With the world now fully focused on the novel coronavirus (COVID-19), the sports world has had to adapt to ensure people remain engaged in their favorite sports. Major League Baseball has decided to do away with its 162-game season and went straight to 66 games; the National Hockey League has suspended its season and the world’s top tennis players have taken a year off from competing. There are also plans to further reduce the number of games in order to minimize the number of people infected.
While the sports world pivots toward safety and health, fans are still yearning for their favorite sports to return, and for the betting world, this presents a golden opportunity. With leagues and athletes reverting to a simpler format, there are fewer opportunities for individuals to wager on professional sports. But, if you know where and how to look, there are still some profitable betting options available. In this article, we will discuss how to become a betting winner and how to profit from the switch to a smaller sports world.
Adjust Your Betting Strategy
The very first thing you should do is adjust your betting strategy. Simply put, the less you engage in sports betting, the less you will win. It’s a common sport betting mistake to place large, tempting-looking wagers without having a winning strategy in place first. This is extremely likely to lead you to financial disaster. You should always put yourself in a position to maximize your winnings and minimize your losses. So, instead of risking $100 on the winner of the NBA Finals, for example, you should try to get odds of $75 or $100 on the game (if you’re aware of such fluctuations).
Now, you might be thinking that the very idea of handicapping sports is a losing one. This couldn’t be more wrong. Often times, all it takes for a successful handicapping strategy is a bit of humility and a dash of genius. For instance, take the 2018 World Cup. Many bettors did well to back France, Portugal, and Morocco. After all, these were the teams that people thought would perform poorly, given the low odds assigned to them by the bookmakers. But, in reality, these teams ended up surprising everyone and qualifying for the semi-finals. Along the way, Portugal and France knocked out England, which meant that England was eliminated from the tournament.
When it comes to handicapping sports, the most important thing to do is to pick your spots. You don’t need to follow every game thread to the letter, just pick the ones that look interesting to you. Make note of which games you back, and why; this will become your library of valuable information. Keep in mind that not every game will be profitable, so be selective in your wagers.
Often times, the term ‘place-betting’ is used synonymously with ‘over/under’ betting. While these are valid forms of betting, you should not necessarily limit yourself to these options. Consider betting on the outcome of a game – whether the game will end in a win or loss for your chosen team. This might be the most profitable option available to you. While many bookmakers and sportsbooks are closed to new accounts during the pandemic, this might be the perfect time to invest in sports.
If you’ve been following our articles for long, you’ll know that we often mention the exciting opportunities that cryptocurrencies offer. One exciting project that we recently covered involves a sports wagering platform that’s allowing users to place wagers in the cryptocurrency form, using existing sportsbooks without any need for intermediaries. Plus, since sportsbooks are usually the place where huge betting discrepancies occur, it’s a great opportunity for anyone looking to profit from such oddities.
Cut Your Losses
In any financial arena, whether it’s the stock market or the world of sports, you never want to be in the position of having to cover your losses. As much as we’d like to see the opposite happen, losing is never pretty when it comes to finances. Even worse when there’s money on the line. Thankfully, in the world of sports betting, you have something called ‘margin’. When you set up an account with a reputable sportsbook or betting exchange, you’ll be given a certain amount of ‘margin’ to use in betting. So, should you accidentally place a losing wager, you’d be able to cover it with funds from your margin account.
Margin is essential in moderating your risk when playing sports, as it gives you the ability to take on more wagers than you can truly afford to lose. It’s also important to keep in mind that some books are ‘no-margin’ books, which means that you cannot use your margin here. So, if you’re looking to place bets with a bookmaker that doesn’t charge you for use of your margin, make sure they’re a reputable entity and do your research before making a decision.
Build A Solid Library
If you’ve been playing sports for any length of time, you’ll know how valuable a good library can be. Whether it’s for researching potential swing trades or identifying winning strategies, having access to all the relevant information is vital in order to place profitable wagers. But, since a lot of the information is now locked away from the public, due to the pandemic, you’ll need to find other ways to build your library. This is when having access to online resources comes in extremely handy. You can use tools like Google Keep or Evernote to make it easier to keep track of all the valuable data.
Watch For Odds Shifts
Odds shifts are when the odds change for a particular game or event during the course of the day. Some books will shift a little bit, but other books will shift a lot, especially during peak hours. If you’re looking to place wagers during these times, be mindful of what oddsmakers are doing and make sure you’re aware of any changes that might affect your chosen teams. Keep in mind that, since betting is a zero-sum game, any shift in the odds favors your team, regardless of whether you’re betting on them to win or lose.
If you follow these simple guidelines, you’ll be able to make the most out of the smaller sports world that we’re now in as the result of the pandemic. With fewer games and less money being wagered overall, it’s a great opportunity for anyone looking to make some extra cash off the bookmakers. Just make sure you follow the rules and have a sound strategy in place before you begin betting, otherwise, you might find yourself in a position where you can’t win; at least, not without risking a lot of money.