It’s easy to dismiss sports betting as a legitimate source of income. After all, not everyone has something positive to say about it, even if these are the people that have never actually given it a try. But this only tells a small slice of a much larger story, and for the most part, people not only find sports betting a fun way to spend a few hours, but it can be a genuinely great way to make some money. For the dedicated bettor, it can be a means of earning a good income, more than enough for the average family.
It all comes down to how sports betting is approached. Most people are only in it for the quick thrill, and don’t see much further than putting a few bucks down on a moneyline bet before moving on. But there are also plenty of bettors that see the enormous potential that sports betting offers; that with the right preparation and some dedication, it’s one of the easiest ways of making lots of money. These following tips and tricks are aimed at beginner bettors that want to escape the rat race and make even more money doing something that they really love.
1. Doing The Important Research
One of the first mistakes that most bettors make, and one of the reasons that many don’t find as much success as they want, is a lack of research. It’s fairly easy to imagine that sports betting is as straightforward as it seems: a bet is made, money is put down, and the player either gets money back as winnings or not. But in actual fact, bookmakers spend countless hours doing complex calculations behind the scenes using all available information before arriving at a certain set of odds. In fact, there’s a whole career path that a person can undertake in order to become a professional odds calculator (it needs a lot of skill in maths).
Research can come in many forms. It can be as simple as seeing how often a player has won or lost in the last few games that they have participated in. It can be a lot more in-depth, such as the intensive studying of sportsbooks as well as a lot of detective work to land on a winning strategy that seems like it’s going to win. Doing prior research is imperative to making well-informed, financially successful wagers.
2. Avoid Mimicking The Crowds
There’s a special kind of energy that can be found at the local horse racing track, as an example; a general excitement and buzz that makes the whole thing that much more magical. But it’s important to always keep in mind that sportsbooks will often use this kind of energy to try and get people to go for a particular kind of bet – after all, they have a right to make money, too.
The crowds tend to wager on players or teams that have been designated as the favourites, and they almost always choose the same bets; often whichever has been displayed at the top. This creates a ripple effect as more and more bettors flock to the same bet. Avoid doing this as much as possible, rather focussing on well-researched betting strategies that don’t rely on what the general public is doing.
3. Always Choose A Good Sportsbook
Another element that has a significant impact on success is the sportsbook that the bettor chooses to use. Keep in mind that all betting will be routed through the sportsbook, which means that if their service isn’t fair, it can quickly run down a bankroll without much trouble.
4. Managing Money Is The Key
It might seem obvious at first, but there are countless bettors that made the mistake of not learning how to manage their money. More commonly known as a bankroll, this is little more than the budget that a bettor would use to manage their wagers.
Bankroll management is an entire slice of the industry on its own, but for the most part it’s generally enough to put together a simple table that the bettor can use to keep track of their spending, as well as how much money they are bringing at the end of every month from sports betting. It can make all the difference to how successful a bettor is, and it’s something that a beginner should try and prioritise as early into their betting career as possible.
5. Mix And Match
When it comes to the actual betting, most bettors are generally only going to stick to a small handful, or generally the ones that they’ve seen everyone else betting on. But a casual look at a sportsbook and it’s easy to see that there are, in fact, plenty of bets to choose from. And they come in a huge range, too, starting as simple as an outright moneyline bet, to something much more complex as an accumulator, or something similar.
Try and learn how to use as many bets as possible to increase the chances of winning. The bettor that has a solid knowledge of the range of beta available to them will be in a much better position to give themselves the edge they may need.
6. Bonuses And Promotions
Lastly, bonuses and promotions are vital to the long-term success of a bettor. Consider that there are some bonuses out there that can give the bettor a chance to sign up with a sportsbook or new casino – we always recommend Treasure Mile – and start playing games without having to first make any kind of initial investment. There are also other types of promotions, including loyalty and refer-a-friend programs that promise special rewards to the bettor that meets certain criteria.