most countries, including the United Kingdom, Germany, and France, in Europe set the minimum legal age for betting at 18. Other European countries like Greece, it’s 21 years. In Asia, the legal age for betting is 21. It is 18 years old in Australia.
The United States has different legal betting ages because each state largely depends on its betting laws. It is 21 years for most states, but some states allow 18 year olds to participate.
Before placing your first bet, always check and confirm what the legal betting age for your area is to avoid getting in trouble.
What types of Sports Bets can you Choose?
There are so many types of sports that bettors can look into. In fact, the options are overwhelming. As a rule of thumb, start with the sport you already know as a beginner. Now, it goes a step further than just being a fan, you are now a prospective bettor. The details that didn’t matter before now matter. For instance, team dynamics, player forms, team forms, and type of bet are important. These details will form the foundation of your betting strategies as you begin to learn the ropes of sports betting. The type of bet you choose significantly influences your success rate. So, let’s look at the basic types of sports bets:
Moneyline
Moneyline bets are the most common and easiest type of bet. It is basically about predicting the winner of a sports event. Its simplicity makes it the perfect starting point for beginners. Moneyline is a good place to start learning the rope, gaining the understanding of the basic mechanics of betting as you go.
Example
If Manchester United have a game against Liverpool, a moneyline bet simply means you place your money on either to win. If your bet is on Manchester United to win, then you win if Manchester United beat Liverpool.
Over/Under
Over/under is commonly called totals. Unlike Moneyline, it is not about who wins or loses. It is rather focused on the total points or goals scored by either or both teams. So, instead of a win or lose, you leverage your understanding or analysis of both teams’ offensive and defensive potentials to predict whether the score will be low or high. Examples of the important factors to consider when using this option are the availability of key players in either attack or defense and the weather, depending on the sport.
Example
In a football or soccer game, there are different over/under options. It could be about number of goals, corners, fouls, cards, etc. There are over/Under 0.5, 1, 1.5, 2, 2.5, and so on. If you pick over 1.5 goals in a game, you will win if at least 2 goals are scored. The options are so many, allowing you to pick whatever your analysis suggests, like the home team to score 1 goal, which is home over 0.5.
Parlay
This bet type gives room for the combination of multiple bets into just one wager. It is a good option for risk lovers, being a high risk, high reward bet. All the picks included in the wager must win if you are to win the wager. The payout is similarly better. Parlay is a very tempting bet type but you should avoid it as a beginner. As you learn the sports betting terrain and hopefully get winnings, you can try parlay out. When using the parlay bet type, it is better to start with a maximum of 2 to 3 events.
Example
If you choose Manchester United to win and score 2 goals in a wager. So, if Manchester United win and score at least 2 goals, you have won. If you are looking to turn small sums into huge winnings, not minding the risk, parlay is an excellent option.
Point Spread
Point spread bets are the most popular form of betting. This is where bettors get to show the best of the art of betting. Point spreads involve betting on the margin of victory in addition to picking the winner. Hence, the playing field between the favorite teams and underdogs is leveled. Point Spread bets offer greater strategic depth and payouts than moneyline and over/under bets.
Prop Bet
Prop (proposition) bets allow bettors to mix things up, beyond what is offered by moneyline and point spread bets. Propositional betting features a wide range of options that does not include the game’s outcome itself. Player’s performance and the team to score the first goal are examples of common prop bets. All major sports have prop bets but it is more popular with NFL betting, with the Super Bowl being the most popular event for prop bets.
Some prop bets are usually found on all sportsbooks platforms, but they generally vary from sportsbook to sportsbook. Prop bets are easy to understand because they are typically presented as a vs b or no vs yes options.
Some people think propositional bets are for casual bettors, but the fact is, you can gain an edge over the sportsbook if you perform in-depth research on certain statistics because it belongs in a lower volume line where bookmakers don’t spend a lot of time.
