Learning about the top betting types and the other wagers you can make on the top online sportsbooks is just the beginning of your sports betting journey. Before diving into the first wagers of your sports betting career, make sure you have your wits about you and know the tricks and tips that all the top sports bettors in the industry used at one point or another.
You need to open an account before you can even make a sports bet online. It seems obvious, but this tip is to ensure you get the best out of the online sports betting landscape. With multiple accounts, this gives you access to all the betting types and wagers that are out there. In addition to not limiting what sports and betting types you can wager on, you can shop each sportsbook’s betting lines to ensure you’re getting the best odds for each wager you want to place.
Most, if not all, online sportsbook operators have some sort of welcome bonus offer. For example, some sportsbooks offer a deposit bonus of up to a certain amount in bonus dollars based on your initial deposit. Other sportsbooks give you a risk-free bet up to a certain dollar amount to keep you coming back. By accepting the bonus offers at multiple online sportsbooks, you can extend your betting career frequently without having to put your own money forward at first.
When it comes to sports betting, you must take your time with your bets. Gambling on sports is not a get-rich-quick scheme; more often than not, quick wins turn into fast losses. Learning about the industry and all the nuances that it has to offer is a crucial part of extending your sports betting career. Make sure you have patience with your wagers and bet with your head.
Before you wager a single dollar on any game or matchup, you must set a budget. A Bankroll Management system has two factors to it. The first is how much money you are willing to wager on sports in total. For some, that could be $100 or $10,000. Of course, it depends on how much you’re willing to lose. The second factor is how much you’re willing to bet on each wager, also known as a “unit” of your bankroll. Some go as low as 1% of their bankroll and as high as 5%. Most go somewhere between at 2.5% of the total bankroll. Whatever you feel comfortable with, just make sure you always stick with it.
No one likes losing a bet. It gets even worse when you go on a losing streak. But you must always bet with your head and not with your heart. Everyone gets a bad beat sometimes, and that’s how sports betting goes. When you start chasing bets to make up for your earlier losses, you’re starting a bad habit that goes against best strategies. While you may make up for your losses the first time and even the second time, eventually, chasing the losses will cause you to lose your bankroll.
While it’s important to have a set unit for each wager you place, you should start with smaller betting units when you first start a sports bet. It takes a long time to learn how to beat the sportsbooks, and there’s a bit of a learning curve to online sports betting. However, as you go through your sports betting career, you’ll start to pick up on patterns and tendencies of the sportsbook operators and where to find value. When you feel more confident in the industry, this is when you can increase your units to a higher number. Until that point, it’s okay to start small.
There are numerous wagers you can make on any accredited online sportsbook. From prop bets to parlays, it’ll make your head spin deciding what to bet on first. Starting with a Moneyline bet has the best chance of success until you get acclimated to all the sportsbooks. All a Moneyline wager consists of is selecting the team you think will win the game. In the sports betting world, it’s just about the easiest bet you can make. The payout may be smaller if you’re wagering on the favorite instead of the spread, but your odds to win the bet are higher.
Some of you may have heard the term “Moneyline” and have no idea what it means. Before making your sports betting wagers, you must learn the basic terms and wagers available. Understanding terms like the vig, spread, and totals are crucial to the early success and longevity of your sports betting career. You shouldn’t run before you can walk, and that advice applies here as well. You should first look into the three major bets involved in almost every game: Spread, Moneyline, and Over/Under.
For sports betting, the value of a wager can either be positive or negative. The value is positive when the probability of the bet winning is greater than the probability of the odds. The wager has a negative value when it is less likely to win than what the odds say. There are sports betting value calculators and mathematical formulas that you can use to ease you into this concept. One thing to note is that not every game or matchup has value. So to that point, if you see that a game has little to no value, don’t make a wager on it.
If you’re considering a long sports betting career, you need to spend time on your research. While developing your algorithm to perfect your sports wagers would be great, you may not have the time or knowledge for all that. And that is okay. You can still read online articles about a team you’re wagering on or look up some relevant statistics for an upcoming game. While you don’t have to be a know-it-all for your sport or have a bachelor’s degree in statistics, it helps to have some knowledge when going into each bet you make.