Whether you are brand new to sports betting, or have been doing it for a while, it’s likely that there are still some things you can learn that will help you be more successful. There is more to successful sports betting than just knowing your sports, so even the most enthusiastic of sports fans can probably gain something by reading the Betting Veteran’s top tips for successful sports betting.
Learn the basic terminology
Maybe you know your sports teams and athletes, but do you know exactly what every type of bet involves? Do you know your fixed odds from your tote? Do you know when to bet against the spread and when to place an accumulator bet? Are you familiar with arbitrage betting, split handicaps, and money lines? How much do you know about strategic betting systems, such as the Martingale system or the Fibonacci system?
It is not necessary to be an aficionado of the betting industry before you place your first bet, but knowing the most important basic terminology will help you understand your betting options and make wiser decisions about where to put your betting money. Seeing as you’re already interested in sports betting, you might find it fun to delve into the details and discover just how many options you have when it comes to placing a bet on your favourite sports events.
Understand the sports betting industry
Again, you don’t need to spend years developing an in-depth knowledge of how the entire industry operates, but it can be helpful to understand how sports betting works, and how the bookmakers make their money. With sports betting, as with casino betting, there is an in-built “house edge”, meaning that regardless of whether the individual punters win or lose, the bookies tend to make money.
With sports betting, this is possible because the bookmakers set the odds, and can set them at a level where they’re highly likely to make an overall profit, no matter what happens. You may notice that in a fairly equal two-horse race (meaning any event with two equally likely outcomes), the odds will be set at slightly below even money. This is because the bookmakers are taking a commission on every wager regardless of the outcome.
With sports betting, the gamblers may win or lose, but the bookmaker always profits, just like the casino does. This shouldn’t put you off sports betting, but it should make you think about how you, as the gambler, are the one keeping the bookie in profit. You will win some and lose some, and apart from anything else, this can help you recognise your limitations and learn to quit while you’re ahead sometimes, because no one keeps winning forever.