How to Make Money Betting on Sports: The Complete Guide
Want to make more money out of sports betting?
Sports betting is a hobby for many people that makes sports events much more fun. It has become so popular because of its ease and strong and friendly community. It also has tons of promotions and incentives that keep casual players interested.
Yet what might be its biggest draw is the prospect of making lots of money. This is why for some, betting on sports is a profession more than a hobby. For these people, sports betting is also a serious source of income.
However, it’s not an easy gig. Sports fans might think it’s easy at first. Many sports fans tend to lose because of their biases towards or against the teams.
If want to get serious about making more money out of sports betting, you need to be smart and objective. Read on because here’s what you need to know to make money out of sports betting.
Know the Math
You’ll have to win 52.4% of your bets to break even as a sports bettor. It’s wrong to assume that winning 50% of your bets nets you a profit.
It’s true that there’s a 50% probability of winning for most bets based on the points spread. However, bookmakers have you wager $110 to win $100 (some will even make you risk more). In the long run, this means you’ll be losing more money than you’re winning when you’re losing bets half the time.
For example, imaging placing two $110 bets. If you win one and lose the other, you’ll still have a loss of $110 even though you $100. This means a net loss of $10 and counting as you place more bets.
Knowing the math is important if you want to cut your losses. In general, even the most successful expert sports bettors get less than 60% of their bets right.
Be Sure to Do Your Homework
You don’t need to spend hours of painstaking research for one game. However, you must have enough knowledge to make informed bets.
Never make a blind bet on random events or games. Betting a few bucks with friends on some random game can be fun. However, if you’re serious about making money, don’t do this often.
Before placing your bet, take time to analyze why the line is where it is. Make reading the news a habit. Check for injuries and depending on the sport, check the weather too.
Wise Bankroll Management
Managing your bankroll is crucial to surviving the ups and downs of sports gambling. Never be too confident and careless with your bets. This means you shouldn’t wager too much of your bankroll on any bet.
Imagine finding a bet you’re sure has a 65% probability of winning. If you wager all your bankroll of $10,000 on this one bet, you still have a 35% probability of losing all that money. If you lose, it means you’re gonna have to start from scratch to build a new bankroll.
Remember, when betting on sports, time is also money.
Avoid Buying Picks
Buying sports picks does not guarantee that sellers can point out the winners. Tout services is a nickname for companies that sell sports picks. They often have a strategy for customers to keep buying picks.
Half would sell picks on one side in a betting match with touts, while the other half sells on the other side. This results in half the customers winning each week. The company would give free picks to any loser who calls to complain.
They’d follow the same strategy again and allow half the customers to win. This encourages them to buy more picks.
Free picks can be a good treat, like these free NBA picks. If you’d like to be serious about sports betting, avoid buying picks.
Bet on Sports You know and Make Them Count
You don’t need to bet on every sport or make multiple bets to be a successful sports bettor. Online sports betting can make betting on many sports easy. However, if you want to stay on top, stick to the sports you know best.
If you’re interested in betting on another sport, then do your homework. Watch and study matches, take notes, and familiarize yourself with the sport. Remember, you need to make informed decisions about your bets, so betting on a sport you don’t know is unwise.
Even if you know the sport well, making multiple bets is also imprudent. The more bets you make, the more money the sportsbooks take from you. Choose quality over quantity.
Go Against the Flow
Many websites give estimates of the action on one side or another in a sports event. For instance, you can find a game where 65% of people are betting on one side, and 35% bet on the other.
In general, people prefer to bet on favorites. Try betting on the underdogs by betting with the 35%. Betting on underdogs has a higher percentage of bets won than betting on favorites.
This is a good starting point for sports betting strategies. Still, it doesn’t have a high enough percentage for profits in the long term. This means you’ll still need to make smart choices based on other factors.
Track Your Bets
If you want to grow in sports gambling, keep track of your bets. Analyzing your win and loss patterns can give you useful insight to inform your future bets.
You may see yourself as a good bettor in one sport. Yet after analyzing your logs, you might see that you’re actually better at another sport. Logging your bets can also give you insight into which sports you should place bigger bets on.
Besides your wins and losses, log other information about your bets as well. Record the spread, the money line odds, and the total. All this can give you better insights for future decisions.
Make More Money From Betting on Sports!
There’s more to betting on sports than fun and thrill. Some make it a profession. If you want to make serious money from sports betting, remember to follow these tips.
Want to know more tips and strategies about sports betting? Check out our other guides here, and start winning big today!