As with conventional gambling, betting on sports could be a highly lucrative practice under the right circumstances. Whether it’s betting on college football, the progress of an individual team, or a fantasy league, you have the potential to turn a bit of extra cash into a sizable payout.
Many beginners are unsure of how to get started, though. Let’s take a look at some of the most important sports betting tips newcomers should keep in mind.
1. Avoid Betting on Your Favorite Team
One of the biggest mistakes that sports betting newbies make is consistently betting on their favorite team. Unfortunately, just because a particular team is one that you most enjoy watching doesn’t mean that their performance will make you money.
In many scenarios, solely betting on your favorite team will actually cause you to lose money over time. Although there’s something to be said about the enjoyment you can get from winning a bet based on your favorite team, it’s often better to avoid betting on this team entirely.
That way, you won’t have to lose money if they underperform and you also won’t have to bet against them.
2. Home Team Bias
As a sports fan, you’re likely aware that the home team often has an advantage over the visiting team. Although there is not any objective advantage on the field or court, there’s something unique about playing a game in your home stadium surrounded by fans.
Unfortunately, sportsbooks have begun to accommodate this behavior and factor in the home team bias that many sports bettors exhibit. This could cause betting on certain teams to be less profitable than it should be depending on where they are playing.
3. Understand Underdogs vs. Favorites
In general, betting on underdog teams comes with a higher earning potential. In exchange, these teams are often far less likely to win compared to the favored team.
In contrast, favorites have a higher chance of winning but won’t provide as much of a payout. If you’re looking to maximize your profits, you’ll need to thoroughly research underdog teams as well as the team they’re up against.
You can take a look at factors like player injuries, historic matchup performance, etc. to get started.
4. Moneylines vs. Totals
Two of the most common ways to bet on a favorite or underdog team include money lines and totals (also known as over/under). Money lines are bets that are based on the outcome of the game. More specifically, payouts are determined by which team wins.
On the other hand, totals take the aggregate score into account.
For example, let’s assume that somebody uses this betting method to wager on the outcome of a professional basketball game. Oddsmakers will set a total number of scored points for the game, which bettors will then wager upon.
The goal here is to determine whether the actual aggregate score will be above or below the number that the oddsmakers came up with.
5. Only Bet What You’re Willing to Lose
This is advice commonly given to those who visit a casino for the first time. Interestingly, though, people tend to have a different mindset when it comes to sports.
This is often due to the experience that they have predicting the outcomes of sports games in a risk-less setting. But, they don’t tend to think too much about when they get their predictions wrong.
When it comes to wagering, you can easily lose a significant amount of money depending on how much you placed as your bet. For this reason, it’s highly recommended that you only bet what you are willing to lose until you become more familiar with the process.
6. Shop Around Different Books
Different sportsbooks offer different lines. To elaborate, it’s highly likely that you can achieve a larger payout simply by searching for the right book to place your bet with.
Even a small difference between two books could make a significant impact when placing a large number of bets over time.
To help streamline this process, it’s best to keep a few books in mind when looking to wager. Online sportsbooks are also a great way to get involved in sports betting. You can visit this resource to claim a free offer and get started right away.
7. Track Your Progress
Failure to track their progress is another mistake that plenty of new sports bettors make. Although it can be exhilarating to win a large amount or outright depressing to lose a big wager, all that matters is how your performance has been since you started.
For instance, let’s assume that you won $10,000 from sports betting last year. This is something that would likely leave you ecstatic.
But, it’s not quite as impressive if you had lost a total of $30,000 since you began sports betting four years ago.
Tracking your progress will also help you determine how effective your current betting methods are. If you used to consistently perform better in the past and recently changed your strategy, you have a better chance of making the necessary adjustments.
These Sports Betting Tips Could Change Your Life
So it’s highly recommended that you keep them in mind. From here, you can use the above sports betting tips to give yourself the greatest chance of the outcome going in your favor.
Want to learn more info you should keep in mind? Be sure to explore what the rest of our blog has to offer.