How to start making big money by sports betting?
There is a lot of information on the Internet that claims to offer “foolproof” methods for instant sports betting success. Unfortunately, there is no such thing. Becoming a successful sports bettor takes hard work, determination, knowledge and experience.
1. Manage Your Bankroll
It is crucial that, as a sports bettor, you decide how much money to devote to betting on sports. Of course, this depends on your individual financial situation. It is never wise to bet money that you cannot afford to lose.
Now that you have established a pre-ordained bankroll, decide on the size of the unit. We recommend beginning bettors to bet 1-5% of their bankroll on every bet they make.
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This is undoubtedly the first crucial step to becoming a more successful sport. Every single “sharp” regularly examines both their bankroll and unit size. For more information, we have written an entire guide on money management in sports betting.
2. Understand your risk as a bettor
Different types of bettors like to make different bets. The sooner you decide what types of bets you prefer to make, the sooner you can refine your strategy and start winning.
Some people like to bet on significant underdogs or highly unlikely events. They are attracted to the longest of odds. These are the same bettors who are more inclined to create huge parlays and bet on games like the Browns beating the Patriots on Monday night.
Others prefer smaller profits, but more likely outcomes. Betting on heavy favorites and welcoming short odds might not pay as much, but these bettors are likely to win more often.
3. Develop realistic expectations
A successful “sharp” wins 54% of the time. A historically outstanding “sharp” wins at about 60% clip. These are the best sports bettors in the entire world.
Wanting to reach these numbers by the jump or even over a long period of time is a daunting task. We cannot stress this point enough.
Even if you win your first 10 bets (which is not unheard of), the law of averages suggests that you will unfortunately come back down to earth at some point. Knowing this and setting realistic expectations can help you avoid doing anything rash.
4. Bet with your head, not your heart
Most sports bettors started betting because they were sports fans. As such, they were probably loyal to one or more teams. If this applies to you, we recommend that you refrain from betting on any event related to your favorite team(s).
Loyalty can cloud our judgment and we advise you to be rational and measured in your sports betting. Biases can affect us both consciously and unconsciously. For this reason, we recommend skipping lines where you have a vested interest or emotional investment.
5. Do your research and talk to other bettors
In the age of the Internet, getting involved in the sports betting community has never been easier. Join sports betting forums, check out sports betting related subreddits, and talk to anyone you know in real life who might be into sports betting.
Takeaways
That’s it. By using these recommendations, not only will you become more accustomed to sports betting lingo, but you’ll also be able to trade sports betting strategies with your friends.