At Bet365, we’re big fans of sports. The idea of betting on sports is exciting, as is the opportunity to make money from it. But it can also feel a little daunting. After all, who are you going to bet on? What are the odds? Where do you start? Relax! We’re here to help with five steps to creating a winning sports betting strategy.
Step one: Identify your strengths and weaknesses
The first step to successful sports betting is understanding your strengths and weaknesses. This is easy. If you’re good at math, odds, or statistics, then you can certainly apply your skills to sport. But if you’re not that strong in certain areas, then perhaps choose a sport you’re better at than others. For example, if you’re a strong pitcher, but don’t do well with horses, then perhaps bet on baseball. That’s not a weakness, that’s just something you don’t know much about.
There are three parts to this step. First, you want to identify your strengths and weaknesses in relation to betting. For example, if you’re good with probability, odds, and statistics, then perhaps choose a sport that requires those skills. Second, look at the different types of bets available at the betting exchange – each one has its perks and drawbacks. Third, consider your personal strengths and weaknesses as a sports fan. Does your favoritE play an exciting style of football or are they more of the tactical kind? Are you a fan of a certain team or player? These are all questions you should ask yourself before making any kind of wager.
Step two: Create a budget
Once you’ve got your betting strengths and weaknesses in place, it’s time to create a budget. There are three parts to this step as well. First, consider how much you’re willing to spend. This is known as the capital budget. Second, find the maximum amount you’re willing to lose. This is known as the commitment budget. Third, set a profit target. This is known as the profit budget. You want to set a profit target high enough to make you money, but low enough to allow you to keep your money when the sports lose. For example, if you bet £100 and there’s a £100 profit target, then you’re guaranteed to make a profit of £100 no matter what. But if you set the target to £150, then you might end up losing a little money on high-quality sports, but on low-quality sports you’ll still probably make a profit. It’s important to consider these three parts to this step, because if you don’t consider how much you can lose, then it’s easy to get reckless and blow your budget. But setting overly ambitious profit targets can also do this. Just make sure you consider all the pros and the cons before making any kind of wager.
Step three: Understand the different types of bets available
It’s important to understand the different types of bets available at the betting exchange. This comes in handy when creating a betting strategy, because you can choose the bet that suits your skills and strengths best. Just remember that not all types of bets are created equal. Some are certainly more profitable than others. It’s also important to look at the odds of each bet. The odds can give you an idea of how likely it is that you’ll win or lose based on what you’ve chosen. While it’s good to look at the odds of each type of bet, it’s also important to look at the odds of all the different types of bets, because this will give you a better idea of how likely it is you’ll win or lose as a whole. For example, if you look at the odds of all the different types of bets for a particular game, you’ll get a general idea of how likely it is that you’ll win or lose based on your chosen sport and the outcome of the game. Of course, this doesn’t mean that you should only bet on the types of bets with the best odds. It’s good to have a diverse portfolio, so that you can maximise your chances of winning.
The different types of bets available at the betting exchange range from ‘back’-type bets to ‘against-the-odds’ bets. Let’s take a look at each one.
1. Back bets
These are the types of bets where you’re backing a certain team or player to win. For example, if you think your team is going to beat the other team, then you might want to place a back bet. The advantage of this type of bet is that if you select a team or player you’re confident in, then you’re almost certainly going to win. The disadvantage is that if you’re wrong, then you’ll certainly lose what you’ve staked. When placing a back bet, you’re putting your money on first glance, but the truth is that the odds are usually in your favor. Back bets can be handy when going against the flow of the game. So, if the odds seem low but your team is superior, then perhaps consider placing a back bet. But it’s also important to consider alternative options before doing so.
2. Against the odds bets
These are the types of bets where you’re taking a chance, but the odds are heavily stacked in your favor. For example, if you think a certain team is going to beat the other team and the odds are, in fact, against you, then perhaps consider placing an against-the-odds bet. The advantage of this type of bet is that if you’re right, then you’ll certainly make a big profit. The disadvantage is that if you’re wrong, then you might lose a lot of money. When placing an against-the-odds bet, you’re putting your money on second glance, but the truth is that the odds are heavily stacked in your favor. When selecting against-the-odds bets, you have to consider whether or not the sport you’ve chosen is one that you know much about. If you’ve never tried your hand at football, then perhaps choose a different sport. The odds of winning against-the-odds bets are sometimes greater than those of back bets. This means that there’s a greater likelihood that you’ll win when selecting this type of wager.
3. Moneyline bets
These are the types of bets where you’re placing a wager on the outcome of a specific event, like a game or a sportswriting contest. For example, if you think a particular boxer is going to beat the other boxer, then you might want to place a moneyline bet. The advantage of this type of bet is that if you’re right, then you’ll certainly make money. The disadvantage is that if you’re wrong, then you’ll lose money. When selecting moneyline bets, it’s important to keep in mind that the amount you’re wagering is usually quite low. For example, if you think a boxer is going to win a fight, but the odds are against you, then perhaps consider placing a moneyline bet. But if you think that chance is even, then perhaps select another type of bet.
4. Total bets
These are the types of bets where you’re wagering on the total amount of points that will be scored in a game or series. For example, if you think a certain football team is going to score more than 40 points, then you might want to place a total bet. The advantage of this type of bet is that if you’re right, then you’ll certainly make money. The disadvantage is that if you’re wrong, then you’ll lose money. When selecting total bets, it’s important to remember that these types of bets are quite high-risk. For example, if you think a tennis player is going to win a set, but the odds are against you, then perhaps consider placing a total bet. But if you think that the player you’ve selected is going to win the set, then perhaps select another type of bet.
5. Side bets
These are the types of bets where you’re taking a chance but are on the opposite side of the equation. For example, if you think a certain baseball player is going to strike out or walk a lot, then you might want to place a side bet. The advantage of this type of bet is that if you’re right, then you’ll make money, but if you’re wrong, then you’ll lose money. When selecting side bets, it’s important to remember that these types of bets are more suitable for experienced gamblers. You’re placing a wager on the outcome of a specific event, but the result is unknown at the time you place the wager. This means that if you place a side bet and the result is contrary to your expectation, then you’re going to lose the money you’ve staked. Putting money on sides can be somewhat risky. But if you want to take a chance while still being able to claim some of the profits, then perhaps consider placing a side bet.