5 Top Sports Betting Strategies
The gambling game is growing. In October 2020, Americans bet three billion dollars on sports. As more states legalize sports betting, that number is expected to grow.
Sports betting is an exciting and easy way to earn money. Unfortunately, it is a fast way to lose a lot of money. If you want to make money at the casino or through an online sportsbook, you need to follow sports betting strategies.
How can you manage the money you have on hand? What betting strategy should you adopt? What should you do when you go to a casino?
Answer these questions and you can start making money off of your favorite sports. Here is your guide for sports betting.
1. Manage Your Bankroll
Variance is how short-term results vary from long-term projections. You may expect to make money long-term, but you lose money over a few weeks or months.
Bankroll management protects you from variance. It ensures that you will always have a supply of money on hand. There are several ways you can manage your bankroll.
You should never bet with more money than you can afford to lose. It does not matter if you are a professional bettor or gambler. If you put a large amount of your bankroll into any one bet, you put your finances at risk.
Every bet you make should be small. You never want to put more than five percent of your bankroll into one bet.
If you want to make multiple bets at once, you can. But each of them should amount to one or two percent of your bankroll. You should keep your bets within one game so you don’t have to pay money on other sports channels.
Even professional bettors have other ways of making money than sports betting. If you decide to make betting or gambling your day job, have another revenue stream. You can make investments or start your own betting website.
Talk to your financial advisor or accountant at least once a quarter. Have a clear impression of how much money you have on hand so you can adjust your bets. The more money in your bankroll, the higher your individual wagers can be.
2. Review Your Bets
Write down a note every time you place a bet. Record when and where you made it and how much money you put down.
You can use a handwritten journal for this purpose. You can also use a Google Doc or Microsoft Word spreadsheet. If you have an accountant, you can send them the file so they can track your profits.
Make a review of your bets every month. Take a total of how much you won and lost and write it down.
You should consider your betting style. If you are winning several bets in a row, continue the habits that are making you money. If you are losing, you should change things up.
Hand over your records to someone who isn’t acquainted with formal betting strategies. They can bring an outsider’s perspective to your activity and offer you suggestions.
Consider adopting a betting system. A negative progression system involves increasing your wager after every loss. If you bet 20 dollars and lose, you bet 40 dollars the next time.
An insurance system is less aggressive but quite protective of your bankroll. You decrease your bets after every loss. If you lose 20 dollars, you bet 15 the next time.
When looking over systems, think about your risk tolerance. Some people like to bet on underdogs, while others like to play it safe. You can choose either one, but find a system that will accommodate your tolerance level.
3. Diversify Your Action
As you’re starting out, it is a good idea to stay within one sport. This helps you develop knowledge of the game and strategies for gambling.
If possible, keep your bets within one division or conference. If you like making bets on the NFL, focus your betting action on the AFC East. Try picking a division your home team is not in.
But that doesn’t mean you can’t make different kinds of bets. You can bet on the performance of one player, rather than the outcome of a game. This is a good idea if a team has a promising draft selection.
You can bet on the defense instead of the offense. Take a wager on how many interceptions or sacks they will make.
You can also buy points to adjust a point spread. This costs a little more money, but it helps you scale your bets to different sizes.
If you want to do something a little different, consider a prop bet. This is a wager based on something that does not affect the game’s outcome. You can bet on which team will score first or whether a fan will run onto the field.
Arbitrage betting involves betting on both sides of one game. One sportsbook may place odds on one team, and another may place odds on the other. If you place bets on each sportsbook, you can make a profit overall.
If you have knowledge about another sport, you can make bets on it. But you should never bet on something you have no knowledge about.
A few online casinos and websites take bets on things other than sports. They may take wagers on the outcomes of political elections or award shows like the Oscars. Consider diversifying your action in that way, if you are familiar with those things.
4. Stick to Individual Bets
Make some preparations before going to a casino. Write down how much money you are going to spend. Take out cash from an ATM, and take only that amount of money inside.
Casinos always try to make you spend more money than you should. Protect yourself from this by sticking to your individual wagers.
Many casinos like to offer parlays. Parlays are multi-part bets. One part may involve who scores first, while a second part involves who wins the game.
Each part involves its own wager. In order to win the entire bet, you have to win all parts.
If you lose on just one part, you lose all your money. You should never make parlays, especially as you start out your betting career.
As a game is going on, someone may offer you a side bet. They may make a bet on how one player does, or they may extend a prop bet. This sounds harmless, but it can put you at risk of losing money.
When you’re at a casino, you may be tempted to play a casino game. Do not do this. It can be hard to track your proceeds or the results of the game you bet on.
The same goes for other services that the casino offers. If you don’t want to sit down and watch a game, you probably shouldn’t bet on it.
Remain focused on the outcome and don’t spend money on theatrical shows or cocktails. Come back on another occasion if you want those services.
5. Do Your Own Research
Research is essential. If you don’t know how teams and players will perform, you will lose a lot of money on bad bets.
You should follow the big sports websites like ESPN and Sports Illustrated. But don’t stop there.
Take a look at city newspapers. If your team is playing someone else’s team, go and read the sports section of that area. Local journalists have plenty of knowledge of those players, and you can adjust your bets accordingly.
Go on websites where fans talk to each other. All major professional sports teams have their own communities on Reddit.
Browse posts and see if the fans are confident about their players. If they’re not, make bigger bets on your preferred team.
Keep an eye on collegiate leagues. New players rise from college into the major leagues every year, and they can affect outcomes. If you grow familiar enough with college games, you can place bets on them.
You should do some research on how to win sports bets. Read valuable sports betting tips and integrate them into your strategy.
The Five Essential Sports Betting Strategies
Learn sports betting strategies to make easy money. Practice good bankroll management. Protect yourself from variance by keeping your bets small.
Keep a record of your bets and show it to other people. Diversify your bets, but stay within one game.
Before going to a casino, write down what wagers you will make. Stick to those bets without spending money elsewhere. Follow sports journalists and collegiate results to make informed decisions.
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