In recent years, the growing popularity of sports betting and fantasy sports have given rise to the NFL’s high ratings. However, many fans are unsure where to begin when it comes to making money from sports betting. Whether coping with endless touts promising impossible winning percentages or deciding which sportsbooks are reliable, this can all be a trial and error process.
So, here are the top five lessons our expert bettors wish they had learned before they began betting on sports.
Never try to recoup your losses
Let’s say you had initially intended to wager $50 on each of the four games. However, even though you win 100% of your afternoon games, you’ll still lose $50 for the day. Does that appeal to you? Most likely not.
If you’re a successful sports bettor, you’d understand that your betting career isn’t divided into days or even small sessions. You will wager on the four games and begin preparing for the NFL games on Sunday or the college games the following week. You must begin to think of sports betting as a long-term investment and learn how to do a thorough analysis.
You’ll lose the need to chase your losses if you move away from placing bets in short sessions. It will ultimately come down to the self-discipline and willingness to remove that factor from the equation. Know, the better you are at this, the more likely you are to be a long-term winner in sports betting.
Have various sportsbooks at your fingertips
At least three sportsbooks should be available to bettors: square, sharp, and reduced juice. Oddsmakers who cater to the casual bettor are known as square sportsbooks. Since inexperienced bettors are susceptible to betting favorites and overs, these books generally have low limits and excellent lines for underdogs.
Sharp sportsbooks usually have the highest betting limits on games, and during the NFL season, 6-figure bets are common. The best lines on favorites and overs are typically found in these books.
Although most sportsbooks charge a -110 vig on each hand, the reduced juice books usually have lines of -105 or -106, which makes them much superior for daily bettors. With regular (-110) juice, bettors must win 52.38% of their bets to break even, but with -105 juice, the percentage drops to 51.22%.
Bettors will raise their long-term income by 1-2 % by getting access to many sportsbooks, such as FanDuel, and always shopping for the best line. The small difference may not seem like much to younger bettors, but it can sometimes mean the difference between a winning and a losing season.
There isn’t such a thing as a lock
You’d have an excessive amount of gold if you had it every time someone tells you they had the “lock of the century,” but the team lost. There’s no better way to put it than to say it straight out. In sports betting, there is no such thing as a sure win.
We don’t care how good a team is or how bad the line is; you’ll be paid out based on the probability that the bet will be successful. And if anything is 95% likely to occur, there is still a 5% risk that it will not. And you’re probably not being paid anywhere near even money for that bet, which means it may not have any value.
Too many people risk a significant portion of their bankroll on what they say are sure bets. That is the problem. Sports are a wild and crazy experience in which one will never know what could happen.
The implication here is that you must adhere to the rules you have set for yourself. Don’t increase your bet sizes above your bankroll rules only because you think it’s a sure thing. Sure, you can bet at the top of the range you’ve developed for yourself, but don’t go any higher than that.
Keep an eye out for handicappers who just sell picks
Handicappers are unreliable, and they often inflate their numbers. Of course, there are exceptions to this law, such as Right Angle Sports, but they are few and far between. Most handicappers would advertise optimistic winning figures without any evidence of their previous success.
Another concern with handicappers is they do not consider the cost of their picks to the size of the bet. Is it possible to profit after paying off the subscription cost if you bet $50 per game?
Many handicappers would send one side to half of their list and the other half to the opposite side. This means that 50% of their subscribers will receive a winning choice, allowing them to brag about it.
Always review your bets
Please, please, please, double-check every single bet you place. If you’re betting in a physical sportsbook, double-check your tickets before leaving the counter. If you’re betting on sports online, confirm if you’ve entered the correct bet before clicking the submit button.
If you don’t believe this occurs much, you’re in for a surprise. This occurs regularly in sportsbooks around the world. Do you know what happens when you try to explain the situation to the sportsbook manager? Nothing. They’ll tell you that you must check your tickets. And there are no sportsbooks in the world that would pay you out based on a losing ticket.
If you see something that isn’t right, notify anyone right away. Do not wait before the game begins, or even a fraction of a second later. While you’re up at the window, they’ll gladly fix it for you. If it occurs online, contact their customer service right away.
If you’re dealing with a legitimate online sportsbook, they’ll assist you as long as it’s not something that happens often or seems to be an attempt to defraud them. This is why you must act immediately. In most cases, the benefit of the doubt would not be in your favor.
Final thoughts
A career in sports betting doesn’t develop overnight. It requires research, practice, and a lot of money, for that matter. Hopefully, you have taken notes of all the facts listed above just in time for you to start your career in sports betting.
Try not to bet on the wrong team, and best of luck.
Story by Jara Jones
Share
Contributors