Live Betting
Live betting is very similar to regular betting. It, however, has diverse advantages over the latter, including extra information and instantaneous results. Live betting, also known as in-game betting, can be frustrating because the odds are constantly changing and lines disappear so quickly that you can easily miss out on a bet you are trying to make. So, no matter how fast your connection is and how alert you are, you will miss some opportunities. Don’t let it affect you. Most online sports betting sites allow bettors to use their mobile devices for live betting. The odds may be higher or lower than pre-game odds, depending on developments during the game.
Interpreting Odds (How to read odds)
Learning how to interpret odds is one of the fundamental aspects of sports betting. As a beginner, you must be focused on understanding how odds work because it is crucial being a successful sports bettor. It informs how much money you should wager on an NBA game, for example, as well as which Super Bowl bets offer the best value. Interpreting odds correctly allows you to take advantage of the best odds.
American, Decimal, and Fractional Odds
Odds serve two purposes – as a signal of the implied probability of an outcome and an indicator of how much profit betting on an outcome can give. They also show how much is being charged for your bet by the book, leading to names like cut, vig, or ‘the juice’. Odds are displayed in three formats – American, Decimal, and Fractional.
Note: don’t focus on the odds alone during the evaluation of the possible outcome of a sports event, because they are also influenced by factors that are not relevant to the outcome of the event. For instance, to incentivize bets on a certain side, odds can be manipulated by a sportsbook.
American odds
Examples of American odds are -150 and +210. They feature three digits and have a plus or minus sign. The plus (+) and minus (-) signs show whether your bet is on the underdog or the favorite teams in moneyline odds, as well as how much your wins could be.
Positive number represents the underdog and the number shows how much money you will win with a $100 bet. On the other hand, negative numbers represent the favorite and the number shows how much is required to win $100.
For example, team A, which is the favorite, has -130 odds while team B, which is the underdog, has +110 odds.
Note: negative odds can be on both sides, as seen in many popular wagers, like most point spread bets. This is because point spread is focused on leveling the playing field between both teams. Hence, you usually end up risking more than you profit.
How to Calculate Winnings with American Odds
Team A (favorite) – -130
Team B (underdog) – +110
To win $100 on team A, your wager must be $130 while wagering $100 on team B will win you $110. For any value you want to wager, use the following formula to calculate your potential wins.
If your wager is $40 on the favorite, you will arrive at your potential winning by:
130/100 = 40/×
When cross multiplied, you have 130x = 4000
Then X =4000/130
X = 30.77
Hence, you are on course for a $30.77 profit if you wager $40 on team A (the favorite). The total payout is $40 + $30.77 = $70.77. If you are using a sports betting bonus, the payout can change.
If your $40 is on team B, below is how you arrive at your winnings:
100/110 = 40/X
When cross multiplied 100x = 4400
Then X = 4400/100
X = 44
Hence, a wager of $40 on the underdog will give you a profit of $44, with a total payout of $84.
Calculating Implied Probability with American Odds
The likelihood of a particular outcome suggested by the odds is known as implied probability. Converting odds to percentage helps to figure this out. If your estimated probability is from that of a sportsbook, then you should adjust your bet. For example, if your winning chance estimate for a team is 60% and it is available with an implied probability of 52.4%, then you have a smart bet.
You have to remove the vig from betting lines if you are to get a better precision of what oddsmakers expect to happen. Otherwise, calculating the implied probability of all possible outcomes will go over 100%, which is known as overround.
The formula for calculating implied probability is
Risk/Return = Implied Probability
While this formula looks straightforward, calculating implied probability can be a bit tricky.
Decimal Odds
Decimal odds are the easiest types of odds. They are straightforward e.g.
Team A – 2.6
Team B – 1.45
Calculating Winnings with Decimal Odds
All you have to do to determine your payout with decimal odds is to simply multiply your wager by the odds associated with your pick of the two teams. So, your profit is your total payout minus your wager.
Calculating implied probability with Decimal Odds
100 divided by the decimal odds of one team will give you the implied probability.
Fractional Odds
Fractional Odds are very common in the UK as well as in horse race betting. 9/5, 1/2, and 3/4 are examples of fractional odds. The numbers can either be beside or on top of each other. The number on top is called a numerator while the bottom number is the denominator. The numerator is the number of times the book expects the relevant outcome to fail, while the denominator represents the expected frequency of success.
