With sports betting becoming more popular than ever, it might be time to figure out how to get in on the action yourself. But where do you start if you’ve never placed a wager before?
You can’t just jump right into the deep end of sports betting. With a few helpful tips, even the most amateur of bettors can start making progress before long.
Know the Basic Bets
There are way too many betting types to go through, so keep it simple. Start out in sports betting by knowing the two most basic bet types: money line and point spread. The money line is the simplest way to make a wager because all you need to do is choose who will win the game. It takes all of the complications out of betting.
The problem with money line wagers is that the odds aren’t great. If you want better value, betting on the spread is the way to go. Let’s look at an example. If the Denver Broncos are 4-point underdogs against the Kansas City Chiefs, the bet becomes clear. If you take the Broncos, they must lose by less than 4 points or win outright. Choosing the Chiefs, you’d need them to win by more than 4. It’s tougher to pick the spread but delivers much better odds (even money).
Manage Your Bankroll
It’s important to remember that sports betting is entertainment. To enjoy more wagers, you need to have a handle on how to spend on wagers. It is recommended that you only wager 5% or less of your total bankroll with each pick. If you have $50 invested, then you would want to keep your bets to $2.50 or less.
It might not sound like big winnings but that isn’t the point. You need to build your bankroll up and blowing it all on a few bets is the fastest way to a reload. Stretch your entertainment dollar by keeping your bankroll in check.
Go with Your Gut
One of the biggest mistakes sports bettors make is changing their minds after coming to an initial pick. We’ve all been there before. You feel good about one pick, think about it a bit, and determine that you should go the opposite route. The most frustrating thing is when that first pick ends up hitting.
For that reason, you need to go with your gut. Your intuition is telling you something, so don’t ignore it. It might not pay off every time, but you will gain more confidence making picks and doubt yourself a lot less going forward.
Value is Your Friend
Whenever possible, shop for lines. Many experts will recommend signing up for multiple sportsbooks and the reason is that odds are different from sportsbook to sportsbook. Even a few points here and there can wind up making a difference in the long run. By shopping around for games you like, you can gain a little value. This pays off in another way: you don’t have to win nearly as much to turn a profit.
Sports bettors assume that they have to win more often than they lose in order to turn a profit. That’s actually not true. Getting less value on favorites means that you need to win nearly 60% of your picks to make money. But when you get better value, that equates to bigger winnings. It is possible to make a profit on a little more than a 40% win rate that way. It’s just easier to hit at a 40% clip than it is to hit at a 60% clip.
