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Sports Betting for Beginners
So you want to make money with sports betting? It’s not always easy but you can win on a consistent basis. There are many professionals that make a good earning on sports betting. But if you are just getting started here are some ways to slowly ease into sports betting. Understand that these are not secret methods but tried and true ways to invest your money through sports betting.
Gambling and more specifically “sports betting” is a big market. Often times betting on sports becomes very intimidating to the person that is just starting out. There are many types of wagers and that is confusing to the novice bettors. Terminology can also be new to the beginning sports bettor. We want to begin this advice with several tips for beginners that can help relieve some of the stress.
Start With What You Know
Research is the best way to go about your business. Make a decision if you are a fan first and a gambler second. It makes a difference in the long run. It is very likely you bring a fans’ knowledge with you and that is very common among bettors.
First, don’t bet sports that you have very little knowledge about. Start with something you know, a team you know, a league you are familiar with. Start there.
Know When to Bet
Decide when to bet. That is very key to your success. Learning about injuries, coaching philosophies, rest and even how other gamblers perceive the matchup can and will affect the odds. They fluctuate over a period of time.
Sometimes wagering early may help you find an underdog at a good spot but for the most part a bit of patience is important. Watch the weather is your wager may be affected by it. Pay attention.
Learn to understand how downtime affects your sport. Whether it is a bye week in football or a few days off for basketball players can make a huge difference. If a major league teams has a 11 day trip with no days off, start researching how they have done in the past under similar circumstances.
Feelings & Trendy Bets Destroy
Don’t me sentimental. Ignore what your heart is telling you. Just because you are the biggest fan of a team or went to that college isn’t credence enough to place a bet. Avoid betting just on your allegiance.
Also, don’t get all hot and bothered by trendy picks. Teams go on streaks and it is best for you to pause before betting them again. The sample size is important. The research shows that teams are undervalued after a loss.
Don’t be afraid to consider betting a team that may have lost a few games recently. Again though, do your investigating of the team before wagering. Look for the pleasant surprises.
Sometimes Less is More
Don’t bet a ton of games. Just because you know the sport inside and out don’t go crazy betting every game on the docket. Careful watch the line movements and understand why they are moving in a certain direction.
Many times the movement is caused by public money being sentimental towards a team. Don’t chase that bet.
Expand Where You Bet
Expand your options. If everyday you go to the same sportsbook and look at the odds, you option are severely limited. Open accounts with more bookmakers. Now you have the ability to shop around for the best odds. All bookmakers are not the same in their oddsmaking. Expand your horizons.
Shop around!!! In other aspects of your life you look for the best deals. It might be tires, coats, cars or many other products and betting lines can have value if you look around. Possibly find three sportsbooks to set up an account and then when wagering look at each of them and try to find the value that lines up with your research.
Practice Good Bankroll Management
The good sports bettors know how much they want to bet and stick to it. They have a plan and stick to an amount. Good bankroll management is needed and a guiding your discipline is imperative.
It happens often that you will go on a hot streak and think now is the time to up my bet so I can win more money faster. Also, it happens with a cold streak that you get worried you are losing money and wish to get it back quickly.
Too many overreact to losing and winning. Use the flat bet method for good bankroll management. Come to an agreement with yourself as to the total amount you could consider betting ($100, $1000, $10,000) total. This amount is called your bankroll.
Then wager between 3-5% of that bankroll on each game. This amount is called the “unit” amount you are betting. Don’t go on a hunch a team will win and go 10%. That will cause you to lose your bankroll faster.
Bankroll Management is crucial. A future podcast will be devoted to this subject in its entirety. Again, this is important! Set a budget and stick with it. You will lose some and win some. Don’t go chasing bets to try to make up for any losses. This will destroy you.
Avoid Complicated Bets
Stay away from the complicated bets. Go to straight wagering and leave the parlays, teasers and prop bets alone until you have gathered more experience. Place bets on the outcome of the sports and teams you have the most knowledge about.
To Conclude for the Beginner Bettor
In conclusion, take some time and get familiar with how sports betting works. Read our entire sports betting guide and know the terminology. Start listening to the podcasts, following our social media and connecting with us. This will help you feel more comfortable as you ease into the world of sports betting.
We are here to help you. So don’t be shy about asking questions. Everyone starts somewhere and there are NO dumb questions. Click here for more beginner tips to help you become a better sports investor.