Despite the recent boom in legalized sports betting, making money from this wagering hasn’t become any easier. In fact, most bettors lose more than they win and it’s rare to see a professional bettor make a living from this form of gambling. But if you take the right approach and understand the math, you can minimize your losses and maximize your wins.
First, you must establish a bankroll that you can live with and are willing to risk losing all or part of on any given day. Then, you can determine how much of your money to risk on each individual bet based on your confidence level and the size of your total bankroll. Many bettors recommend risking one to five percent of your total bankroll per wager, with the lower end of that range indicating a more conservative approach.
The next step is to open a specific bank account for this purpose and deposit a set amount of cash on a regular basis. Ideally, you should only use this bankroll for placing bets and never dip into your savings or other accounts to place a bet. Having this separate account will help you to better keep track of how much you’re investing in each bet and can also serve as a deterrent to chasing bad beats with larger bets.
Another important tip is to do your research before placing any bets. This can include everything from checking weather forecasts to staying up to date with injury reports on both teams. It’s also a good idea to separate yourself from your fandom and not let emotions play into your decisions.
One thing that many new bettors don’t realize is that odds are not fixed and can change throughout the course of a game or event. For example, the odds on a team winning a game will likely get shorter as that outcome becomes more likely, while the underdog’s odds will get longer if they begin to win.
Finally, remember that sports betting is a marathon and not a sprint. Every bettor, no matter how long they’ve been in the business, will experience ups and downs. Those who expect to make profits every time will be disappointed, but if you’re patient and disciplined, you can make a profit over the long haul.
So, do your homework, follow the advice from experts and don’t be fooled by offers of guaranteed winning tips. There’s no such thing, and even the most experienced bettors lose more than they win. But if you’re smart, understand the math and stick to a plan, you can improve your chances of success. Good luck!