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|‣||How To Bet On Moneylines|
|‣||How To Bet On Spreads|
|‣||Know When To Step Back From Betting|
Many jurisdictions in the United States have legalized sports betting. Punters in places like New Jersey and Illinois can now bet from the comfort of their homes or at retail sports betting establishments.
The potential rewards of sports betting are apparent. A simple wager can earn you a tidy sum. The common reaction when many people see this is to dive right in.
But like anything new, sports betting has a learning curve. As easily as you can make profits, you can also lose all your money. A better way to get started is by using sports betting tips.
These are key pieces of advice created by professionals who have years of betting experience. Following expert betting tips will save you money and a lot of anguish when betting at online sportsbooks.
Below, we have listed some of our favorite tips for beginners.
Start With Sufficient Capital
One of the biggest mistakes made by new punters is to gamble with insufficient capital. The nature of sports betting is that you can make a killing from a small amount. So, many get sucked into this dream and start betting with the few pennies they manage to come by.
This will only give you unnecessary pressure. You are trying to make a chunk of change and, at the same time, are scared out of your wits about blowing your small account on one poor bet. This is stressful and definitely not good for your health.
Set aside a reasonable figure which you can gamble with ease, avoiding any unwanted stress.
Practice Proper Bankroll Management
Once you have secured sufficient capital, you need to learn proper bankroll management. The name of the game is called ‘staying in the game,’ but most people miss this. Look at it this way, there is nothing you can do to influence the outcome of a match, but you can control your bankroll management.
The only thing you can control is how much you bet. Professional gamblers always bet a small fraction of their account. You need to start at 1% of your bankroll and never exceed this on one slip. With this method, you have 100 opportunities to be wrong before losing your entire account.
Focus On One Area & Do It Well
Sports betting sites have a plethora of betting markets. You can wager on soccer, basketball, baseball, football, darts, snooker, you name it. The natural response would be to surf through the odds and look for what feels right to you. You need not bet in this way. The better option is to pick a sport, or better yet, an event, and follow it religiously.
For example, instead of betting on soccer in general, focus on the UEFA Champions League. Find out how the teams are faring, who is performing well, and what the score lines look like.
Remember, it is not uncommon for a team to be performing badly in the league and still do well in tournaments. This focus will build your knowledge and confidence in sports betting.
This tip applies to all sports betting markets. That’s why it’s so powerful. You need to give yourself time to grow, to learn when starting anything new. Sports betting is no different. Betting small is the perfect way to learn the ropes in a sportsbook.
You can learn how the platform functions and how things can shift in a match in the blink of an eye. Betting small also removes the pressures associated with losing money. But as you gain confidence and your account grows, you need to increase your bet size gradually.
Realize that the psychology around betting large amounts differs greatly from wagering pennies. But it is made more manageable by easing yourself into it.
Manage Your Expectations
We are sure you’ve heard about the big wins landed by other punters in sportsbooks all across the United States. It’s probably why you’re looking into sports betting in the first place.
But as gambling experts, we feel we need to warn you about the dangers of not managing your expectations. Out of those 1 or 2 big winners, there are thousands of losers that you won’t hear about.
How do you make sure you do not end up on this list of losers? You need to manage your expectations and bet accordingly. Sports betting is not a sprint; it’s a marathon, and that’s why slow and steady will always win the race.
Know When To Bet On The Moneyline
The simplest bet you can make in the sportsbook is on the moneyline. Here you need only to wager on who will win the game outright.
For example, if you see a bet line stating Chicago Bulls – 150, which means Chicago is the favorite, and you need to put up $150 to win $100. It’s as simple as that. But moneyline bets are not for every sport.
They are more applicable to low-scoring games like soccer and hockey. If the team you bet on loses or ties the match, you lose your money. Keep this in mind when looking to place a moneyline wager.
Know When To Bet On Spreads
Betting the spread is popular in games like basketball which feature high scoring. Betting the spread entails predicting by which margin a team will win.
Let’s look at an example. Say the Philadelphia 76ers are -5 favorites in a game against the LA clippers. Betting on Philly means that they should win by 6 or more for you to get paid.
If they win by 5, you get your money back, but anything else lower than that you lose the bet. Consider what you know about a team and its competitor before betting on the spread. Do you feel confident in your decision?
Don’t Be Greedy
Sports betting is a psychological battle that many fail because of greed. Greed tells you that you can bet on a dozen sporting events on one betting slip. Greed is the enemy whispering in your ear that $10 can make you $10,000 in one bet.
While it may happen, such occurrences are few and far between. If you learn to control your appetite, eliminate greed and bet sensibly, you are well on your way to realizing real earning potential.
Keep it simple, and narrow down the options on your betting slip. For a start, 3 options are more than enough. Remember, slow and steady is the way to go.
Learn To Step Back
Ask any professional gambler; they will tell you sports betting is a game of probabilities. The probability is that at some point, you will go on a winning streak. It is also probable that you will go on an equally impressive losing streak.
You need to have the discipline to recognize a losing streak and step back. Take a break from betting and do something entirely unrelated. The mistake most punters make is that they try to chase losses.
This is a bad idea that rarely ever bears the desired results. What’s the rush? Just take a step back and gather yourself. You can always start again tomorrow.
Shop Around For The Best Odds
Sportsbooks are different, so what you receive on one site is not the same as you will find on another. The other day we were previewing a third-round NBA playoff game between the Milwaukee Bucks and the Miami Heat.
The money line bet favored the Bucks at – 121 in SugarHouse sportsbook. But in FanDuel, it was Milwaukee Bucks – 110. This means you put up less to win in FanDuel than you would in SugarHouse.
So always make it a priority to shop around for the best odds before you bet.
Keep Track Of Your Bets
One of the best ways to impact your betting positively is to keep a record. You need to track how much you are spending and the amount you are winning or losing. On top of that, you need to track the bets you are making by type and sport.
Maybe you are doing well in baseball and barely breaking even in football. It means you need to focus more on baseball. You may also have a better record when betting on spreads than on totals.
Focus your energies on what’s giving you money.
Don’t Forget To Have Fun
While sports betting requires you to put up real money, you need to realize that it’s all about having fun. You should never lose sight of this fact.
That’s why wagering only as much as you are prepared to lose is key. If you have to think twice about how much you are betting, it’s probably too much. It will suck all the fun out of it.
Thirsty For More Betting Knowledge? Check Our Gambling Education Hub.