Sports betting is a pastime hobby for many game lovers; however, it is also a cause of great anxiety and sleepless night for many participants. Some bettors have become millionaires by winning certain bets, while others have also lost millions of dollars from the game, prompting the question: can you consistently win in sports betting?
You have probably heard the saying “the house always wins,” and to an extent, that is true. Nevertheless, you can consistently win if you understand the betting strategy, make smart bets, pair different sports betting types, and walk away from bad bets. Remember that making money on sports betting is not based on blind guesswork; you need to dedicate time and perseverance.
True, you can win a jackpot, but successful bettors know that sports betting involves earning from small bets that lead to an overall gain. Let’s get into the process of how to win at sports betting.
Step 1: Basics
Begin with the basics before moving to participate in the betting game. Equip yourself with the following:
Open a bank account
Creating a specific account for bets will help you stay focused and dedicated to betting. As you open the account, ensure the following:
- You have enough investment (money) to cover your bankroll for the year or season.
- You multiply the base bet by 100 to determine the minimum amount of money the account should have.
- For beginners who do not know their base bet, know the money you want to invest in sports betting and calculate your base bet (1% or 2% of your bankroll)
Ensure the account has at least one sportsbook, although three is recommended to enhance comparisons and place smart bets.
Make smart bets
While most decisions here are about numbers, sometimes it is about deciding which teams to bet on and which ones to avoid. Consider some smart bet decisions:
- While it is recommended that each bet be 1-2% of your bankroll, you can reduce this amount to 0.5% if you are skeptical and raise the stakes (but not above 4%) if you are confident about the bet.
- Some experts also advise against placing a bet you do not feel good about.
- Avoid betting on home teams in any sport to prevent bias from clouding your judgment.
Have a betting schedule
Sports betting can be addictive, but you can control your betting behavior. Look at your calendar and pick upcoming games you want to bet on. If you don’t feel comfortable enough because the odds or lines have changed, you can still walk away from a bet before the game.
Avoid bad bets
Some people try to recoup their previous losses with more bets, which could be detrimental. Your judgment may be clouded, leading to more bad bets and more losses.
Though this looks like common sense, you will be surprised by the number of people who break this rule, allowing their emotions to get into decision-making.
Step 2: Know Sport Betting Terms
You want to familiarize yourself with terms such as:
If you see a plus (+) or a minus (-) number linked to a team in a given match, they signify money lines showing how much you are required to bet to win.
For example, if the money line on Chiefs is -200 and Raiders is +155, you will need to bet $200 on Chiefs to win $ 100 or bet $100 on Raiders to win $155.
Remember, the team associated with the (+) is the underdog, and the (–) is the favorite. Baseball and hockey game gamblers prefer Moneyline since point spread does not make much sense with these games, and the points are lower.
If you want to win in sports betting, point spread is one of the first terminologies you should know. It is common in games with gaps between final scores. Instead of general betting, point spreads are more specific. Bettors place bets indicating that a certain team will win by a specific figure.
Point spread bets allow you to bet against highly favored teams and incur limited financial risks. Spread betting allows you to place a bet on underdogs without worrying if they will win the game. For instance, in a game between Chiefs and Raiders (underdogs), if you choose Raiders to win (+10), you will still win the bet if the Raiders lost by points lower than 10.
One major drawback of point spreads is that it is challenging for a team to win within the assigned margin.
This sports betting term involves placing multiple bets on the same game. You can diversify your bets by placing point spread and Moneyline bets on the same game, resulting in a parlay.
Step 3: Master betting strategy
After knowing different betting terms and how they work, it is time to get into action with the right strategy. Here are some things you can do:
Shop for ideal lines
If you opened an account with multiple sportsbooks, you have the upper hand since most multiple sportsbooks offer improved moneylines on the same game. This minimizes your risks while giving you chances to win some money. Experts advise that the best time to shop is often an hour before the game.
Bet based on the odds
Smart bets involve betting with your head rather than your heart. Betting is a business that requires reasoning than emotions. It is about analyzing numbers to bet on better odds rather than basing your decisions on the teams you want to win.
Don’t underestimate the underdogs.
If the odds are in favor of the underdogs, bet on them. The favored team could be chosen due to its popularity than skills, meaning it is not a must that the favored team always wins.
Look for matched betting.
You can also capitalize on incentives and bonuses offered by books to bet against or for the same event. For instance, in a football match between Chiefs and Raiders, you can place your bet for the Chiefs and match this bet against the Chiefs. It allows you to bet on possible outcomes in the same game.
The Bottom Line
Sports betting can be fun and a source of income; however, it requires dedication and discipline to succeed. If you want to earn with sports betting, you must study to know all betting terms and trends. This knowledge will help you decide what bet to go for and which ones to avoid.