How to Bet on Sports
26 April 2019
Every single person who places a bet is looking to make a profit from it, because nobody obviously bets to lose. But, just how much of a profit can be made is down to strategy and knowing what you’re doing.
While many punters will look for that big score, the miraculous multi-selection accumulator bet that makes them rich, it’s the long term professional gamblers who will have the better chance of making a living from sports betting.
Betting on sports is possible but it must be done in the right way and with the correct mindset in place.
Betting on Sports
As mentioned, it is possible to bet on sports well but there are many things to take into consideration and it must be approached in a business-like manner.
Here are a few tips on how to bet on sports, the things to do and the things not to do.
1) Do Not Expect Overnight Success
The problem with most casual gamblers is that they expect, or at least hope, to bet on sports overnight well. They will place random accumulator bets, sometimes without the correct research being carried out first, and hope that lady luck will shine down on them.
Unfortunately, there’s a reason that it is headline news when someone wins a fortune from a small stake on a multi-selection bet. That reason is that it very rarely happens.
There are literally thousands of stories of people who missed out on winning big because of a late goal in a Saturday afternoon football fixture, or when a horse fell at the final fence. Whereas the success stories are very few and far between.
So, in order to make a lot of money from sports betting, you need to get the “bet on sports quick” idea out of your head immediately.
2) Look For Value
Many people who bet aren’t actually sure what a value bet is.
Well, a value bet is where the odds are higher than you and others believe they should be. By working out the implied odds on a betting market you will be able to recognise how much value is in every bet you place.
In order for the punter to recognise value, they must first understand the concept of it and be able to judge probability better than the bookmakers do.
For example, if the punter believes a football team has an 80% chance of winning a football match they would expect decimal odds of around 1.25. But, if the bookmaker is offering odds of say 1.36 then this has become a value bet. The implied probability from the bookmaker is a 73.3% chance, so much better odds are being offered than what is expected.
Of course, just because the odds are higher doesn’t necessarily mean the bet will win. However, being able to spot a pattern regularly gives the punter a big chance of making a long term profit.
3) Look for the Best Odds
Shopping around and using different bookmakers will enable you to find which one is offering the best odds for certain markets.
In order for you to work out which bookie gives the best odds you must be able to calculate the betting margins used by each one, and also the commission taken.
If one bookmaker is setting their odds with a margin of 103% and another is using a margin of 104.5%, the first one will be offering better odds as they are taking less commission from bets being placed.
Being able to identify this gives a punter the best chance of making a profit by consistently betting on selections at the best possible odds.
4) Correct Bankroll Management
One of the main things to do if you want to bet on sports is to put a betting bankroll management system into place.
Work out how much you can afford to bet with over a set period of time, divide the total into points and limit yourself to around 2/3% of your bankroll for each bet you place.
This way, you give yourself the best chance of a long term profit and you don’t risk blowing all of your money on one hopeful bet.
As your winnings increase, so will your bankroll and so will the size of your stake. You will still be betting the same percentage of your bankroll but the value will be more if your bankroll has increased.
5) Remain Analytical and Eliminate Emotions
The final point that needs to be made is that all bets you place should be fully researched and made with an analytical approach. Do not allow emotions to get in the way of placing sensible value bets.
If you allow emotions to creep into your betting, you will find yourself chasing losses and risking more of your bankroll than you should. Some may get lucky but most people will just end up with no money left in no time at all.
Remain analytical, bet responsibly, stick to a bankroll management system, and take a time out if needs be. The only people who bet on sports, other than the one in a million you read about in the newspapers, are the ones who take a long term approach and put in a lot of hard work.
Remember, to bet on sports you have to have the right mindset and be willing to put in as much work as it takes.