Almost every sports fan has been tempted to make money off their favorite pastime, sports betting. Online gambling has never been so easy. It follows that the temptation has never been stronger.
Before you get started, keep in mind the consequences of financial mismanagement can be dire. Beginners, in particular, need a sound money management strategy. They need to be familiar with the units in a sports betting strategy or system as well.
Use a Separate Account
When you start with sports betting online, create a separate account. It should have nothing to do with your budget for bills, groceries, rent, and other essential expenses.
Find out if Betting is Legal
Online sports betting isn’t legal everywhere. Find out what the local gambling laws are to avoid committing a violation. Some states permit in-person wagers only. Others allow mobile and online bets.
Accumulator bets are most popular in the UK but not in the US. Americans prefer parlays and teaser bets.
Learn the Terms
You should be familiar with the jargon in the sports betting and gambling industry. Here are some of the most common sports betting terms:
- Against the Spread (the result of the game)
- Action – a bet
- Bad Beat – when luck turns against a gambler
- Dime/Buck – $1,000/$100
- Book – sportsbook where you can bet on the results of sporting events
- Favorite – the more popular team, which is thought to be more likely to win
- Underdog – the opposite of the favorite
Before bookmakers open a betting line, they determine the favorite and the underdog. They decide by analyzing a massive volume of data that is connected to statistics and public perception. They use this data to create favorable point spreads and lines. Every bookmaker tries to make different ones, so they remain competitive.
Know That Nothing is Certain
The underdog might exceed expectations, or the favorite will perform poorly. The extent of risk you take is entirely individual. Obviously, you’ll win a lot less betting on the favorite but also lose more if you choose the underdog and they fail.
Be Prepared to Lose
Is betting on sports the same as gambling? Punters with expertise in a given sport will not agree. Gambling is pure chance. Even in-depth knowledge of the sport you’re betting on won’t guarantee success 100% of the time. There will always be factors you have no control over, like the condition a player is in, the weather, etc.
Professional bettors know how unexpected outcomes can be and seldom bet more than 1% of their bankroll on a game.
Finally, one common mistake to avoid is upping the ante when you hit a hot streak. That is rarely a justified strategy, particularly when risking your entire bankroll.
