In the previous two articles (which you can read here and here),
we discussed some of the basics of sports betting.
In this article, we will discuss ways in which you can make a consistent
income from sports betting. We will cover the following topics:
Find A Winning Strategy
As we discussed in the last article, the most important thing for a
sports bettor is to find a strategy that works well for them.
There are certain sports – such as horse racing and daily fantasy sports
(DFS) – where having a specific strategy can make a big difference in
your income. However, you should not view sports betting as simply
gambling. It can be a solid source of income if you are doing it
properly. To make money from sports betting, you need to follow a series
of steps, which we will discuss below.
Diversify Your Bets
Betting on sports is all about having a good understanding of
which team is going to win. However, sometimes, there are other
variable that can impact the outcome of a game. For example, if you are
betting on the Green Bay Packers versus the New England Patriots, you
need to understand that the weather in either of those cities may also
have an impact on the game. If it is a wet and windy day, then it may be
tough for the offense to operate efficiently, and that could potentially
impact the game. Even if you are picking the favorites, you should still
consider these types of variables in making your wagers.
Make High-Quality Analysis
A good sports bettor will always make sure that their analysis of a
game is of a high quality. They will either do their own analysis or
consult with experts to come up with the correct score and
under/over/odds. Even if you are not a professional, you can still go
about doing your own analysis, but you must make sure that you do it
correctly. When picking numbers, it is vital that you use the right
strategy and make the right calculations. If you are not confident in
your skills, then it may be a good idea to hire an expert to help you out
with your analysis.
Place Better-Lingered Wins
When you are placing a bet on a sporting event, the most important
thing is to make sure that the book you are using is offering appropriate
margins. The higher the vigorish (the percentage of winnings
that are placed as wagers) the more likely you are to lose. This is
because as the vigorish level increases, the higher the percentage of
winnings being left on the table. Having said that, there are times
when a higher vigorish may be necessary in order to secure a sufficient
margin of victory. For example, if a game is very close, the oddsmaker may
require you to lay 10 to 20X the amount of money you are risking in hopes
of generating a sufficient amount of interest to make the difference.
Avoid Set-Losing Streaks
It is very important to avoid getting stuck in a set of losing
strategies. If you are finding that your profits are progressively
decreasing, then it may be time to switch gears and look for a different
way to make money. One way to do this is by avoiding set-losing streaks
in sports betting. Set-losing streaks happen when you keep losing
literally forever. This can happen if you use the same strategy
time and time again, and it eventually catches up with you. When this
happens, it can be very frustrating, especially if you are using it
solely to generate profit. If you find yourself in this situation, take a
break from betting and switch gears to searching for a new strategy. It’s
not easy to find a good strategy that is both reliable and
profitable, and this is why many people get frustrated and give up
quickly.
Use Technology
If you are not naturally good at math, then you may find that
technology comes in very handy when doing sports betting. Some of the
most popular sports betting apps make the task of analyzing a game much
easier by providing all the relevant information in easy-to-read charts
and graphs. If you are a fan of data, then these types of apps are a
must-have. They also make it much easier to place winning wagers when the
odds are in your favor. Modern technology has made it easier than ever to
place wagers on sports, but only if you know how to use it properly.
Be Careful With Your Money
Remember, gambling is a game of chance, and there is always the
risk of losing. However, you are playing with money that you cannot
afford to lose, so gambling should only be viewed as a pastime and
nothing more. When you are starting out, it is a good idea to play with
small wagers that you can afford to lose. As you get more experienced and
develop a track record of profitable wagers, you can gradually increase the
amount you are risking. This will give you a better chance of generating a
profitable income from sports betting. Make sure you are keeping proper
records of your wagers and that you are sending in proper documentation
when you are requested to do so by the bookmakers. Maintaining proper
records is essential for tax purposes as well. It will also make you
look more professional to the casual observer. Keeping proper records
democratically shows that you are indeed a serious sports bettor and not
just some fly-by-night operator seeking to avoid taxation by pretending to
be engaged in a wagering activity.
So there you have it – simple enough yet extremely effective ways of
making money from sports betting. If you want to become a consistent
earner from betting, then you need to make sure that you are using
legitimate and established sportsbooks. By following the above-discussed
tips, you will certainly be able to increase your income and become a
productive member of society. Good luck!