Tips for Winning Money in Sports Betting
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Sports fans turned into casual bettors may bet for fun and hope to get lucky. Still, professional sports bettors recognize trends and use them to their advantage.
Here are some sports betting tips you can use to earn money:
Learn the Basics
Sports betting is simple, but it does not mean you should jump right in. Learn the basics first, so you will be in a much better position to place bets.
Keep Your Bankroll Strong
Always save a certain amount of money (bankroll) that you can’t afford to lose. For beginner bettors, we suggest you keep the size of your bets somewhere between 1-5% of your bankroll to stay disciplined and measured in your sports betting.
Shop For The Best Lines
Betting sites and bookmakers don’t offer the same lines and odds. So, shop around and find the best odds to get the best return on your bet.
Avoid Square Tendencies
Square tendencies, like buying underdogs up and favorites down, could repeatedly hurt your bankroll. If you protect yourself against the “risk of ruin,” you’ll have a better opportunity to become a sharp later.
Understanding Math to Make Money
Let’s use a made-up sample scenario to demonstrate the math behind a sports bet to make things easier.
Let’s pretend you and your friend walk into a New York casino with $200 to burn on NFL betting odds or another sport. The Kansas City Chiefs are up against the Tampa Bay Buccaneers in a big game. So, you look up the news about the game.
You might see a betting line that looks something like this:
- 428 Buccaneers
- 429 Chiefs -4
Let’s break down the elements. The first numbers you see (428 and 429) are the rotation numbers. These numbers are assignments to each selection.
-4 is the point spread. It denotes that the Chiefs are a four-point favorite. So the team needs at least five points for a bet on them to payout.
Another example might look like this:
- 428 Buccaneers +175
- 429 Chiefs -4 -200 38
Here, you will also notice +175 and -200. These numbers are the Moneyline odds. In this case, the Chiefs are favored to win, as indicated by the negative sign.
The last number (38) is the total or the over/under of the expected number of points scored during the game. By over/under, you bet on whether the total score goes over or under the predicted outcome.
Manage Your Emotions
Watching sports alone can be an emotional roller coaster. How much more when you bet for the chance of winning money? You will feel unstoppable during a hot streak but will panic during a cold streak.
So, learn to manage your emotions by building financial, physical, and psychological resilience.
Also, if your main goal in sports betting is to earn money, bet not because you want the team to win but because you believe they will win.
We believe betting should be enjoyed sensibly and responsibly. That’s why we promote responsible gambling. If you or someone you know developed a gambling problem and wants help, we advise that you call your local gambling helpline.
Value Comes with Risk
An essential part of bankroll management is knowing that sports betting is not risk-free. The most apparent risk is losing your bet.
Yes, some experienced sports bettors will tell you that your ability to analyze matches will help you win. But every bet is still a gamble. There are instances when underdogs could surprise bettors.
Who would have thought that Leicester City F.C. would defy the odds to win the 2015-16 Premier League title? Then there’s that underdog story of the Vegas Golden Knights that led the NHL standings in 2018.
There are also sports, like baseball, that are hard to bet on because of how random the game can get. Weather delays and bad games can happen. Plus, the battle between the batter and the pitcher can make it nearly impossible to rely on statistics and numbers.
You see, sports bettors can fall into the trap of busting their bankroll. A sport that offers bettors the most potential for profit is also the riskiest. On the other hand, a sport that provides the lowest return offers a margin of error for bettors to distribute their bankroll consistently.
That’s all from us on the essential tips that can get you started on winning money with sports betting. Good luck, and thanks for stopping by!!