So you’ve decided to dabble in the world of online sports betting. Good for you. Done correctly, this can be a fun recreational activity. Or if you opt to be taking things a bit more seriously, it can be a money-making venture.
Finding somewhere to place your bets isn’t going to be an issue. There are a number of good betting sites that will help you get your wagers down, no matter what the sport is that you are desiring to bet. They’ll even provide you with access to handy how to bet guides and tips on different methods of wagering you might want to try out.
There are also links to foster responsible gaming, but ultimately, the responsibility for successful betting comes down to you. If you want to do well with your sports betting, you’re going to need a sound betting strategy. And that starts with taking on a policy to treat sports betting as just another form of investment.
Whether you’re putting money into hedge funds, mutual funds, or the stock market, you don’t throw that money into an investment without first investigating the opportunity. It’s your money and you don’t want to lose it.
It’s the same with sports betting. You aren’t betting your money to lose it. And by developing a sound betting strategy, while it won’t guarantee you’ll be a winner – it is gambling, after all – what it can do is significantly improve your chances of successful wagering.
There are strategic moves you can employ that will make for better betting. Here’s a look at a few of the most important ones.
Establish A Bankroll
When you invest, the wise investor only risks what they can afford to lose. Smart sports bettors take the same approach.
These sports bettors establish a bankroll long before placing their first bet. And they never risk more than 5-10% of their bankroll on any wager.
The smart money, as wise sports investors are often known, will plan out their wagers well in advance, and those are the only bets they will make. Should that bet prove to be a loser, they will take the hit and wait for their next planned bet.
A friend who is an experienced bettor sets out his bets for the day well in advance. He makes that bet or those bets and nothing more. If they don’t win for him, he takes the loss in stride, moving on to the next day’s bets.
Bet What You Know
If you know the oil and gas industry, you aren’t investing in a stock portfolio comprised of timber and pork futures. You put your money into investments that you know and understand.
You’ll be doing the same when sports betting. If you know hockey, bet on hockey. If college basketball is your game, then that’s what you bet.
Don’t go betting on cricket or motorcycle racing, unless they are sports in which you have a strong base of knowledge. The more you know, the better the chance you’ll be a successful bettor.
Avoid The Touts
Surely, you’ve seen the ads all over the internet. This fellow has a sure-fire winning system. And there’s that other guy who’s willing to give you guaranteed winners – for a fee, of course.
Think about this for a second. If you had discovered a sure-fire winning system for betting on sports, are you going to be telling everybody about it? It’s like those ads on late-night TV with the guy on the yacht surrounded by the beautiful women in skimpy bathing suits. He’s got an investment system that’s gonna make you wealthy like him.
Those guys are no different than the sports betting touts. And if you fall for their grift, then you’re the mark. You can bet on that.
Never Make Emotional Bets
Always bet with your head and never with your heart. You might be a fan of the Chicago Bears, but don’t let fandom cloud your wagering judgment. Be realistic about the Bears and their chances to win this season. They’re starting a rookie quarterback. This hasn’t been a good team in a few years and it looks as though they are once more retooling.
Emotional betting is a lot like emotional eating. It might seem like a good idea in the moment, but it will only lead to frustration, heartbreak and ultimately, sadness. And you will most likely be losing your hard-earned money.
Accept That You Will Lose
Here’s a fact of life that few in the sports betting realm actually comprehend. Even the best bettors in the world, the pros who make a living by wagering on sports, only succeed in their bets between 53-57% of the time. That’s barely more than half.
Even at that, those who are winning 53% of their bets will be turning a tidy profit. And if you can creep up toward that 57% success rate, then you’ll be living the life of Riley.
The reason why we’re telling you this is to realize that the fact of the matter is you’re going to lose some bets. You’re going to lose a lot of bets. But if you can win even a few more than you lose, you’ll still make money. Still, the question is whether you’ve got the stomach to accept so much defeat because you have to accept it.
The absolute most foolish thing a bettor can do is to throw good money after bad. If your bet loses, take the loss and move on. Don’t ever think that you must get that money back by making another bet of a larger amount. That’s a recipe for disaster.
