So you want to bet on sports and make a quick buck, but you don’t know how. Contrary to popular opinion, betting on sports is not a back-alley activity where you have to interact with shady individuals and bookies with ties to the mob. Unlike the movies would have you believe, you do not need to meet with your bookie after midnight in a frighteningly dark alley. In fact, thanks to online betting, entry barriers are now low, and you have a real shot of making good money wearing your pajamas sitting in your couch watching the sports channel. Make no mistake though, wagering on sports comes with a sharp learning curve. The mere size of the gambling market, including professional and amateur leagues around the globe is certainly intimidating to most new bettors.
Hence, before you dive into it, you need to be better prepared. Here are some betting tips that can help:
1. Learn The Terminology
One of the major reasons you find betting on sports a daunting task as a beginner is because you are unfamiliar with the terminology used in betting. If you want to make it to the professional leagues, you need more than a functioning vocabulary of gambling terms. Otherwise, you will be sitting there like a wallflower, smiling and nodding while your opponents outsmart you and take the money home. Below are some of the common terms to start you off:
Money line: This is the type of bet you make if you simply want to pick the victor or looser. However, there needs to be an adjustment when the outcome is not 50/50. You will gain more when betting on the underdogs to win, and make less when betting on the favorite to win. The math is needlessly confusing so let’s not get into it today.
Parlay: This umbrella bet depends on winning all of several tiny bets. If you lose one bet in the Parlay, you lose everything. Since the odds of winning are considerably lower, the payout is great. The more you parlay, the less your chances of winning.
The spread: This is the expected victory margin of the favorites over the underdogs. You will base your spread bet on that margin. If the favorites win by over the margin, then you win but if they win by the exact expected score, then that is a push, which simply means a tie, and you get your money back.
Over/Under: This simply refers to the expectation of how many points both teams will score in total. If you bet under, it means you want the score to be less than the expected sum total. If you bet the over, you want the score to be more than the excepted sum total.
2. Start A Bankroll
You stand to gain a lot with sports betting but you also put a lot at stake financially, emotionally and even physically. Hence, if you are planning to bet on sports, you need to take it seriously. An excellent way to do that is by separating your betting cash from your regular money by beginning a bankroll. By separating your money, you can track your progress and know when you are winning and losing. Having a separate account also means you can bet without being too anxious of financial ramifications. Needless to say, betting with the cash that you need in your daily life is not the brightest idea. Additionally, keeping things separate will enable you to guard against gambling irresponsibility.
3. Open Several Bookmakers
To begin wagering on sports, you need somewhere to be making your bets. The easiest way to place a wager is through an online bookmarker, (Always confirm with your local laws on online gambling before funding an account). In the past decade, the online sports betting market has made great strides and now there are countless sportsbooks to pick from. Do your homework before you settle on one, and ensure you are comfortable with the one you pick.
Different sportsbooks have different specialties. One may concentrate more on the NFL while another might center mainly on European soccer leagues. Opening more than one account gives you many options in terms of the sports available as well as the odds. Furthermore, the extensive use of book-to-book fund transfers make it much simpler to switch your bankroll between books if need be. However, make sure the bookmaker you choose fits your needs.
4. Bet What You Know
Being a bettor does not necessarily mean you are a sports fan. Some who hold sportsbooks accounts are gamblers first and fans second. Even so, most first-time bettors bring a little something with them. You have your own preferences when it comes to sports teams, and you have your own knowledge of sports. The smartest thing to do is begin betting on the sports you know well. On the other hand, if you know little of any sport but you are a good gambler, use that knowledge to make intelligent bets and get an edge over your opponents. If you’ve got nothing at all, experiment with various types of bets, discover what you are good at and take advantage of it, but also start paying more attention to the sports section.
5. Keep It Simple
Starting to bet can be exciting and it is easy to be caught up in all that. However, it is not a great idea to jump into the various types of betting right away. To avoid confusion and frustration, start by sticking to simple bets while learning to handicap and spot good wagers. Do not carry yourself too seriously when you are starting out because you think you will become a master handicapper instantly. That will not happen. Take each step at a time gradually adding new angles and techniques to your repertoire as time passes.
Also, remember always to keep your cool. One of the worst things you can do is try to chase your money after a tough loss. Do not allow your emotions to get in the way, bet smart and avoid a devastating run. Certainly, you will lose some bets, some even in a heartbreaking manner. The key is to be able to accept your losses and wait for the right time to get them all back.