In sports betting, you’re either winning or losing. There’s hardly any middle ground. But that doesn’t mean you have to be on the chopping block all the time. You can make money off betting when you know how to apply the right strategy. And that’s what this article is going to teach you. We’re going to cover everything from how to set your odds to applying some useful maths to help you make the right decision.
Pick A Suitable Sport
When you’re considering making a bet, the first thing you need to do is pick a suitable sport. It’s important to make the right choice here because each sport has its perks and quirks that you need to be aware of before you make a wager. For example, if you’re really keen on cricket, you can research all the latest odds and statistics on each of the players in the Australian domestic league. But if you’re a rugby fan, you may find that a lot of the action takes place in the air rather than on the pitch. So, to maximize your entertainment value and minimize your loss, you may want to look into other sports. Perhaps you’d like to try your hand at ice hockey or fencing or go for a walker in a wheelchair race. It’s all about having a good understanding of the perks and quirks of each sport so that you can bet on the right side. And here’s the thing: you can research all this info yourself. There’s no need to get suckered into paying for a service that you can get for free on the internet. So, when picking a sport, always consider the cost of entering a race, the availability of streaming services, and how much fun you’re likely to have.
Use The Right Parley
Once you’ve picked a sport, it’s time to move on to the next step: using the right parley. You’re going to make money off betting by ensuring that your betting line is as favorable as possible for a win. To do this, you need to know how to apply the right strategy when choosing your parley. For example, if you’re backing an undercard fight for the main event, it may be smarter to put your money on the fighter who is considered the underdog. This is because the favorite is more likely to score an easy victory and your payout if he wins will be smaller. You want to minimize your loss on a bet, so always go for the underdog in that situation. Another example: if you’re going for a longshot, it may be smarter to bet on a horse that is considered a bit of a longshot. This way, even if your chosen selection loses, you’ll come out ahead because your bet will be settled at a lower odds than if you’d put your money on a more popular horse. It’s always good to put a longshot on a horse you think is going to win just to see what happens. But, mostly, using the right parley is about getting a good feeling for how likely an event is to net you a profit or a loss. One more thing: sometimes it’s better to bet on the exact opposite of what you believe in. Just because a certain horse won’t win a certain race doesn’t mean that you should bet on him to lose. It often pays off to bet on something you’re not used to because you’re never quite sure how people are going to react. So, in the end, you might just surprise yourself with how well you did.
Set Your Odds
The next step in making money off betting is setting your odds. This is pretty self-explanatory: you’re going to set the price at which you’ll accept a wager on a particular event. The key thing here is finding a good balance between making a profit and keeping your losses minimal. To do this, you need to consider a number of factors, including the cost of attending a race, how much time you have before the race, and whether you’ll actually enjoy yourself at the racecourse. Some examples of things you may need to consider:
- The distance of the race
- Weather conditions
- How many days are there between the start of the race and the date you want to carry out the wager
- How many days are there between the end of the race and the date you want to collect your winnings
- What time of day is the race
- What’s the track record of the selected horse (if any)
- How much prize money will be awarded to the winner
While you should always make sure that you’re getting a good value for your money when entering a wager, it’s also important to keep in mind that the cost of attending a horse race is usually around $50 to $100 per day. So, if you’re looking to make a serious amount of money off betting, you may need to consider getting a part-time job so that you can attend more races. Alternatively, you may want to consider using a betting exchange, which we’ll get to in a bit. But, for now, it’s important to note that setting your odds correctly is one of the most crucial steps in making money off betting. A poorly set betting line can cost you financially if the favorite wins but makes little to no difference if the underdog loses.
Study The Form
It’s important to study the form of the chosen horse before you bet on him or her. Just because a horse has won a lot of races in a row doesn’t mean that you should automatically back him. It’s always beneficial to check out the form of a horse before you make a wager. This way, if you do decide to back the horse, you’ll know that he or she is indeed a sound athlete and will suit your needs. With form you can also determine whether a horse will run fast or slow. For example, if you’re looking to make a quick profit, you may want to avoid horses with a long form history because they’re usually very versatile and can win against almost any type of competition. This makes them hard to bet against and, as a result, your profit is likely to be low. On the other hand, if you want to try your hand at getting a longshot, go for a fast runner with no history of losing races because they can win regardless of the competition. This way, your profit is likely to be higher. Of course, there are exceptions to every rule, so it’s never perfect. But knowing what to look out for and being able to spot it when it happens makes a world of difference. And remember: nobody can predict the future, so while studying the form of a horse can give you a good idea of how he or she is likely to perform, it doesn’t mean you’re guaranteed to profit. Just because a horse has won a lot of races in a row doesn’t mean that his form will stay the same. It happens frequently that the tables are turned and the favorite ends up losing. Then, all of a sudden, they’re finding themselves the underdog and people wonder why they’re no longer considered the ‘man or horse’ in the race. This is why it’s so important to remember that there’s always someone who has the advantage over you just because they’re better at something. With that in mind, always make sure that you’re not doing worse than you have to.
Use Math
Another important thing to do when making money off betting is to make use of mathematics. It’s a good idea to get familiar with some of the basic formulas that relate to wagering. For example, if you’re looking to bet on the nag race, you may want to consider backing the three-legged race at three to one because even though it’s a long shot, it’s more likely to come in than the nag. Some of the more complex formulas can get a bit tricky to understand, so it may be a good idea to look them up online or in a book. For example, there’s the popular ‘handicap’ system where you add a little bit of extra weight to the scales for each horse so that they’re comparable. This makes it simpler to compare the merits of two or more horses when making a wager. It also requires less work on your end because all you need to do is to find the weight of each horse and multiply it by the odds you’ve set. These types of calculations can help you maximize your returns when betting.