The majority of money made from online betting comes from sports betting. And it’s not a huge mystery as to why: unlike other forms of gambling, which can feel more like a lottery, sports betting offers a level of excitement that draws in all kinds of people, and the outcome of a sporting event is generally more dependable than a roulette spin or a slot machine bet. It might feel like you’re just backing a horse or a golfer, but the odds are more in your favour than they are when betting on, say, the UK weather.
The advantage of this being that you as a sports bettor know exactly what you are getting into. You have all the information you need about each team and competition, and you have a much clearer picture of how the game will play out. This means you can make a more reliable wager. In other words, it’s not about luck – at least, not always!
If you’re keen to get into the world of sports betting, where do you start? How do you even begin to develop a model that is both effective and reliable?
Well, fear not. We’re going to tell you exactly what you need to do, step by step. And for extra advice on how to perform optimally, we’re also going to tell you about some lesser-known tools that are incredibly useful for any serious bettor: analytical drivers. (You’ll learn more about these later on in the article.) So let’s get started.
Step one: set your budget
You have to set a budget for your sports betting. This is important because, as with any other type of gambling, you’re more likely to lose money if you spend money you don’t have on unnecessary bets. So take some time to figure out how much you can afford to spend. Even if you are certain that you will never lose, it’s good practice to set a limit.
It’s also important to set a daily limit. This is to stop you from wasting money on unnecessary bets in the first place. If you go over your daily limit, you’ll be subject to financial penalties. So keep an eye on that. And finally, make sure you leave some money in reserve. This is so you don’t get tempted to bet money you don’t have, and run the risk of losing it all. You’re better off keeping some money in reserve than betting what you don’t have.
Step two: select your platform
The next step is to select your platform. You have a lot of options here, and it depends on your level of experience which one you should go for. There are a number of legal online betting platforms that operate within the UK, and we would recommend Bet365 as one of the best, if not the best, options for any new or established sports bettor. (For American readers, they also offer an amazing online casino, which they also license and operate under the gaming law in the USA. So you’ll enjoy playing there, too!)
What is important is that you select a platform that gives you the highest level of convenience and reliability. And please note: if you are looking for a simple solution, avoid Pokerstars, as their license may not be approved in your country. (But fear not: playing on their site is still perfectly legal.)
Step three: research the best booksie
The third step is to research the best booksie. This is important because there are a number of bookmakers that will accept sports bets, and there is a wide variety of odds and payouts offered by different books. (Usually, the bigger the book, the wider the range of sports they take bets on, and the more favorable the odds are.)
Since you’re just getting started, it’s a good idea to look for a smaller bookmaker that is more familiar and comfortable with newcomers. This way, you can be sure that if you do lose money, you will not be penalized. (Note: some of the bigger books are quite reputable and will not charge excessive fees or interest rates.)
Step four: set your betting strategy
The fourth step is to set your betting strategy. Now is the time to figure out how you are going to approach sports betting. Are you going to be using a system, such as Martingale betting? Or are you going to be relying on luck, hoping for the best but preparing for the worst?
The answer to this question will depend on your experience level and how much you are willing to risk. (Remember: this is also what step one was about.) If you’re just getting started, go with what feels right for you. There are a number of proven betting strategies that can be used to maximize your winnings and minimize your losses. However, as you get more experienced, you can start to consider what might be the best approach for you, and then implement it.
Step five: familiarize yourself with the rules
The fifth step is to familiarize yourself with the rules. This is important because, whether you like it or not, rules apply in sports betting just as they do in any other area of life. (Just because these are sports doesn’t mean that they are any less complicated than other types of betting. After all, who is more likely to win – the house or the player? The answer is quite obvious!)
Doing business in a legalized environment means that the rules are clearly laid down, and it’s important to familiarize yourself with them. Otherwise, you may find yourself in legal hot water because you didn’t know what was permitted and what was not. (Luckily, most of the bigger books will have an online FAQ section where you can find answers to all your questions. Alternatively, many books have an experienced customer service team that can help point you in the right direction.)
Step six: know thyself
The sixth step is to know thyself. This is important because, as mentioned earlier, luck plays a huge part in sports. No matter how much research you do or how much experience you have, you will still lose sometimes. (In fact, it’s quite likely that you’ll lose more often than you’ll win.)
Knowing how much you can afford to lose and being able to recognize when you are falling into bad habits is a sign of self-control. It takes a lot of repetition and practice to be able to do this, but it’s definitely something you can learn.
Additionally, it is important to take a step back and look at how you are performing. Are you winning more often than you are losing? What are your expenses? (Hint: many people who start out have expenses that eat into their profits quickly. This is why it’s important to set a limit on how much you spend.) How are you feeling about the whole process? (Are you looking forward to placing a bet, or did you just do it because it was easy?)
All these questions will help you find the root of your problem, if you are indeed having one. If you are unsure of what the issue is, ask yourself these questions regularly and try to figure it out. Then, you can start to address the issue and move forward with confidence.
Step seven: monitor your performance
The last step is to monitor your performance. This is important because, as we mentioned earlier, luck plays a big part in sports. No matter how much research or preparation you do, you will still lose sometimes. (In fact, it’s quite likely that you’ll lose more often than you’ll win.)
To ensure you make the most of your efforts and prevent losses, it’s important to keep track of how you are doing. This is why it’s important to monitor your performance in some way. Perhaps you can set up a bet budget and monitor your win/loss ratio? Or maybe you can go the extra mile and look at some advanced stats for the teams and players you follow? (You can find a lot of this information easily online with a few simple searches.)
Whatever you choose, make sure that you have some way of measuring and analyzing your results so you can track your progress. This way, you can identify if you are indeed performing better than you were a few weeks ago, or if you are simply due for a loss.