Best Sports Betting Strategies for 2023
Written by Phoebe
Published date · Dec. 23, 2022 | Last Updated · Jan. 19, 2023 | Read Time: 5 mins
Betting on sports adds another element of thrill to the event. But you can take things a step further and apply some strategic edge to your sports betting with some proper Sports Betting Strategies in 2023. Here you can find out how to increase your chances of success with the right betting strategy, and how to apply it.
There are many betting strategies out there, some work and some don’t. There are no guarantees in betting, but an intelligent strategy will take your betting game up a notch. These sports betting strategies are designed to encourage more profits over the long term, so let’s dive into the nitty-gritty and take your game to a pro level.
Bet insurance is very much how it sounds. If you have a betting budget of $100, the betting insurance strategy suggests you should break it down into smaller bets, such as $10 bets. With any losing bet, you take away a unit from the next bet. If you win, then you keep your bets going. This strategy is designed to cover any losses, but it won’t be a profitable strategy unless you win your bets from the start.
This is a similar strategy to hedging your bets where you place a second wager on the same sports event to win back your original betting stake and protect your initial wager amount.
Additionally, many sportsbooks will offer insurance offers on parlays wagers. One example of this betting offer is if you bet on an NFL parlay with five game selections or more and one selection lets you down, you will get your stake back as a free bet.
The advantage of this strategy is that it encourages you to think cautiously about your bet and provides a layer of safety. This strategy gets you in the frame of mind of profitable betting, and not just placing bets for the thrill.
The Kelly Criterion is a widely used and popular strategy that is designed to keep your bankroll in check. This strategy is all about helping you determine how much you should wager based on an estimation of value. This value is worked out based on the difference between the odds the sportsbook is offering and the true odds, which are what you estimate. This strategy is for those who consider themselves experts in a sport.
For example, in horse racing, if your horse has odds of +400 but you believe the horse has a better probability of winning the race (after carrying out careful analysis), and give it a +300 chance, you can work out how much you should wager.
- b = +400 – 1 = 4
- p = 0.25
- q = 0.75
- f*= [(b x p) – q] ÷ (b) = [(4 × 0.25) – 0.75] ÷ 4 = 0.0625
The Kelly Criterion formula suggests you should wager 6.25% of your bankroll on the said horse.
The strategy has a proven track record and is widely used by many top sports bettors and investors. This form of betting is friendly to your bankroll, keeps you from placing bets with emotion, and lets you know when you should refrain from placing a bet. However, the strategy also relies on your skills to know more about an outcome than the bookmaker.
Dutch Betting, also referred to as “Dutching”, is a betting system where you back more than one outcome on the same sporting event. This betting technique mainly applies to sports like football and horse racing. This works by splitting the betting stake into two outcomes, and whatever outcome comes through, an equal profit is achieved. The strategy is designed to reduce the chances of losing money, but this only works if you place the correct stake, so your returns cover your stakes. This system depends on the odds and the total stake placed on each outcome.
Here's an example, if you bet $10 on “horse A” at +300 and bet $10 on “horse B” at +300 and one of the picks wins, you will land a $20 profit. This is because the total winnings would be $40, minus the $20 staked.
The Dutching betting strategy is still used amongst many players today, but there are many advantages and disadvantages to consider. One drawback to this system is that the risk is more often greater than the reward. You will also need to be savvy when it comes to calculating numbers and returns, so some mathematical intelligence is required
Follow Betting Trends
Another top-form betting strategy is following betting trends. This system is based on the volume of bets being made with sportsbooks. Although this does not guarantee a winning bet, it does provide some good info on the betting market. This allows you to know what team most players are backing.
However, bookmakers now set odds and lines based on what the betting public do, so it’s more challenging to unearth value in going against what the betting public is wagering on.
This strategy is best utilised when you unearth opportunities where the bulk of the wager from the public moves the odds and lines significantly one way, creating more value in betting against the betting public. You should look at where the “smart money” is going, rather than simply betting against the tide. This is the challenge, as smart money movements in the market are more difficult to spot.
For example, with football betting trends, there are multiple factors to consider, including history and sample size, validity vs anomaly, and relevancy. You need to find out how long the trend has been in effect and how much data is relevant. Then you need to ensure the value by making sure there is a reason why the trend is happening, and it's not just meaningless data. Lastly, it is based on relevant data that remain relevant for longer periods and not just the short term.
Which Sportsbook Is Best?
These strategies have long been applied by many players looking to secure profits from their gambling entertainment. However, when it comes to betting strategies, it’s not a one system fits all deal. The best sports betting system for you will depend on your betting experience and knowledge.
Of course, every strategy can be learned and applied over time. To ensure the success of your betting strategy, you must have a good level of patience and make decisions with control and thought. This is what separates strategists from casual sports punters. The first step to getting your betting strategy off to a successful start is picking the right sports betting platform.
You can check out all the trustworthy sportsbook reviews on our site to find the site that fits your betting needs. These sports betting sites have been fully vetted and reviewed, so you can safely wager on the top sporting events from around the world. Remember, you should always gamble responsibly.