Effective Strategies to Master as a Beginner
To win sports betting regularly, intuition, data, and strategy are vital. Strategy is extremely important in sports betting. Anyone placing a sports bet wants to win. To do this consistently, you must have an excellent strategy. In strategy, emotional discipline is germane. Fortunately, you don’t have to develop strategies yourself. Some of the most effective strategies used by seasoned bettors are discussed below:
Be a master of Game Analysis
Many beginners underestimate the amount of time it typically takes seasoned bettors to research games before making picks. Details you most likely think, as a beginner, don’t matter may be what eventually determines the outcome of your bet. For example, a key player playing with an injury can turn a game on its head. Therefore, it is imperative to gain enough insight into team statistics, injury reports, player forms, etc. You should follow team updates closely, up to the last minute before a game, because a player can get injured during warm-up. If a player is changed at the last minute, how important the player is to the team becomes an important question you must answer with facts before making a decision on your bet.
Leverage Data Analytics
I am a big fan of going with your gut and sports betting used to be heavily gut-driven. Today, things are totally different. We now have analytical tools designed to make analysis easier and, most importantly, offer insights that are often overlooked.
Seeing data analytics in relation to sports betting scares the hell out of many bettors. Actually, it does not have to. All you mostly need is a basic understanding of statistics. For instance, you can learn, with the help of data analytics, that a basketball team has a record of doing very well in the third quarter. You can leverage this insight to place a live bet during the game.
Diversification is Vital
If you are to invest, you definitely will be looking to diversify your stock portfolio, having stocks in two or more well researched companies rather than just put everything in one, no matter how convincing, promising or great the company is. This is known as diversification of risk. Similarly, if you are to enjoy long-term success as a bettor, you must learn to diversify risk. Sudden and devastating losses can often be avoided by simply spreading your bets across multiple wagers and sporting events. It’s also an excellent opportunity for you to put the full range of your betting insights and skills to use.
Now, you must handle diversification wisely. For instance, many bettors use a dedicated spreadsheet to keep track of their bets. This allows them to easily see where the weaknesses and strengths are, leveraging the knowledge to get better.
The Value Bet
When learning sports betting strategies, I found value betting very interesting and you should too. This strategy is focused on betting when the odds are in your favor, based on your analysis and thoughts. Accurately interpreting data and assessing risk and reward are important elements in identifying value bets. With accurate assessment, you will have more wins and make more money in the long run. For instance, you will get a positive value bet if you estimate the winning chance of a tennis player who has odds of +300 at 30%. The implied probability here is 25%.
Contrarian Betting
Public opinion is very influential in sports betting, such that even odds can be swayed by it. A key consideration for oddsmakers when determining odds is public opinion. Therefore, odds can be lower or higher than they should just because of public opinion. For instance, an underdog can be overwhelmingly favored by the public, hence making it more valuable than it should be. Placing a bet that is opposite such public sentiments is known as contrarian betting. An important thing to know and always remember is that oddsmakers are there to make money, not make accurate predictions. Making accurate sporting predictions is for bettors.
Social media and sports forums are excellent places to gauge public sentiment. Once you see the direction of public sentiments, you can bet against it, especially when you think otherwise. So, you are not betting against public opinion just for the sake of it, but because you have good reasons to think otherwise. This can often provide excellent value.
Arbitrage Betting
This strategy is aimed at a risk-free path, where you still end up with a profit regardless of the outcome of a match. If different odds are offered on the same outcome by two different bookmakers, placing a bet on both will guarantee a profit.
For instance, two teams are to play – bookmaker 1 favors team A to win at 1.5 odds while bookmaker 2 favors team B to win at 2.5 odds. Placing a bet of $50 on each ascertains a profit would be made.
Use Correlated Parlays
Making two bets that are closely connected is referred to as correlated parlay. Essentially, if one bet succeeds, the likelihood that the other will be is very high. So, if you strongly favor a certain outcome, you should leverage this strategy, correlated parlay. For example, if you strongly favor a soccer team to not just win but also dominate the match, placing a bet on the team to win and with a total of over 2.5 goals scored is an excellent strategy. It can significantly increase your profit.
