Today, more and more people try their luck at gambling in the hope of winning easy money. In fact, it’s not easy to get rich from sports betting. To achieve success, you should be focused, disciplined, and utilize your knowledge.
In this article, we will share with you tips on how to make money sports betting.
- Set the right mindset
Betting on sports is tricky because this process is emotional. The first thing you should do is to realize that you won’t win every bet. You will have to deal with more swings, losing streaks, and winning streaks. Be ready. Also, be happy with small gains because small and steady wins the race.
On top of that, don’t get overwhelmed with emotions because chasing losses is a road to nowhere. If you wonder how to make money sports betting, you should know that you’ll be successful only if you are ready to bet being detached, disciplined, and unemotional. When you are too emotional, you can become addicted to gambling and then, you can lose your motivation and play not for money (using all your knowledge) but for the feel of a rush of adrenaline in your blood, which gambling gives you.
- Know the sport inside out
Utilizing your knowledge is the first thing you should do. Math and the basic knowledge of sports markets are a good combination to start with. However, if you want to be successful, then you should know all the details about the sport you want to bet on. Of course, you will have higher chances to make money betting on football. The paramount thing you should do is to master handicapping. This process takes into account different factors, including:
- Stadium factors;
- Team news (the change of a coach, the missing players, transfers);
- The current mindset of the team;
- The results of the previous meetings (if possible, read the recent match reports to understand the reasons for winning or losing);
- Schedule (if the team has a tight schedule, it means that it can be tired).
So, an experienced handicapper does not just assess the chances, analyzing the previous games, but takes all these aspects into consideration.
If you choose tennis, then think whether the player has a spat with the coach, the presence of injuries, won his or she the previous season or not.
Besides, keep in mind that the bookmakers’ favorite won’t necessarily win. Pay attention to the details, perhaps this favorite has lost a few matches or his opponent has objectively higher chances. Remember that details are vital!
- Consider different bookmakers
There are many bookmakers and there is a huge competition between them, that’s why they offer high odds, a wide range of sports (including exotic), and attractive bonuses. So, you can choose the bookmakers that offer you the best bargain. The best betting sites in South Africa and other countries are Sportingbet, Betwin, Betway, BetVictor. They feature attractive odds, low margins and high volumes, nice bonuses, a wide range of sports, and they don’t limit successful bettors. The only thing the bookie should do is to let you win.
- Bet smart
A little patience goes a long way, so don’t make impulsive bets. You should understand line movements, odds, and use different betting systems. Today, the odds are shown in three different ways:
- Decimal – in Germany, the most common (1.9 means a gain and multiplication of the insert with 1.9).
- As a fraction – in England, 11/5 means a net payout of about eleven fifth of use, which corresponds to decimal odds of 3.2.
- American odds – when betting on American sports events (-110 means something that you have to risk 110 to win 100, in decimal odds it is 1.91).
If you include fewer selections (3-4) in your bet, you can win.
On top of that, an ability to identify value is crucial. You should detect the undervalued bet, choose it, and then it will appreciate in value later.
Furthermore, along with defining the value, you should be able to assess the probability because it goes hand in hand with value. Based on odds, you should define to which extent something is probable.
For example, a -200 favorite has an implied probability of 66.67%. This means that bettors would have to win their bet 66.67% to break even on their wager on a no-vig line. Identifying the true probability of wagers is one of the hardest parts about handicapping. Those who can do it well are extremely successful.
Moreover, try to find the best betting system for your needs. There are many different strategies, but the systems that allow you to get slow but steady increments and avoid losses are fixed betting and proportional betting.
Fixed betting implies that you bet a fixed amount for each bet and it doesn’t matter how much you win.
Proportional betting means that the bet should be the edge divided by the odds. For instance, if the edge is 10 percent and the odds are evens, 10/1 is 10. So, if you have a bankroll of $1000, then your bet should be $100. If you win, the next bet will increase to $110, because your bankroll will increase to $1100.
- Operate Bankroll Management
Gambling isn’t easy money and if you want to win, you should operate bankroll management. Have at least a bankroll of $1000 to start. Never spend all your bankroll until you win the desired amount of money or you have a financial hardship. If you spend your bankroll, it means that the whole process will be slowed down.
Set certain limits and never bet more than 5-10 percent of your budget on a single event because if you take too much per bet, you risk bankruptcy. No one wants to go bankrupt, right?
Thus, it’s obvious that if you are desperate and are hoping to make quick money by betting on sports, then it won’t happen. However, getting rich through betting is possible, but it takes hard work, discipline, and talent. If you are ready to put in hard work and do not give over to emotion, then you can get rich from betting!