A strong betting strategy can help players to minimize their losses and maximize their winnings. Obviously, you need a little luck to earn money consistently from sports betting. But, having a solid strategy is also important to profit from online betting.
For many, sports betting is nothing but a hobby, but it still involves losing and winning real money. So, here in this article, we will talk about some strategies you must apply while placing your bets.
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1. Bankroll Management
The first thing you need to take care of is bankroll management. In this context, bankroll management means how you handle your money when betting on sports.
The key to success in this area is to stay disciplined. You need to fix a budget you can afford to wager and never cross that limit. Whenever you see calls to “gamble within your means”, this is what they refer to: playing with money you can afford to lose.
Some players fix this amount daily, while others have their monthly or weekly budgets. But the key is to stay within your budget. Even if you hit a “sure thing” when betting but have already exhausted your budget, just take a deep breath and let it go.
One of the tips many successful bettors and gamblers are adamant to share is that you consider the money you wager with as if it’s been already lost. If you manage to get into this mindset, the risk of you chasing your losses is much smaller.
2. Understanding What You Are Wagering On
When you wager on sports, you need to be knowledgeable enough about the sports you aim to place your bets. If you have zero idea about a game, in that case, you are just trying your luck. And that is a sure shot way to lose all your money easily.
The best approach is to bet on the sports you like to watch and have at least a basic understanding of not just the rules but the performance of the teams as well. Obviously, no one expects NFL experts to wager on the NBA. It is crucial to know about the team scores, why they are important, and some basic gaming rules.
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One of the most important things is never to bet with your heart. You may be the biggest fan of an athlete or a team. But never let this fact influence the way you wager on them. Always be realistic about their chances of success. And when they are likely to lose, don’t be shy to bet on their opponents – while it may hurt to see them lose, the money you can win by betting against them makes up for the pain.
3. Don’t Go for Parlay Bets
We don’t want to discourage you, but parlays are not as helpful as you think. Undoubtedly, the odds are damn attractive that you get tempted easily, but the numbers are alluring to losing your money.
What is a parlay bet, you might ask? Also called an accumulator, it is a bet placed on multiple events. For example, when you bet on the outcomes of all the UEFA Champions League qualifiers in a day, you are placing a parlay bet.
Parlay bets look and feel attractive because they give you the chance to make a lot of money with a single betting slip. For these slips, the odds are multiplied by each other. For example, when you have Arsenal vs Liverpool (1), Leeds vs Nottingham (2), and Manchester City vs United (x), each one at odds of 1.5, you’ll get total odds of 3.375, or more than 3 times your money. But it’s enough for one result to be different (say, if Liverpool beats Arsenal instead of the other way around) for your parlay to be lost.
Bookmakers encourage parlay betting by offering bettors bonuses. You can even create monster betting slips with dozens of events and a promise of tens or hundreds of times your stake. But this is one of the riskiest forms of betting.
Still, if you are sure about your predictions, you can venture into the world of parlays – but don’t commit high amounts to them.
4. Do Line Shopping
If we talk about sports odds, there is nothing wrong with going for multiple sportsbooks and choosing the best odds. Registering for a few sports betting sites and doing your line shopping is simple and free. If you get +145 odds instead of +110, will you not go for it?
In general, sportsbooks have similar odds for the same outcomes of the same event. But sometimes, even small differences matter, especially when you are going for parlays.
If you are betting for profit, it’s always a good idea to keep an eye on the odds of multiple bookmakers so you can find the offer with the best value for you. Some bookmakers will even sweeten the deal with special offers, increased odds, or bonuses offered for specific events. Keeping an eye out for these will help you make more money in the long run.
In short, don’t limit yourself when you can put yourself in a better position for a potential return. This is undoubtedly the best choice for your bankroll and your betting strategy.
When you bet on sports, make sure you do it based on data, and not personal preferences or feelings. Take into account the real chances of each party to succeed, and the real probability of an outcome before putting your money on it. And always make sure to bet in a disciplined way, with strict rules when it comes to your budget.
Strict bankroll management, responsible gambling practices, and information-based betting can help you keep your gambling profitable and fun.