Betting on sports is a hobby for many people, and most consider it a fun and friendly pastime. But there are methods to make money on sports betting consistently, and the trick is understanding betting strategies and the different types of bets you can place, knowing the odds, making smart bets, and staying away from bad bets. It’s also important to remember that making money at sports betting takes time and dedication: it’s not about placing a big Bet and winning a lot of money all at once. Instead, it’s all about making small, smart bets that add up over the season for overall payoffs.
Part 1 Getting Started
1. Open a specific bank account
To make money at sports betting, you have to put your heart and soul into it, so it’s best to have a particular account just for betting.
- When you open this account, invest enough money to cover an entire season or year, not just one game.
- To ensure you have enough cash, multiply your base bet by at least 100, the minimum amount you should always keep in the account.
- If you are new to sports betting and need to know your base bets, could you put in whatever money you have set aside for this venture and base your base bets on the size of your bankroll (each bet should be between one percent and two percent)?
2 Create an account with some sportsbooks
To place a bet, you must have at least one sportsbook account, but it’s best to have at least three, as this will allow you to compare products and place smarter bets. Some sportsbooks also offer sign-up bonuses, so be sure to do your research. Most sportsbooks are now available online; some of the more popular sites include:
3. Learn to make Smart bets
Many rules apply here, and while some have to do with numbers, others have to do with which teams you should and shouldn’t bet on.
- For example, while each bet should be between 1% and 2% of your bankroll, you can reduce it to 0.5% if you need clarification on betting. Again, if you are very secure, you can increase the bet but always stay within four percent of your bankroll.
- Some experts say that if you need more confidence, never place a bet because it is better to walk away and find a better bBt you feel good about.
- Many experts advise against betting on your home team in any sport, as your bias can cloud your judgment, leading to huge losses.
4. Create a betting schedule
Don’t just bet on every game: Check out the upcoming games each week and choose the ones you have to bet on based on your confidence in your potential wager.
- Feel free to drop your bets before the game. Odds and spreads have changed, and if you no longer feel confident about betting, either don’t bet or bet less.
5. Don’t chase bad bets
It refers to making up for losses from previous bets by placing more. Doing so is dangerous as many people will abandon good judgment and place more Bets to win back what they lose, which leads to further losses.
- The opposite is true: don’t chase a good bet (the one you won) to win more or double your winnings. Create a betting schedule or routine and stick to it.
6. Bet sober
It refers to betting with a clear mind and a state of concentration. Many people will read it and think it’s common sense, but you’d be surprised how many people break this rule. Emotions can bring out the best in us all, and those emotions can lead to bad decisions.
- “Going on Tilt” is when sports bettors let their emotions get in the way and lose their bankroll.
Part 2 Understanding Sports Betting
1. Learn about money lines
The money line is a plus or minus number associated with each Team participating in a particular game, and it refers to how much you have to bet to win $100 or how much you would win if you bet $100.
- For example, if the money line is Toronto Maple Leafs -200 and Vancouver Canucks +155, you have to bet $200 on the Maple Leafs to win 100 Dollars, or you have to bet $100 on the Canucks to win $155.
- The Team associated with the minus sign (the Leafs) is the favorite, while the Team related to the plus sign (the Canucks) is the underdog.
- Many gamblers bet on the line in hockey and baseball because the scores are low, and spread betting needs to make more sense in these games. However, you can bet on the line in almost every sport.
2. Learn about point spreads
Spread betting is more prevalent in games where the final score is farther apart. In spread betting, you not only bet on whether a team will be successful but also whether that Team will win for a certain amount.
- For example, if the point difference is Detroit Lions +4, New England Patriots -4, you will bet on whether you think the Lions will win and will win by more than 4 points.
- Likewise, the teams associated with the minus sign are the favorites, and those associated with the plus sign are the underdogs.
3. Learn about parlays
Parlay betting involves placing multiple types of bets on the same game. For example, if you combine a money line bet and a spread bet on the exact match, this is a parlay bet.
- These bets usually pay out big, but they require a lot of accuracy.
Part 3 Learn Betting Strategies
1. Shop the best product line
Multiple sports betting accounts will come in functional, as some will offer better odds on the same games, meaning you have to take on less risk for the chance of winning the same amount of money.
- The best time to line up to shop is about an hour before the game.
- Consider opening an account with at least three books for the best value.
2. Bet on odds
Betting with your head rather than your heart is about making smart bets based on odds rather than emotion. Sometimes it’s better to bet on the numbers rather than who you think will win, as this can represent a better value if the odds are in your favor.
- For example, if you are betting on a baseball game and think the Yankees will win, you might still be better off betting on the Jays if the odds are Right.
3. Be bold and bet on losers
It doesn’t mean betting on the long shot but on the underdog when the odds are Right. Sometimes favored teams are selected based on popularity rather than skill, which doesn’t necessarily mean the favored Team wins.
4. Take advantage of match betting
Match betting involves betting on the same event with bonuses and incentives the books offer.
- For example, in a basketball game between the Raptors and the Knicks, you could bet on the Raptors and then match the same bet against the Raptors.
- Match betting is betting on two possible outcomes of the Same match, taking advantage of the free bets, so this type of betting is virtually risk-free.