The beauty of sports betting is that once you have learned the ropes, you can make money no matter what sport is on. There is also a wide variety of sports to bet on, which means you can stay active while making plenty of cash.
However, since most people are not experienced sports bettors, they could struggle with winning as often as they lose. If you want to become a successful sports betting expert, it is essential to understand sports betting and how to effectively use bankroll to maximize profits.
The Basics Of Sports Betting
Before you start making your picks and placing your bets, it is advisable to learn the basics of sports betting. In this section, you will discover the different types of bets available, how to set your betting margins, and much more.
What Are The Different Types Of Bets Available?
When you have money in your bankroll, one of the first things you should do is study the different types of bets available. This will help you make the right choice for your bankroll and increase your chances of winning. The three most common types of bets are:
- Moneyline Bet – Here you put either the money or the credit on the outcome of the game. If you bet on the Moneyline, then you are essentially wagering whether the total number of points scored by both teams will be more or less than the predetermined total. If you bet on the moneyline, then the payout for a typical NBA game is either 50% or 60%, so your profits depend on the totals scored. Because these bets are so popular, it is essential to know when to choose them and when to avoid them.
- Point Spread Bet – This one is pretty self-explanatory – you are either betting or not betting on the spread which is the difference in points scored by the two teams. So if the total is 100, the point spread would be either plus or minus 10 points. In some cases, you might also hear this type of bet referred to as an ‘Over/Under’ bet, or as the ‘O/U’ for short. This type of bet has become very popular because it is simple to understand and there is usually a clear outcome (either the bet wins or loses).
- Total Points Bet – This one is for those who are looking for a more elaborate type of wager, where instead of picking a winner or loser, you are selecting the total sum of points scored by both teams.
How To Set Your Betting Margins
After you have learned the different types of bets available, you should move on to setting your betting margins. This just simply means the maximum amount you are willing to wager on each game. There is no universal set of rules for this, so you need to find what drives you to action and what limits you. What is important is that you establish an upper limit and a lower limit on how much you are willing to wager. If you set the limit too high then you may find it difficult to enter new bets because you will be risking too much money on each selection. On the other hand, if the limit is set too low, then you may win less because you are not betting enough on each game.
The ideal setup for your betting margins should be:
- Upper limit is set fairly high (at least 5-10x your bankroll)
- Lower limit is set fairly low (at least 1/2 your bankroll)
- You are risking only a small portion of your bankroll (1%)
- You make winning bets more frequently (at least 2-3 times per week)
When Should You Bet On Sports?
The next step after you have set your betting margins is figuring out when you should place your bets. Just like with any other type of gambling, sports betting is not recommended for the faint of heart – you have to be willing to take on the bet or wager. However, since a lot of people are new to sports betting, it may be a good idea to test the waters with small bets first and then move up to the large ones. What is important is that you don’t put all your bets on one game, as this could potentially hurt your bankroll. Instead, it is advisable to spread your bets amongst a few games, just to ensure you get your money back. As you gain experience, you can increase the number of games you are wagering on.
The Importance Of Studying History
As a sports betting expert, you will be doing a lot of research to find profitable games and handicapping tools. One of the first things you should do after you set your betting margins is study sports history. This will help you figure out what drives the teams to action and how successful they have been in previous games. You should also look into the weather conditions of the game – something different about the weather could potentially affect the outcome of the game. For example, if there was heavy rain the night before the game then the ball may be soaking wet, which could affect the flight pattern of the ball and ultimately change the outcome of the game. Finally, don’t be shy about watching other sports championships or super bowl games to see how certain strategies and techniques work in others, as this could give you an edge in your betting.
How To Increase Your Win Rate
One of the most important things you can do as a sports bettor is to increase your win rate. Simply put, the win rate of a bookmaker is the total number of wins (wins are when you bet on a team and they win) divided by the total number of bets made. A bookmaker’s win rate is often the best indication of how successful they are at predicting the outcome of games. What is important is that you find a bookmaker who has a high win rate for your area, as this will increase your chances of winning. One final tip – if you are looking for a place to wager, then take into consideration the online security of the site you are using. It is essential to have a bookmaker who is licensed and regulated by the government, and makes use of secure servers to protect your personal information. In most cases, the team you back will lose, but the odd winning streak is worth the occasional adventure into sports betting! Good luck out there.