So you want to bet on sports? Are you looking to bet for the action? Bet on your favorite team? To make a big sports matchup on television more thrilling or exciting?
Whatever your reason may be, it probably involves making money, especially since your already a fan of a particular sport or sports in general.
There are only a handful of sports bettors that make money consistently year after year and some that actually make a living from sports betting.
The averages say that only a low percentage of all people that bet on sports make a substantial profit over the long haul. The most notable reason being, is that most don’t want to follow, nor have the time to do what it takes for success.
Whether you want to make sports betting an investment or simply entertaining as a hobby, everyone should at least want their bankroll to last as long as possible. With that being said, below are a few tips for achieving just that.
Understand The Reasons Why You Bet
What is your motivation for wanting to bet on sports? Understand why you place all or certain bets and this will eventually help in better decision making over the long term.
Also, manage your expectations and don’t be overly optimistic. To hit over 70% over the course of a season in any sport is almost unachievable. Shoot for a realistic number like 55%.
Use Proper Money Management
This is a key component in sports betting, that many do not even think of when placing bets. There is nothing worse than losing all of your bankroll on one or two games or going 10-5 during a span and losing money.
Stick to your initial bankroll and nothing more than you can afford to lose. It’s advised to bet in the range of 2-5% of your entire bankroll on a single wager. Try to keep the sizes of your wagers very similar on every bet, go with the flow that your bankroll suggests.
You are going to go through winning and losing streaks. Don’t chase your loses or double up your bet sizes on a losing streak. It’s always a better idea to reduce your bet size during losing streaks.
With everything in life, remember that you are never “due” for anything. Try not to force plays for action, only bet your strongest plays and keep the ones on the fence out. If that means betting the whole card or not at all on a given day, then so be it.
Smart Handicapping, Trends and Finding Value
The internet today is so well diverse with a ton of information to be found. There is really no excuse for not researching and analyzing a sports matchup to it’s full potential.
You are most likely not going to bet every game on the board. Only bet a game that you find value in. This is not achieved by one aspect. Gather as much information as you can, add up the probabilities and come to a final conclusion.
It’s always advised to look at recent stats/trends and to know which ones are relevant and which ones aren’t. Don’t go digging in the vaults on stats that happened five years ago, that was then and this is now.
Keep up with your personal trends, track what is working for you and what is not. Weed out the type of bets or sports that are less effective in your overall handicapping.
Shopping Lines, Odds and Sportsbooks
Not every sportsbook posts the same or equivalent lines, whether it be a money line, point-spread or total, favorite or underdog, it’s advised to shop and compare for the best odds (prices) available. The more sportsbooks you have to compare numbers and get the best prices, the greater your chances are for a winning wager.
The sportsbook or bookmaker adjust their numbers off betting patterns of their clients. Not every one will be the same, so there is always an opportunity for a better line in your favor, you just have to locate them.
Cents on a money line add up surprisingly fast and could be a major factor in winning, breaking even or losing, especially over a long period of time.
Keep an eye on lines as they are always changing. Placing your bet before the line you got goes down or waiting until it gets higher in your favor, is often the difference between a winning and losing wager. Always check line moves, but don’t bet a team solely on a move.
Stay Disciplined: Prop Bets and Parlays with Huge Payout Odds are Tempting
These bets are fun to play and a good risk/reward factor, but have long odds for a reason. The bookmaker generally encourages them because the probability of winning these wagers are slim to none.
Only play 2-team parlays to reduce the odds if you must, and stay far away from gut-shot prop bets and big payout odds. That’s what Roulette and the lottery are for.
Placing All Bets and Underdog Betting
There is always value to be found in the underdog. Study a matchup and come to your own conclusion before looking at the odds. Most underdogs do not only cover, but win a lot of games outright.
Just because a team is a favorite to win, doesn’t necessarily mean much in the final outcome a lot of the time. Don’t be afraid to bet underdogs often, of course only when you see value in them.
The general public tends to bet favorites most of the time. This usually makes the lines maker adjust the line, so if you are going to bet an underdog, especially in football, it’s advised to bet them as late as possible or closest to game time. If your going to bet on a favorite, early as possible is your best bet for maximum value.
These are just a few tips when betting on sports. There are many more factors and some that you will eventually come up with along the way, but the most important criteria is to invest the time and stay disciplined in what your trying to achieve.
Become knowledgeable of the sports you wager on. It’s always better to follow a particular sport your betting on religiously and to find value when available.
Sure you will get lucky and unlucky throughout the long haul, but sports wagering is mostly a game of skill, if done with the right approach and long-term mindset to succeed.
Also, read a wide variety of words and definitions used when placing your bets on the sports betting terms page.