Everything To Know About Sports Betting

You might find some people out there who treat sports betting like a business. Typically, these people take gambling much more seriously than the average bettor.

If you’re the type of gambler described above, this article probably isn’t for you. However, if you fall into the category of someone who bets regularly but isn’t planning to quit their day job, I believe some of this information can be useful.

6 Things to Know – Advice for Sports Betting Money Management. By Rex Hoffman in General — Dec 15th, 2020 8:00am PST December 15, 2020. Are you considering sports betting as a hobby or as a supplement to your income? If so, do you have an understanding of sports betting strategies and how bookmakers calculate the betting odds that they offer? Sports betting: Hobby or income generation mechanism Statistics show that the global online gambling market was worth $46 billion (USD) in 2017 And, the dollar value is expected to reach.

All too often, gamblers forget that winning bets isn’t the goal—winning money is. In this article, I’ll explain what you need to consider to maximize the financial side of sports gambling.

1. Don’t Make Low-Value Bets

Before I get any further, it’s important to get one crucial piece of information out there: the difference between winning money and losing money in sports betting isn’t determined by one bet.

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Most bettors make hundreds of bets per year, and the razor-thin margin between winning and losing means it’s imperative to do everything in your power to minimize losses and maximize wins.

One way to avoid crushing losses that just aren’t worth the risk is to avoid bets that would be considered “low-value.” These are typically characterized as moneyline plays where you bet on a heavy favorite. But I’ll go a step further and explain some less obvious bets that I would classify as lacking in value.

Personally, not only will I stay away from plays that are -150 or more if I’m betting on the moneyline. In addition, I won’t usually even play the point spread if the odds are worse than -110.

Although it might seem like no big deal to avoid games with point spreads at -115 odds, I find it to be an important part of a profitable strategy. The bottom line is that there are nearly endless games to gamble on, there’s no reason to spend more than necessary when you can just move on and look for the next opportunity.

2. You Need to Tolerate Risk

Every successful businessman or woman knows that risk is a necessary part of improvement. If you make fear-based decisions that feel like you’re avoiding something bad rather than trying for something good, it’s tough to get big wins.

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Getting yourself to overcome the challenges that are involved with taking bigger risks is a process in and of itself.

This is where it’s important to remind yourself that sports betting isn’t about the number of games you win, nor is it about your overall winning percentage. If you’re constantly making lower-value, lower-risk plays, you might end up winning a high percentage of your bets. Unfortunately, that isn’t going to help increase your bankroll if you’re betting significantly more than you have to gain on a regular basis.

Though there are no cure-all solutions or prescriptions for the risk-averse. With that being said, the answer might lie in getting comfortable with utilizing the moneyline.

I can’t say enough about the impact smart moneyline betting can have on your bankroll. Obviously, the logical next question is, how do I make the most out of it?

I would recommend only using the moneyline when you’re planning on taking the underdog. (There are some times the moneyline favorite is okay, such as when used in parlays, but that’s a lesson for another day.) Just be sure that you’re taking bets that have a chance of winning. For example, there’s a way to be overly risk-tolerant. If you’re betting on teams at +500 on a regular basis, that’s probably not going to be a sustainable strategy, even if you win occasionally.

Stick to betting on teams or players that have odds between +110 and +200 as these are in the range of an upset that isn’t all that shocking. You might want to swing for the fences and take even longer shots. But it would be best if you used those types of plays sparingly, and never risk a high dollar amount on them.

3. Bet Small on Parlays

I won’t go into the lecture explaining why parlays are almost always a bad way to bet, but suffice it to say that the online sportsbooks actually want you to make these plays (why do you think those risk-to-win numbers look so attractive?). I believe that parlays can be a part of a sustainable strategy, but you must use them sparingly.

In my opinion, parlays can be looked at as a lottery ticket. Just as you wouldn’t buy a lottery ticket for $25, you shouldn’t be betting very much when you do try make parlay bets. Think of it this way: If you’re going to risk $10 to win $200-$300, but there’s a low chance of winning, don’t get greedy by wanting to bump up your potential winnings by increasing your initial bet.

Parlays are fun and give you a chance to hit the jackpot. But remember that you’re rarely going to win. Keep these bets small because the payout is going to be significant either way.

4. Track Your Bets

After a good week of betting, you might feel like a big shot with your winnings. Following a bad week, you might feel like you’ve become poor overnight. The reality is that this week-to-week struggle is going to leave most bettors somewhere in the middle.

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The only way to properly evaluate how successful your betting strategy really is in terms of profitability is to track your plays. If you’re betting online, there’s a good chance your plays are stored somewhere, so if you aren’t already documenting your cash flow, go back and start building your tracking sheet today.

