Sports betting can be a fun and exciting way to win some cash, but it also comes with a significant risk. Whether you’re a novice or an experienced bettor, there are some key tips that can help you minimize losses and maximize your winnings.
1. Set a Bankroll
The first step in creating a successful sports betting strategy is to establish a budget, or a limit on how much you’re willing to lose. This is known as a bankroll, and it’s important to keep in mind that it needs to be large enough to cover losses and still leave you with some money left over.
2. Find a sportsbook that meets your preferences and offers the best odds and lines
Sportsbooks have different odds and lines for every sport. By checking out several online sportsbooks, you’ll be able to compare prices and get a feel for what works best for your particular wagering style.
3. Bet on Good Numbers
The best bettors in the world understand that they need to bet on teams with favorable odds and lines. These are the teams that have the highest likelihood of winning and paying out a higher payout if they win.
4. Block Out Media Hype and Bias
A huge part of sports betting is avoiding the influence of popular media and sports talking heads. These individuals may have opinions that are based on their own biases or personal interests. They can often exaggerate or overstate a team’s performance. This can lead to over-betting and losing your bankroll.
5. Use stop-win limits
The quickest way to cut your losses is to create a stop-win limit, which means you can stop betting if you hit a certain number. This can be anything from a specific amount to a percentage of your total bankroll.
6. Become a disciplined bettor
The biggest mistake that most bettors make is that they bet too much, too often. This can be a very bad idea, as it can quickly deplete your bankroll and lead to an addiction.
Instead, bet on a smaller number of games and choose the ones you know are going to be the most profitable. For example, if you’re a fan of the Dallas Cowboys but your book has them at -7, it’s better to bet 6.5 instead.
7. Avoiding Over/Under Bets
One of the most common mistakes that bettors make is placing bets on a game’s total score, or “over” or “under.” This can be very difficult to predict and can result in a loss if a team loses in the final quarter. This is because the oddsmakers have determined that the average run will be scored over a given number of points.
8. Identify the Best Sportsbooks
A key tip to maximizing your betting options is to look for a sportsbook that has all the major and minor leagues on its list of games. Some sportsbooks only offer bets on a few major leagues, while others will have hundreds of different matches and bet types.