One of the biggest struggles that people face when trying to become successful at sports betting is learning how to bet on sportsbooks. Bookmakers are a tough lot and they know exactly how to play the game, so if you want to beat the odds you need to learn how to read the lines correctly and place successful bets. There are plenty of books out there that can teach you the ropes, but nothing beats actual experience, so in this article, we will discuss how to have success betting on sportsbooks by providing you with an in-depth guide to reading sportsbooks, understanding odds, and making the most out of your sportsbook betting experience.
How To Read A Sportsbook
In order to succeed at sports betting, you need to learn how to read the lines correctly and make the most out of your chances. When reading a sportsbook, you will encounter a variety of odds and lines, so it’s important to understand and utilize the information that they provide. In most situations, you will be confronted with an excessive amount of lines on the topic at hand, so if you want to bet on horse racing or baseball, you will have to filter through the mass of information and find the one line that you deem most suitable to your needs.
While it’s not impossible to beat the bookies, reading the odds and being able to place a successful wager is often a daunting task. Most people who wager on sportsbooks do so on a fairly consistent basis, so they have learned how to locate favorable odds and how to place winning bets. In most cases, they are looking to place an inside bet, which is generally the best course of action when you want to beat the bookies.
Understand The Concepts Of Odds And Profits
As the name suggests, odds are used to calculate the relative probability of an event occurring based on the prevailing betting odds. For instance, a 50/50 bet on the Yankees to win the series has odds of 2.0, while a 10/1 shot on the Red Sox has odds of 10.0. The meaning of odds is simple: given the same money on both sides, the sportsbook assumes that you will win 50% of the time when the team you support wins and the other 50% of the time when they lose. For a more in-depth explanation of odds, check out our guide to understanding sports betting odds.
On the other hand, profits are what you make when you win money on a gamble. The general principle is simple: you need to follow the money and bet on the games that you know you can win. In the example above, the winner is known to have the edge based on the betting lines, so you would make a profit of 5.0 even if the series ended up being a draw or the Yankees win by a score of 1 to 0.
To create an edge, you need to learn how to recognize situations where you can profit from the outcome of a game. To take the example above, you know that the Red Sox have a history of choking in the postseason, so you can avoid betting on them in the first place. On the other hand, the Yankees have a strong track record of winning in the postseason, which makes them a good choice for the postseason bet. Alternatively, if you are looking for an edge at the start of the season, you could wager on the Atlanta Falcons to win the Superbowl.
Learn How To Place A Winning Bet
When reading odds and checking for profits, you will come across a variety of competitions and tournaments where winning is assured, but the exact payout scheme depends on the structure of the particular event. For instance, if you wager on the Superbowl, you will earn a fixed payout regardless of the outcome of the game. In most cases, you will be presented with the prize money when the game ends plus a small additional amount if you bet on the undercard games (usually presented as a check in the mail a few days later). In extreme cases, you could win a huge payout if your chosen team wins in a landslide (such as the 2010 World Series where the Oakland Athletics made a fortune on wagers placed during the postseason).
However, if you are looking to beat the bookies and make some quick cash, you should avoid the above examples and go for more obscure or hidden payouts where the winning percentage is considerably lower. For example, you could wager on the Harlem Globetrotters to win a fixed match 2-1 and earn a 50.0% winning chance, or you could lay claim to a 72% winning chance on the 2009 World Series where the Philadelphia Phillies defeated the Pittsburgh Pirates in 7 games. Hidden odds and profits are sometimes known as crooked odds or fixed odds, so make sure you are familiar with this terminology before entering a competition where the payout cannot be verified by an independent source.
Learn How To Calculate Your Profits And Odds
In order to create the best possible edge given the set of circumstances described above, you need to learn how to calculate your profits and odds. Remember, you are not simply looking to beat the game and walk away with the jackpot; you are looking to create the greatest possible edge under the circumstances described above. In the case of the Philadelphia Phillies bet, the odds were somewhat in your favor since they had a 3-2 lead in the series, but you still needed to win the next three games to take the bet to an ultimate conclusion.
To illustrate the concept, let’s assume that you played the game according to plan and bet on the Phillies in the first three games. In this case, you would earn a small initial stake plus 3.0 in potential winnings. In extreme cases, you could win a large amount of cash based on how the game unfolds. In general, you would need to win 2.0 out of 3.0 games to come out ahead, which means you need to win the next two games to earn a 100% profit. In the example below, you are looking to make the most out of a $10 wager and the bet would pay off in $15 if your chosen team wins, but you would incur a $5 loss.
Assuming that you keep up with all the odds and calculations, it’s easy to see how you can create a profitable wager. In addition to providing you with the information necessary to beat the bookmakers, the sportsbooks can also provide you with a solid edge in certain situations by generating huge profits on events where your team wins in an overwhelming fashion. Knowing how to identify these situations and creating a winning wager is the key to success as a sportsbetting enthusiast.
Learn How To Calculate The Best Possible Outcome
Even if you have successfully placed a winning bet, you should not be satisfied with a single victory. Instead, you should look for ways to maximize your earnings by finding the best possible outcome for your team. To take the example above, you want to win the next two games to come out ahead and avoid the 5.0 loss that you would incur in the event that your team loses the third game. In general, you can use the same method to calculate the best possible outcome for any given game. For instance, if you wager on the first game of a series, you can use the outcome of the first game to determine the structure of the entire series. If you want to avoid high fees and give the lowest odds possible on the 2019 World Series, you should lay claim to the outcome of Game 1 since that is the only game that has been played thus far. In other situations, you can find the best possible outcome by using a combination of games. Most bookmakers will provide you with a list of the most recent games, so you can easily locate the results of the most recent games. In cases where the schedule is not available, you can find out the results of earlier games by contacting the sportsbook directly or searching for game results on social media sites such as Twitter.
Learn How To Maximize Your Winnings
Even if you have the ability to calculate the best possible outcome for a given game, you should not lay claim to those profits since winning is not everything. Instead, you should learn how to maximize your earnings by finding the best possible way to wager on sportsbooks. In the example above, you want to win the next two games so you can avoid the 5.0 loss that you would incur if the series ends in a 3-2 defeat for your team. In this case, you could wager on the second game in the series, which has a 3-2 advantage for your team, or you could even consider wagering on the third game if your team is still in the hunt. It is imperative to learn how to bet on the best possible outcome and avoid the temptation to lay claim to just any victory, whether you achieved it through skill or luck. After all, if you always bet on the favorite, you are limiting your gains to just luck alone. When it comes to maximizing your winnings on a sportsbook, there are numerous approaches, and it all depends on the situation at hand.