Sports betting requires some skill and insight to really master, but calculating the odds of a team winning a sports match isn’t as easy as one might think. Information and industry insights help sway the odds in your favour, but there are other must-know tips to lower your chances of making a bad bet. To date, the sports betting industry is valued at over $83.65 billion, one of the largest online gambling sectors in the world, which means there is a lot at stake. So how can you boost your chances of making a winning bet?
1. Unrealistic Expectations
We’ve all seen stories of people winning thousands from a bet of just pennies, but it’s important to remember that you are, after all, gambling. Don’t expect to become a professional overnight, and definitely don’t start believing that you can make an income from sports betting just yet. Being in the top 5% requires a deep understanding of the sport, discipline, bankroll management, and a strategy that offers an edge over the bookmakers.
It’s important to see sports betting as a fun way to add more interest to the game, rather than considering it as a money-maker. Losing is simply part of the game here, so don’t set yourself up for failure by expecting a win on every bet, or with your first one. It takes time to master sports betting, so trial and error is really the only thing you set your sights on when starting off.
2. Bankroll Management
It’s important to set aside some cash that you won’t need or rely on when gambling. Instead, set aside a small portion of your disposable income for betting on sports. Once you’ve established your monthly or annual bankroll, stick to it! That means setting a fixed budget, and betting within that budget. Bet carefully in accordance with your budget and don’t go over it. Even the pros know when to call it quits and having good bankroll management is the mark of a good player. As such, we would recommend sites with reputable licenses and sources of information about how to manage your finances, those with your best interests at heart rather than their own bottom line.
3. Always Supporting Your Team
While it’s one thing to support your team when you’re watching a game, it’s another thing entirely when you’re betting on them. In cases like this, also known as “value erosion”, it’s important to take an objective step back to ensure that you’re making the right call on whether they’ll win or not and the odds are favourable. What does the research say about their odds? How good is the other team? These are things you need to think of when placing a bet, as it’s less about showing support, and more about drawing the best analytical conclusion about who the winner will be.
4. Betting Under The Influence
The chances that you’re likely to enjoy a few drinks while watching your favourite game are quite high. However, you should never place any bets while you’re under the influence, as it has been found that gambling after drinking causes bettors to take more risks. It’s important to see betting in the same light as trading on the stock market. You’ll want to do as much research as possible before placing any bets and ensure that you are in a clear mind to make the decision. Being spurred on by the moment, or not taking all the various factors into account when placing a bet is very risky business. You’re a lot more likely to be impulsive while you’re under the influence and won’t likely think the whole decision through clearly. So don’t waste your time when you spend your dime.
5. Not Knowing the Game
When placing any bets on a sporting event, it’s important to ensure that you understand the game or event in question fully and take note of any tips first. Too many amateurs have lost large sums of money simply betting on a game for fun without knowing what outcome they are actually betting on.
Having a good understanding of the sport in question will give you the edge when it comes to making a betting decision. You need to know things like how the game works, which team is stronger, who the players are, recent history regarding the various teams, and who the favourites are before placing any bets. And then you need to understand the market you’re putting money on so you know what needs to happen in order for your bet to pay out. Betting without doing your homework is incredibly risky, as you’re essentially blind in the field.
While everyone will agree that sports betting is loads of fun, it’s important to remember that it is something that should be taken quite seriously. In general, we’d advise you to really focus on doing your homework before you start placing bets on anything.
While this obviously includes knowing everything you possibly can about the sports you plan on betting on, we would also recommend that you take the time to work out how the various betting platforms on offer actually work. You’ll want to be clued up on how the platform operates, the various terminology and jargon used in the industry and what the various charges, bonuses, etc. are that could be on offer at the different platforms.
The more time and effort you put into your research, the better equipped you are to make good bets, and increase your chances of winning. So don’t just dive in. The tortoise always beats the hare when it comes to sports betting.