It doesn’t matter if you are betting on sports for fun, to make the games more interesting, or betting because you want some extra cash. Regardless of the reason, you need to have a sports betting strategy to make money. Betting on the outcome of sporting events is a difficult business. Because bookmakers put juice on every game (usually -110 in NFL, CFB, NBA, CBB), the breakeven point for sports gambling is around 53%. Anything above that is profit. Don’t get us wrong, there are some sports bettors that consistently win and do make a nice living off their hobby, however, they are rare.
Run away from anyone as fast as you can if they say they never lose.
All sports bettors go through losing streaks, even those who make a living from gambling on sports. I will give you the easiest breakdown of how to win and profit from your wagers in the long run. Lets talk about some betting advice that can help you turn a profit from your wagers. These aren’t secrets, and these strategies will not make you an amazing sports bettor overnight, but we have been practicing these for years and they will work for you. You should try and follow these tips at all times, and you should never let your heart or feelings get in the way of a smart wager. If you want to win money betting on sports, you need to follow some basic strategies.
What is Bankroll Management?
Bankroll management is very important for sports investing. You should always keep a specific amount of money set aside, which is known as your bankroll. Establishing a bankroll means deciding on an amount of cash that you can afford to lose.
Pro Tip: Your bankroll should not include your rent money.
Managing your bankroll is very important and one of the keys to being a successful sports bettor. With disciplined management, you can ensure that you will never get “killed” on one CFB Saturday causing you to reloading your sports betting account. We recommend that you don’t bet more than 1% of your total bankroll per game. Anything above that is considered risky. Anything 1% of your bankroll or below is considered a smart, conservative wager.
Here’s a simple example. If you decide that you have an extra $1,000 to play with and decide you want to use that during the NFL season, you shouldn’t wager more than $10 per game. Bets of that size prevent you from losing too much on a bad wager, and will still allow you to make a profit in the long-run. Having a set bankroll strategy and knowing how to manage your money will teach you to not try to recoup your losses from a bet by placing a bigger bet on the next game to “make it back”. Stay consistent. Although it may be tempting to try to win back your losses by doubling your wagers on your next round of bets, you could end up with even bigger losses. Work with the bankroll that you have established for yourself.
Have the right mindset
Ever heard of going on tilt? It exists with sports bettors, poker players, and any casino game. Going on a tilt as a bettor can lead to irresponsible betting. Tilt is when you let your emotions get the best of you and it causes you to forget your basic betting strategy. You need to ignore your emotions and only bet when you are sober and in a good mood. You should not bet when you are upset, if you just lost a lot of money, or are drunk. People who have had a little too much beer, vodka or fireball shots tend to place wagers based on their emotions, and as a result lose more than they win. If you just experienced a bunch of bad beats, a meaningless touchdown, or a foul with .3 seconds left, then that is when you need to walk away until your head is clear. If you’re on a losing streak you need to take a break before you start placing other sports bets. Take a day off.
Do you think you can just look at the lines and make a decision on what you want to bet? Not if you want to win consistently. One of the most important sports wagering tips is to do your homework before you place a bet. Shop for the best line you can get, research the teams, and know the ins and outs of the players involved in your wager. Before making your pick, you should compare stats, look at betting trends, check out past performances when the teams played, and hunt for the best possible lines before you lay down a bet.
Shop for the best line
Another key to becoming a winning sports bettor is to have the patience and the ability to shop around for the best line available on the game. Having multiple sport books is a key to this winning strategy. Different books have different lines and odds. By having multiple sports books, you give yourself the ability to find the best line to lay your money on.
For example, let’s say most sportsbooks are offering the Denver Broncos at -7. If you spend time shopping, you may find a book offering the same bet at -6.5 points or even better. Eventually you will notice that instead of pushing, or losing a bet due to a hook, you’re actually winning more often than you lose. Sports betting strategy is just common sense. Although it is tempting to bet based on hunches and gut feelings, it is important to remember to establish your bankroll, manage your bet sizes, control your emotions, and shop for the best lines. The rest is up to the teams you wager on and the gambling gods (yes they exist).
Systems plays to gain an advantage
A sports bettor can create a system to be just about anything they want it to be as long as that system is based on some research.
For example, your system might determine that teams win 70% of the time after a day off, off a loss, when their season win percentage is >50%.
These are the kinds of things smart gamblers and the investors of Bet With Confidence look for in order to gain a slight advantage when creating a strategy. Value is key in sports betting. By using systems like this, you ensure yourself that you will only bet on games that offer the most value. If you know that team A is likely to win (70%) based on historical data and research, and you are able to find a great line, then you have value when the condition exists.
This is much better than looking at a sports card and throwing darts on 3 or 4 baseball games a night based on your feelings about a pitcher or a team’s performance on a couple of recent games. By using a logical system you are able to find games that have value and will provide you with a positive return on investment. This is why systematic approaches work. Only bet when there is value.