Sports betting is a fun hobby, especially for sports fans. While the odd wager amongst friends can be fun, there are other ways to bet on sports that will offer a much greater return. Take the time to find out about the available options, betting strategies and odds. This will help you to make smart bets and know when to walk away.
Another thing to remember is that to make money on sports betting, you need to put the time into it. Focus on making a series of smaller bets instead of one big one – it’ll all add up during the season. Let’s take a look at a few tips to get you on the right track.
- Separate business and pleasure: Open a bank account or ewallet with the sole purpose of managing your betting related finances. This account should have the funding needed to bet on the entire season without having to dip into other funds. The minimum amount in your account should be 100 times your base bet to ensure that you’re able to remain afloat. If you haven’t determined your base bet, simply put aside the money that you’re happy to spend on sports betting. This is a great way to manage your bankroll and keep you on budget.
- Opt for variety: When it comes to selecting a sportsbook, consider opening accounts with a few different options. Most people recommend three as it allows you to compare available options and place a smarter bet. There are a lot of online options available – some of which will even offer signup bonuses. So, shop around to find the options that work for you.
- Make smart bets: to start with, each bet you place should not exceed four percent of your bankroll or be less than 0.5 percent of your bankroll. Use your discretion and if you’re unsure, you may want to rethink the bet. Rather walk away and place a bet on something that you’re confident about. Another friendly tip is to avoid betting on your home team as your bias may cloud your judgement.
- Create a schedule: You don’t need to bet on every single game every single week, it can become a costly, time-consuming exercise. Rather select the games that you feel confident betting on. Even if you had added a game to your schedule, it doesn’t mean that you have to bet on it, you can walk away if you’re not confident or reduce the bet.
- Don’t get caught up in chasing bad bets: This refers to trying to overcompensate for previous losses by placing more bets to balance the books. This can be dangerous as you become consumed in trying to make back lost money and will more than likely end up losing more money in the process. There’s also the flip side to this, don’t chase good bets. This is what happens when you win and try to double your money by betting again.
It’s All about Staying Level-Headed
The action-packed world of sports betting can become an all-consuming experience if you’re not careful. Always try to remain rational and use your discretion when it comes to betting, you’ll often find that your gut knows best.