Common Sports Betting Mistakes to Avoid
There are diverse mistakes made by bettors, including seasoned bettors. However, beginners are at a higher risk of making most of these mistakes. Learning to overcome these common sports betting mistakes is a key part of moving from a beginner to a seasoned bettor. Your chances of winning are significantly enhanced, moving from mere gambling to a calculated, strategic adventure. They include:
Chasing losses: we have all been here, haven’t we? If the last bet placed ended up as a loss, we naturally want to win back the money lost as fast as possible. This, usually, ends one way and that is more losses because we tend to throw caution to the wind, forgetting that betting should always be strategic and well calculated. As a seasoned bettor, one of the best pieces of advice I have ever received is to take a break if I ever feel an overwhelming urge to make my money back after a loss. I advise you to do the same. It will save you a lot of money. In fact, it is best to take a break after a significant loss to avoid making knee-jerk decisions. You can take a walk or go do something or call it a day. This puts you in control rather than otherwise.
Overconfidence during a run of wins: putting back to back wins is beautiful and very good for confidence. It’s even better when the run is longer, it makes bettors feel like a pro. We tend to think we’ve got the ‘perfect’ formula. The confidence from the wins can begin to be a problem quickly. The line between confidence and overconfidence can be very thin, such that you start forgetting each bet is independent of the other and confusing luck with skills. A season bettor once told me that the time you are most vulnerable as a bettor is after a win. This may be arguable but the point is clear, don’t let overconfidence kill you.
Ignoring value: evaluation of risk-to-reward ratio is a very important strategy because the fact that a team has a very good chance of winning doesn’t make betting on them to win a good bet. Smart betting is about going for value, hence don’t just be focused on picking losers and winners. This is a very common mistake among beginners because it is an easy route to follow.
Overcomplicating strategies: the desire to look like a pro often makes bettors come up with ‘sophisticated’ strategies. Strategies are essential tools for a bettor and must be followed strictly, but it is also vital to know that overcomplicating a strategy can be a huge problem. Having a strategy is about getting a result based on certain principles and does not have to be complex at all. In some cases, it will be complex, but it must not be complex for its own sake.
Over-relying on Advanced Metrics: just like the complexity of strategies, metrics are vital betting elements but must not be the be-all-end-all. The nuances of sports events, such as football and basketball, are diverse and can’t be encapsulated by a single metric. Therefore, a balanced analysis is very vital.
Overestimating the ‘Due Factor’: a common fallacy among gamblers is that a team that has been on a losing streak is due for a win or otherwise. As rightly considered fallacy, it is not backed by statistical probability. While this may work one time or the other, it is no strategy. Again, always base your betting on a strategy, not some fallacies or luck.
Mishandling Bankroll: betting must not be erratic, making principles like setting a unit size very important. One of the fastest ways to lose money as a gambler is poor bankroll management. Ensure you follow good bankroll principles, such as keeping records and setting stake limits.
Blindly following the public: popular opinions can be a very useful tool for a bettor, but it must never be a compass. Generally, oddsmakers consider the sentiment of the public when making odds, thereby resulting in artificial odds (inflated or diminished) with the hope of tricking bettors.
Neglecting Line Shopping: there are so many bookmakers these days, presenting an opportunity for bettors to make more money by comparing odds on different platforms. Moving across multiple online bookmakers easily and quickly is an opportunity for line shopping. Don’t miss it.
Where to Place Bets
Having covered a lot of bases on how to place sports bets, let’s talk about where to place bets. Today, you can place diverse kinds of bets right in your room, either on your mobile device or computer.
Online Sportsbooks
The betting industry was totally changed when online sportsbooks began. Convenience is perhaps the biggest thing about online sportsbooks, but they also have amazing sports betting offers like variety and competitive odds. Important aspects of online sportsbooks:
User interface: this speaks to how easy it is for bettors to navigate the website. The interface should be clean, intuitive, and aesthetically pleasant, ensuring placing bets is less cumbersome and the chance of making costly mistakes is minimized.
