For decades, sports betting was effectively banned across the United States. If you wanted to bet on March Madness or the Super Bowl, you either placed a wager with an illegal black market bookie or flew to Las Vegas. That all changed in 2018, when the Supreme Court overturned PASPA and returned the issue of legalized sports gambling to state governments to decide for themselves.
Now, many states are rushing to create and regulate sports betting, bringing in new revenue streams that can be used for everything from improving stadium amenities to reducing crime. But, as with any form of gambling, there are risks involved. Here are some tips to help you safely bet on sports:
Start Small: Never wager more than you can afford to lose. This is not just common sense, but a key element of any well-crafted betting strategy. Stick to a unit size that represents a small fraction (1-5%) of your overall bankroll. This helps diversify risk and reduce the chances of going broke.
Learn the Rules: It’s important to understand the rules of each sport you bet on. You can improve your chances of winning by knowing the game’s history and understanding its dynamics. For example, in boxing, you can use BoxRec and similar resources to analyze a fighter’s record and past performances. Similarly, MMA enthusiasts can use the official UFC website to access historic results and performance metrics like significant strikes landed.
Bet on Sports You Know: You’ll be more successful betting on sports you’re familiar with from a rules perspective and that you follow closely for news. This will allow you to spot betting opportunities when lines shift. Also, be sure to keep track of your bets (using a standard spreadsheet is fine) and only place bets you’re comfortable losing. Finally, remember that sports betting is gambling and carries the potential for addiction.
Use a Profitable Betting Strategy: You can find profitable bets by following a mathematically proven strategy, such as value betting. This involves placing bets that have a higher chance of winning than the odds indicate. This method is not only the easiest way to make money sports betting, but it can also lead to lucrative careers in areas of the industry ranging from analytics jobs to player acquisition and fan engagement.
There are several other strategies that can increase your chances of profitability, including line shopping and hedging. These are especially useful when you notice that odds have shifted in your favor after you’ve placed your initial bet. Identifying these opportunities and taking advantage of them can help you maximize your profits and minimize losses, even when your initial bet is lost.