Here are some general sports betting tips that should apply to any and every sport that you place wagers on. Check out the seven tips below to improve your ROI when betting on sports.
It may surprise you how many sports bettors place wagers while under the influence of alcohol. Needless to say the vast majority of bettors who bet drunk lose money. If you want to be a winning sports bettor it is essential that you only bet sober and when you are in the right state of mind (ie. don’t bet angry either).
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Shop for the Best Odds
This is a huge must and could be the difference maker when it comes down to whether or not you’re a winning online sports bettor. Shopping for the best lines may seem like a lot of work, but over the long run the additional potential winnings is well worth your time and effort. Simply sign up at a few of our recommended online sportsbooks and quickly compare odds before every wager you place.
Typically Bet the Underdog
The general public loves to bet on the favorites because the average bettor likes to win. The amount the bet wins is less of an issue to the novice bettor than the fact that they win. Underdogs rarely get the respect they deserve and the general public loves to bet on the favorites (bandwagon effect). Online bookmakers realize this and slightly sway the lines to account for this fact. Over the past several seasons wagering on every underdog would have lost you far less money than wagering on every favorite. That being said if you just wager on every underdog you will still lose money. Do your research and look for underdog wagers that are positive expected value: you are sure to find plenty.
Do Your Research
This is another obvious sports betting tip that we had to include in this article. The more information you have on the two teams (or players) and their recent trends the better equipped you are to spot value in a betting line. Going with your hunch may seem like the smart thing to do when betting on your favorite sport, but in reality the homework you do researching the trends and analyzing the past games will translate into online sports betting success.
Only Bet on Desirable Lines (Pick Your Spots)
You should only be wagering on lines that you truly feel are positive expected value. Don’t feel like you need to wager on every game to truly consider yourself a solid sports predictor. The best bettors pick out one or two games a day that they feel have desirable lines. It’s important to be patient and wait until you find a line that will help you build your bankroll more times than not.
When betting on sports it’s important to set aside a specific amount of money that you are willing to lose. That’s not saying that you will lose the money, but there is always that possibility. You should then manage this “sports betting money” that you have online wisely in order to build your betting bankroll safely. A typical sports betting money management strategy is to bet a maximum of 5% of your online sports betting bankroll on each game. For example, if you have $500 online then you should be placing a maximum of $25 on each individual game. It is important to stay consistent and not chase your losses with bigger bets because this is how you will go broke. If you lose $100 and your bankroll shrinks to $400 then lower your bet to $20 and try to build it back up. Successful sports bettors know that sports betting is not a race. It takes time to build your bankroll. You must be patient and search for the best lines in order to win money over the long haul.
Don’t Bet Parlays
Parlay bets are a lot of fun and offer big payouts when you hit, but they are not smart bets for the savvy online sports bettor. Parlay bets work by multiplying your wager by the odds for the various outcomes you have selected, which can be anywhere from 2 to many outcomes. Here is an example:
You place a $10 wager on the Toronto Raptors at 2.45, the Miami Heat at 1.60 and the Boston Celtics at 1.75. This would result in a total payout of $68.60 if each of these teams wins.
The problem with multiplying the odds together for each outcome is that you are also multiplying the juice the bookmaker assigns to each betting line. Each outcome typically has a 10% juice associated to it in order for the bookie to make money. When you multiply the odds together the juice also multiplies and this results in a bigger advantage for the bookmaker and a smaller expected value for you, the bettor.
That said, if you can find 3 sharp bets where the value of each play outweighs the juice then a parlay bet can still be acceptable to make as a winning bettor.
Here’s a good rule of thumb: Don’t bet a parlay unless you would bet each leg individually. This will force you to only include bets you truly believe are +EV in a parlay instead of just adding legs for that big “potential payout”.
Parlay bets are a great way to try and get rich quick, but over the long run it is smarter to place individual bets on each outcome you desire.