Payment options: platforms that offer different deposit and withdrawal options are better. So, you can easily load your account using almost any option, e.g. credit cards, e-wallets, crypto, etc.
Licensing: before using a sportsbook, ensure it is licensed and regulated by a reputable organization such as the American gaming association.
Brick-and-Mortal Bookmakers
Online betting is a big deal now, but some bettors still prefer the experience of in-person betting. The reasons for this include the ability to collect winnings immediately and the thrill of enjoying the experience with like-minded sports enthusiasts.
Betting Exchanges
This entails setting your own odds and betting directly against other people. It is recommended for seasoned bettors because the people you are competing against are most likely seasoned bettors themselves.
Avoiding Fake and Fraudulent Sportsbooks
As a new bettor, bad bets are not your only problem. You can lose significant money or cash if you fail to do proper research on sportsbooks. Therefore, it is imperative you use licensed and regulated online betting sites. Lack of customer service response, extreme delay of payouts, and not crediting winning wagers are signs of a fraudulent sportsbook. To avoid fake and fraudulent Sportsbooks, note the following:
Check license: licenses are a prerequisite for all sportsbooks, indicating they have passed all necessary tests. All reputable online sportsbooks usually brandish or ‘flaunt’ their license on their official website. Some are contained in the T&C while others are even more visible. It is also imperative to note that outdated or fake licensing agreements are uploaded by some sportsbooks. Therefore, don’t send your cash to any sportsbook if you have reservations about their license.
Too good to be true lines: usually, lines vary slightly across sportsbooks, but if the difference looks too good to be true, then it probably isn’t true. This is a sign of a fraudulent sportsbook; don’t fall for it.
Too good to be true bonuses: offering massive bonuses is a popular trick used by fraudulent sportsbooks. When you see strange bonuses, take your business elsewhere.
Shoddy website design: the very least a reputable sportsbook should have is a clean, functional, fast, and user-friendly website. It should apply to all gadgets – computers, mobile devices, etc. So, if the website of a sportsbook is not functioning or responding as it should, that’s most likely your sign to run.
No customer support: reputable sportsbooks usually have responsive and fast customer service. If your calls and emails are unanswered for days, that’s your sign that they are not accountable or reliable. That’s definitely not a place you want to put your money.
Suspicious verification process: fraudulent sportsbooks commonly avoid or delay paying bettors using verification information excuses. If they are requesting the same information multiple times or asking to send an email when they could easily solve the problem over the web, they are most likely fraudulent.
Delayed payouts: some sportsbooks will give all kinds of excuses just to delay or avoid paying out winnings. Any sportsbook in this category should be approached with caution. Frequent account auditing is also a red flag.
Note: do not let the urge for quick and huge bet wins make you ignore obvious signs of fake and fraudulent sportsbooks. Otherwise, you may find yourself in huge losses.
Reputable sportsbooks have:
• Fast payouts
• Responsive and fast customer service
• Clearly identifiable licenses
• Proven solvency history
• Fully functional websites
• Good reviews
Available Sports Betting Bonuses
There are different types of bonuses offered by sportsbooks. They include:
• Sign-up bonuses
• Refer-a-friend bonuses
• Accumulator bonus
• Seasonal bonuses
• Live-Bet bonuses
• Free bets
• Reload bonuses
• Risk-free wager bonus
Ways to Make Money Sports Betting
Now that you are familiar with the sports betting terrain, let’s focus on how you can maximize your profit. Remember, you are here to make money, not lose money. Many bettors are making money betting by doing the following things:
Claim Every Sign-Up Bonus
There are usually several sportsbooks in each jurisdiction or state and almost all online sportsbooks offer a sign-up bonus for new bettors on the platforms. So, as a beginner, take advantage of these intro promos by opening an account with almost every sportsbook available in your jurisdiction, since there is no limit to the number of betting sites you are allowed to use.
