Sports betting can be a fun and exciting way to wager on your favorite sports teams, but it can also be very profitable. The key to successful sports betting is understanding how sportsbooks calculate odds and making sure that you are playing on level terms. Keep reading for some helpful information on how to make the most of your sports betting adventures.
Understand The Nature Of Sports Betting
When you make a wager on sports, the bets you make are simply offers to risk money on the outcome of a sporting event. The bookmaker takes on the role of a bookie, or banker, and matches you, the sports bettor, with another party, usually called the “race writer,” who is responsible for covering the event and making sure that bets are settled. The race writer is typically either paid or given complimentary tickets to the game so that he can verify the outcome. For example, if you wager on the Indianapolis Colts versus the New England Patriots, the bookmaker will take on the role of banker for both you and the race writer covering the Patriots (this is called an “over under” bet). The Patriots win the game and you win your bet, the bookmaker collects from both of you and your wager is now settled. The ticket and money exchange hands and you can move on to the next wager.
The odds given by bookmakers for any given sporting event are generally fixed. This means that they are not determined by the relative strength of the teams playing or the conditions of the game. For example, in the 2018 FIFA World Cup, the bookmakers gave odds of 3.0 that England, the host nation, would win the cup. Since every other country team was also a candidate for winning the World Cup, these odds could have potentially been applied to any match in the tournament.
When you place bets on sports teams, you are not placing wagers on individuals or on the performance of specific players. You are simply placing a bet that one team will win the game based on the set of odds published by the bookmaker at the time of the wager. In this example, if you bet on England to win the FIFA World Cup, you are not placing a bet on Harry Kane or any other individual player. You are simply saying that the odds are sufficiently in favor of England winning the cup that you are willing to risk money on the outcome.
Look At The Big Pictures
When you are initially presented with betting odds, it is usually in a simplified form meant for novice bettors. In order to understand these odds and how to use them to your advantage, it is essential to understand how they are derived. Simply put, the closer the odds are to evens, the more advantageous it is to you as a sportsbetting enthusiast. Even odds mean that it is a 50/50 shot that your team will win the game. If the chances of your team winning are greatly in favor of or against you, you are better off avoiding these odds as they are usually associated with “gamble” or “don’t care” wagers where you have little control over the outcome. You might also be tempted to place these types of wagers when you are feeling particularly adventurous, but this is usually a poor move. Avoid these types of bets and focus on the more controlled, and usually higher-paying, odds available on the more prestigious and established sportsbooks.
Study The Trends
It is a common misconception that the trend is the same as the odds. This is generally not the case and it is important to understand the difference before placing a bet. If you look at the trends for various sports, you will usually see that they trend in one direction or the other; either the event is considered “in” or “out,” “over” or “under,” depending on which way the overall sentiment is going. For example, in 2019, the Super Bowl was considered to be one of the most exciting games of the year. The overall sentiment at the time was that it would be a great game and everyone was excited about watching it. In this case, the betting odds did not accurately reflect the trends and you would have been better off ignoring them and going with your gut instinct. In reality, the odds were probably around 7.0 or 8.0 for the favorite team and the same for the under dog team. These are extremely favorable odds given the circumstances and you had a good chance of winning.
Pick The Right Time
The most ideal time to place a bet on sports is right after the event has taken place and the odds have been set. In most cases, the sooner you place a bet, the more advantageous it will be. The reason for this is that as time goes on, news articles are written and opinions change. This can affect the odds as well as the outcome of the game. For example, consider the 2018 World Cup. At the time that the first round of group games began, England was a 2.5-to-1 underdog to win the cup. This was a great chance for bettors and even better since you were able to place bets in advance. By the time the first knockout round began, England was a 4.0-to-1 underdog. While the overall odds at the time may have not moved, the betting public’s opinion of England as a team and its chances at winning had changed. In general, it is best to look at the current odds rather than try and predict what might happen in the future.
Bet What You Can Afford
One very important thing to keep in mind when betting on sports is to only bet what you can afford. While it is tempting to try and “bet big” and make a big wager on the outcome of an event, this is usually not a smart move if you are unsure of your financial situation. Typically, you are better off finding a bookmaker that accepts money orders or using an online casino that allows you to deposit using your credit card. These options are typically safer and will keep your financial information secure. It is also important to remember that although it is usually safe and advantageous to bet on the favorite team, it is never advisable to bet against the home team. This is generally considered bad luck and you will usually find this type of wager discounted or excluded altogether on sportsbooks’ websites.
Follow The Money
Another thing to keep in mind when betting on sports is to follow the money. In most cases, this means trying to find information on the previous winners of a particular race or tournament. This is usually easy to do and can often point you in the right direction for a potential win. It is also a good idea to look at successful bettors and see what types of strategies they are using. For example, if you look at the statistics for the Super Bowl over the years, you will see that the majority of winning bets have been on the underdogs. In general, underdogs win about 70% of the time and if you are placing a bet that is based on this type of data, it is usually a safe bet to go with the underdogs.
When you put all these things together, it is usually very easy to make successful sports bets. Just remember to do your research, study the trends, pick the right time, and bet what you can afford. With some of the offshore bookmakers that we recommend, it is also possible to make very large wagers and the financial advantages that this can bring are often more than worth whatever effort it takes to learn the ropes.