You don’t need to use a complicated system to note your plays. In fact, I won’t even say that it’s necessary to actually write down each bet you make (although it does help you gain some valuable insights). Since this article is simply focused on money-management, I’ll suggest making a sheet that only has three columns: money deposited (which you use to bet), money withdrawn (your winnings), and the total number in a plus-or-minus format.

Getting this top-line data isn’t going to help you recognize that you’re good at picking the underdog in the NFL and bad at choosing favorites in the NBA (like a fully built out tracking sheet would), but it will help you recognize where you’re standing financially.

Another benefit to having a basic tracking sheet is that it’s easier to keep up with. Update your tracker on a daily or weekly basis, and at the very least, you’ll know how your overall performance is impacting your bankroll.

5. Don’t Throw Money Away

Sportsbooks rely on relatively uninformed bettors to be the source of most of the action they receive. If you take the time to do even high-level research before making your plays, you’re giving yourself an advantage over other gamblers.

It’s well-known that most sportsbooks expect bettors to have some type of bias when evaluating a matchup. In many cases, this can mean simply relying too heavily on the results of the most recent game that was played.

If you’re going to be risking money, you should at least be giving yourself the best chance to win. Don’t make bets blindly, and remember that luck can carry you through for a week, but eventually, those with superior knowledge will have the most success.

6. Remember the Basics

These might feel like overused clichés in the world of sports betting, but they’ve become the standard advice for a reason.

Don’t chase your losses. Just as the NBA often has “frustration” fouls, bettors make “frustration” bets. These rarely work out for the offender in either case.
Don’t fall for the “gambler’s fallacy” which so often plagues bettors of all types. If five favorites hit in the early round of games, that’s not going to have any impact on what happens in the later rounds. Get this type of thought process out of your head, and you’ll make much better decisions on a consistent basis.

Finally, always remember that your bankroll is crucial. Update it often, know where you stand, and never bet too much of it at one time. Your goal isn’t to get one big win, but to stick around and slowly accumulate your profits over time.

Conclusion

So much of the sports betting talk that can be seen in the media today focuses on wins and losses.

While these are undoubtedly important, without good money management, your record isn’t going to be a good indicator of success.

If you feel like you’re winning at a decent rate but are struggling to make any real money, try to keep these tips in mind and see if you can take things to the next level.

Are you considering sports betting as ahobby or as a supplement to your income? If so, do you have an understanding ofsports betting strategies and how bookmakers calculate the betting odds thatthey offer?

Sports betting: Hobby or income generation mechanism

Statisticsshow that the global online gambling market was worth $46 billion (USD) in2017> And, the dollar value is expected to reach $94 billion (USD) in 2024.It must be noted, for accuracy’s sake, that the term “online gambling” includescasino games, poker, and sports betting. Thus, these figures include thesethree sub-genres as it were.

Additionally, these figures show that theindustry is large enough to support hobbyists as well as serious gamers whointend making a living from sports betting. The only difference between the twowould be your betting strategy.

Bookmakers and betting strategies

The next step to discuss is how bookmakersearn a living and what betting strategies you can employ to win money and notlose money. It is important to note that you cannot win every bet. The mostimportant strategy is to increase the size of your total bankroll.

Consequently, it’s important not to worrytoo much if you lose an individual bet. On the other hand, you should worry ifyou start losing a whole string of bets.

Bookmakers like those reviewed by Betenemy all have different sports bettingoptions. Thus, as a starting point, it’s vital to look at these bookmakers todetermine which betting agent suits your betting style.

After you decide on a bookmaker, the nextstep gaining an understanding of some of the basic betting strategies.

At the outset of this discussion, it is vitalto be cognisant of the fact that no wager is better than any other. Each wagerhas a time and place where it is the best bet to place. The art and science ofsports betting are to learn which bet to place when.

Therefore, to understand basic bettingstrategies, let’s consider the following wagers:

The Moneyline Wager or Win Bet

This wager is the most straightforward betavailable to sports betters. Not only is it easy to understand, but it is alsoconsidered to be the most traditional way to bet on sports like tennis,basketball, and soccer or football.

Succinctly stated, there are always onlytwo options, a winner and a loser. Incidentally, the makeup of these twooptions depends on whether you are betting on a singles tennis match with twoopponents or a basketball or football match with two teams And when you placeyour bet, you select who you think will win and who will lose. If you choosethe correct winning option, you get paid out accordingly.

The Point Spread Wager

According to wikipedia.com, you arenot betting on which individual or team will win the match; you are betting onwhich team will “cover the spread.”

Everything you need to know about sports gambling

Fundamentally, for this wager, thebookmaker makes both teams equal favourites. To achieve this, the team favouredto win have points subtracted from it while the other side has points added toit.

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The size of the spread regulated the numberof points added to the favourite side and subtracted from the underdog. Whenyou bet on the favourite team to win, you are backing them to win by a marginthat is greater than the spread. On the other hand, if you are supporting theother team, they must win or lose by a margin that is less than the spread.