A very common welcome bonus on betting sites is the first deposit bonus. Some sportsbooks give as high as 200 percent of your first deposit as a welcome bonus. Another common one is the bonus given if your first bet loses. An excellent way to make the best of welcome bonuses is to sign up for multiple sportsbooks at the same time and then take two sides of a bet with each offer. So, you are guaranteed a win.
Example
If you received a $200 bonus from two different sportsbooks, and the Cowboys are playing against the Eagles. You can use one offer to play Cowboys +2.5 while the other $200 goes for Eagles -2.5. So, no matter the outcome, you win. You can then use your profit on more bets.
Note: promo codes are required by some sportsbooks before the sign-up bonuses can be accessed. The promo codes are also available online.
Take Advantage of Ongoing Promotions
In addition to sign-up bonuses, sportsbooks also offer other diverse promotions. A good example here is cash back, where you get a portion of your losses back after a specified period. Referral bonuses are also very popular ways to make money sports betting. Other good examples are parlay insurance (you get a partial or full refund if you miss your parlay bet by just a leg), free bets, as well as deposit bonuses (not the first deposit bonus).
With these promotions, you can extend your bankroll or cut your losses. So, they are opportunities you must take when available.
Take Advantage of Odds Boosts
The original odds of certain games and markets can sometimes be boosted by up to 40 percent. So, you will make more money on such bets if your prediction is accurate. Odds boost often comes with terms and conditions such as a limit being placed on how much can be staked on the game. However, it is imperative to note that not all odd boosts are a good opportunity. For instance, you should thread with caution if the odds boosts are offered on long shots.
Odds boosts usually eliminate the sportsbook’s juice totally, creating a scenario with the positive expected values. Also, using odds boosts with arbitrage betting is excellent.
Shop for the Best lines and Odds
Another excellent advantage of opening accounts with multiple sportsbooks is the opportunity to compare odds and lines across different platforms. More often than not, the odds and lines offered for markets by sportsbooks differ. While the differences are not expected to be too significant (as huge differences could be a sign of fake and fraudulent sportsbooks as stated above), they are significant enough to make it a worthy adventure.
Compare odds and lines before placing bets to allow you to enjoy the best lines and odds. This way, you can find positive expected value bets that are profitable in the long run.
Look for Arbitrage Opportunities
The act of profiting regardless of the outcome of a game by taking each side of a market on two different betting sites is known as arbitrage betting. Key factors to note in arbitrage betting are the alignment of odds and understanding how much bettors should wager on each outcome.
Fortunately, there are arbitrage betting calculators and arbitrage bet finder tools you can use, helping you overcome the difficulty of manually finding arbitrage opportunities and calculating the stake required.
Use Sports Betting Software and Tools
Many sports bettors take advantage of the availability of diverse sports betting software and tools to make smarter betting decisions. These software and tools remove the stress of manually carrying out various betting strategies such as finding arbitrage opportunities, the best lines and odds, etc. Take advantage of these tools to increase your winning chances.
Be Selective With Your Bets
A lesson you must never forget is that not all bets are worth your money. Therefore, it is vital to go in search of markets that give you an edge. This involves going deeper than your favored team to see if any markets or props have been mispriced in lower divisions or competitions. Of course, it is best to choose the sports you know best.
Avoid Betting Longshot Parlays
Many bettors are attracted to longshot parlays because of the chance of winning massive payouts. Despite the possible outcomes of amazing winnings, seasoned bettors know longshot parlays are among the worst possible bets to make. This is because parlays already have a very low chance of winning. As you add more legs, the chance decreases even further. If you are going to do longshot parlays at all, go with very low stakes, just as an extra bet, understanding full well the chances of winning are low.
Take Advantage of Live Betting
Pre-game wagers are by far the more common betting approach, but live betting can often be more profitable. Most sportsbooks use algorithms to calculate live spreads, implying what happens in the game doesn’t have as much influence as one would imagine. For instance, if the favorite team scores an early point, the live spread will favor a high-points game but such games often end closer to the bookmakers’ original lines. Many bettors therefore bet on the underdog in live betting. This way, you can make more money at a lower risk.
