Did you know that as many as eighty percent of all United States citizens have gambled at least once?
It is easy to mistakingly think that sports betting is too complicated to figure out. This is why so many people are hesitant to start placing bets.
The good news is that it is possible to place sports bets if you know about the right sports betting strategies. We’ve written a guide to help you out. Keep reading to find out more.
Do Your Research
This is an important tip to follow if you want to create a successful sports betting strategy. Before you choose to place a bet, you should always do your homework. This involves analyzing each of your options.
Consider analyzing past games you’ve bet on to identify ways to improve your betting system. You should also be on the lookout for trends that are occurring on different sports betting websites.
You can make your job easier by using analysis software. The problem is that it’s necessary to understand how to use these complicated programs.
Money Management: Keep Track of Your Bankroll
If you gamble consistently over a long period, you are going to go through cold streaks.
When people are losing a lot of money, they often choose to make more risky bets because they want to recuperate the money they’ve lost from previous losing bets.
Don’t make the mistake of making impulsive decisions if you’ve been losing. Instead, you should take time to reflect on what your betting goals are and what your budget is.
The first step to responsible money management involves creating a separate betting bankroll from your main banking account.
This will help you to figure out how much money to invest in a particular situation.
Experienced sports betters usually don’t wager with more than five percent of their bankroll. For example, if your NFL betting budget was one thousand dollars, you should place bets of no more than fifty dollars.
If you are interested in arbitrage betting, it is a good idea to wager two percent or less of your bankroll for each of your bets.
Understand the Kelly Criterion
This is a mathematical formula that experienced sports betters use to figure out the best amount of money to wager on a certain opportunity.
The Kelly Criterion takes into account the total monetary worth that is available. It also considers the estimated return on investment (ROI).
Even though sure betting strategies don’t exist, the Kelly Criterion will increase the chances that your bets will be successful.
There are also other staking strategies you can embrace such as the Fibonacci. The problem with this strategy is that you’ll need to increase the size of your stake if you lose.
Familiarize Yourself With Line Shopping
One of the most important betting tips is to practice line shopping.
It is easy to do this. Simply choose a line (total, money line, point spread), and look at several different sites to find out which line offers the best return.
You will need to learn how to shop for the best lines if you want to be successful at sports betting.
Consider Betting Against the Public
Betting against the public, also known as “face the public,” involves making different bets than the betting public. It is necessary to closely observe line movements if you want to fade the public.
If you notice that the betting line is moving in favor of the underdog, this shows that the public is betting on the favored team or competitor.
For example, if you are betting on an NFL football game between the Arizona Cardinals and the Buffalo Bills and most other sports betters are wagering on the Cardinals, you should consider betting on the Buffalo bills.
To make sure that this is a good bet, you’ll still need to assess other important details such as who is favored to win and which team has a home-field advantage.
Start by Making Small Bets
It is a great idea to only make small bets when you are getting started with sports betting. This will allow you to understand different kinds of betting such as spread bets and Moneyline bets.
Once you know how the betting process works, you can start making larger bets.
Consider Focusing on a Single Sport
It will be easier for you to make informed bets if you choose to wager on sports that you are familiar with.
If you’ve been following college football for many years but don’t know a lot about NFL games, you’ll increase the chances of placing winning bets if you only bet on college football teams.
Place Bets When You Have a Clear Mind
It is never a good idea to place emotional bets. Instead, try to use logic to make informed decisions. Don’t place bets if you’ve been drinking.
And remember that bets that you place impulses on will be less likely to be successful.
If you struggle to not bet on impulse, consider keeping a list of every sports bet that you make. By keeping track of your sports bets it will become easier for you to bet with a clear mind.
Make Use of the Top Sports Betting Strategies Today
If you are new to sports betting, it is a good idea to make use of the top sports betting strategies. This will make it easier for you to understand the basics of money management.
If you want to find out more about sports betting, don’t forget to check out the Finance section of our website.