10 Crucial Lessons on How to Start Sports Betting Successfully

If you are here reading this article, chances are you are considering getting into the exciting world of sports betting, but the big question is: How to start sports betting successfully?

Many of you are probably already big fans of sports in general and feel that you know enough to start wagering and make some money.

Before you dive in, though, we suggest that you learn how to start betting on sports.

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The basics are simple enough, but there are some details that people never consider before they get started, so consider this article to be like sports betting for dummies.

We are going to point out some stuff that might seem obvious, but also some details that you may not have considered.

1. Bankroll Management is Top of the Priority List

Before you start wagering on sports, you need to have money to play with and with it: Bankroll Money Management.

Since there is zero guarantee that you will win, you need to make sure that the money you set aside for your betting bankroll is money that you can afford to lose.

For the purposes of this piece, we are going to assume that you are starting with a bankroll of $1000, although it could be more or less.

The smart way to bet is to play 1-2% of your bankroll on any single bet.

So, if you are starting out with $1,000, your wager on every game would be $10-20.

Playing this way will allow you to withstand the losing streaks that will inevitably come your way.

2. Bet With Your Head, Not Your Heart

What is sports betting? For most, it is the ability to look at data, which includes the posted odds, to find value and games that you can wager on with a certain level of confidence.

This means having the ability to use objective analysis to pick your wagers on any given day.

Simply betting on your favorite team to win, even when you think they have no chance of winning, is the quickest road to ruin.

If you cannot keep emotion out of your wagers, do not play your favorite team in any situation.

3. Understand the Basics of Odds

Every game has a set of odds attached to it, and they are what determines the implied probability of a specific outcome.

It should be noted that the odds may be shown in American, decimal, or fractional format, so you have to understand what they all mean before you start making your wagers.

Key Points:

• American Odds: +150 means a $100 bet wins $150; -150 means you need to bet $150 to win $100.
• Decimal Odds: A 2.50 odd means your total payout is 2.5 times your stake.
• Fractional Odds: A team that is favored to win by 4 ½ means that they need to win by 5 or more points for your ticket to cash.

4. Research is an Important Part of Sports Betting

Consistently winning in sports betting does not happen by pure luck or chance.

The best bettors in the world take time to look at all manner of different factors that can play a part in the outcome of a game.

If you are not prepared to put in the work, be prepared to lose on a consistent basis.

Tools to Use:

• Websites like ESPN, Sports Reference, or Odds Shark.
• Social media updates for real-time injury and lineup news.
• Advanced analytics platforms for in-depth performance metrics.

5. Skip Games Where the Odds Are Not in Your Favor

On any given day, there is some low hanging fruit that you can grab but is it worth making these types of wagers.

For example, you might have the best team in the league going against a team that is on a massive losing skid and down at the bottom of the standings.

The top team is going to be a heavy favorite.

In the NBA, that team might be at odds of -1200, which makes them a huge favorite.

They will almost certainly win but is it worth risking $20 to win $1.67.

Remember, upsets happen, so a risk/reward evaluation is essential.

6. Focus on One Sport or League Initially (Important Step in How to Start Sports Betting)

When you login to your sports betting account, you are going to see an incredible number of betting options on any given day.

If you are among the masses of sports betting for beginners, you may find yourself overwhelmed by all the options available.

The smart move here is to block out the noise and focus on the sport that you are most familiar with.

If you routinely watch the NHL, for example, you may already be well versed on the teams, current form, and injuries which means that a good portion of the research is already in your head.

7. Learn to Identify Value Bets

A value bet occurs when you believe the probability of an outcome is higher than what the odds suggest.

For example, if a team has a 60% chance of winning but the odds imply only a 50% chance, that’s a value bet.

Learning to spot these opportunities is a skill that separates casual bettors from serious ones.

How to Practice:

• Compare your estimated probabilities with the bookmaker’s implied probabilities.
• Use betting calculators to help identify value.

8. Keep a Log of All Your Wagers

Keeping a detailed record of your wagers is essential for long-term success.

This allows you to analyze your performance, identify strengths and weaknesses, and adjust your strategy accordingly.

What to Track:

• Date and type of bet (e.g., moneyline, spread, totals).
• Stake, odds, and result.
• Your profit or loss.

Many bettors use spreadsheets or specialized apps to track their activity.

9. Don’t Get Caught Up in Chasing Losses

It’s easy to get frustrated after a losing streak, but chasing losses by increasing your bet sizes is a recipe for disaster.

Stick to your strategy and avoid the temptation to recover losses quickly.

Betting larger amounts out of desperation often leads to even bigger losses.

Losing streaks are part of sports betting, so when they come, stay disciplined, even if that means taking a couple of days off to re-evaluate and review your strategy.

10. Understand That Losing is Part of the Game

A big part of sports betting is having the psychology to ride out the losses that are going to come your way.

Even the most successful bettors have periods where they cannot buy a win, but rather than panicking, they remain consistent with their strategy and their emotions.

Getting caught up in the losses often leads to making bad decisions that will only lengthen the losing streak.

Even the most successful sports bettors lose a significant percentage of their bets.

The key is to focus on the long term and aim for consistent, small profits over time.

Accepting losses as part of the process helps you stay level-headed and avoid emotional decisions.

A Final Thought on How to Start Sports Betting Successfully

Sports betting is a marathon, not a sprint.

By mastering these lessons, you can increase your chances of success while enjoying the thrill of the game.

Remember, discipline and patience are your greatest allies in the world of sports betting.

So if I want to start betting on sports, take your time, keep learning, and bet responsibly.

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MyBookie’s Sportsbook Betting Guide | How to Start Sports Betting

Since you now know how to start sports betting, now check out more about learning sports wagering found at MyBookie’s Sports Betting Guide.
Time to increase your knowledge and know what you are doing when spend money on betting on sports.

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