Don’t always bet with the public
A lot has been said, above, about how public opinion or sentiments can sway the odds. For emphasis, bet on the opposite of public opinion but make sure you don’t place bets blindly.
Manage Your Bankroll
Bankroll management is a vital betting strategy. The best way to go about it is to make your bankroll decision before placing your first bet and be guided by it always. When making this decision, you should be focused on not losing a lot of money, not just making money. Therefore, your bankroll management must be smart.
Stay Away From Complete Chance Prop Bets
Prop bets like odd or even total number of points in a basketball game and a coin toss are totally about chance, no analysis is useful here. They are popularly called 50/50 bets. Stay away from these kinds of bets as you are more likely to lose money in the long run.
Following Tipsters
As a new bettor, having experts give tips and predictions on big games can make a world of difference to how much you make off sports betting. Team analysis can be quite stressful and time-consuming, hence having people who do all this share predictions with others for free is great. However, you must be careful. Check the winning records of the tipsters, evaluating if they are worth following.
You can as well take the predictions of the tipsters and edit based on your own analysis. Instead of doing all the work, you just build on what tipsters have done. I do this quite often and the success rate is decent, often better than playing exactly what tipsters predicted.
Note: some people even hire tipsters to do all the work while they invest the money. The tipsters are, therefore, given an agreed percentage of the profit made. To do this, you should have ‘enough’ money.
Maintain Your Discipline
Perhaps the most important factor in sports betting or gambling, and life generally, is discipline. We can talk about strategy all we want; if you are not disciplined, nothing will stick. Too many sports bettors have fallen foul of the principle of discipline and end up losing a lot of money. Placing silly wagers in the pursuit of lost money and upping stakes because you are running after winnings are very good examples of indiscipline in sports betting.
Note: if you are generally an undisciplined person, you won’t suddenly become disciplined because you are betting on sports. In fact, you are more likely to lose your discipline playing bets than gain discipline because you play bets. Therefore, you may want to address this first to avoid throwing money away.
Having a spreadsheet to track your bets is a good way to maintain discipline in sports betting. Whether you are on a winning or losing run, you have to stay calm and stick to the strategy, except if you are changing the strategy based on facts, not just a knee-jerk reaction to losing or winning.
Focus on Skill than Luck
Some sports betting markets have more to do with luck than skill; avoid them because your focus should be on what you can ‘control’ – skill. For this reason, some seasoned bettors stick to a well known team rather than many teams where they have average knowledge. The better they know the teams, the lesser they bank on luck.
Do Not Assume Victory
One of the biggest mistakes any bettor can make is to assume a bet will end in victory. Even the most favored team can fumble and underdogs do pull upsets off. Often, games where people assume victories are not worth it because the favorite is overwhelmingly expected to win, leading to low odds.
Machine Learning and Sports Betting
Every advantage, no matter how little, you can get in sports betting matters. Right now, artificial intelligence is revolutionizing how many things are done, leading to better and faster results. So, many bettors are always on the lookout for software and programs that can give them an edge over bookmakers, hence increasing their winnings.
With machine learning or algorithms, you can easily determine the probability of a certain outcome and the fair price. This can help you to identify a value bet and result in a decent profit in the long run.
How do Bookmakers Make Money?
Understanding how bookmakers make money is important to you as a sports bettor because it can give you an advantage over bookmakers, who are essentially your opponents. Bookmakers are out to make more money in the long run, just like you, and they do everything to ensure this happens. They typically hold the mathematical advantage over bettors, but they don’t control the outcome of games and don’t always win money on every single market.
Bookmakers make money by:
• Setting the right bet prices, known as the vig: vigorish , is the main technique in the hands of bookmakers to set favorable odds for themselves. It works like a commission for placing a bet. How to avoid vig, as much as possible, has been discussed.
• Setting and changing the betting lines
• Balancing the book
• Counting on your (bettor) lack of knowledge and emotion
Conclusion
While we cannot remove the element of luck or chance from sports betting, only casual bettors will limit gambling to luck. To become a seasoned bettor, there are so many things to learn that go beyond just betting on sports as sports fans. With a good betting strategy, your probability of winning money consistently can be increased.
