Most people think that sports betting is a waste of time and money. That may be true, if you are betting with no research and think that you are going to get rich just by luck. In their paper The Symbolic construction of sports betting products, Hibai Lopez-Gonzalez et al. claims that because professional sport embodies narratives of success that are deeply ingrained in contemporary society and to a degree that other gambling forms cannot compete in creating through their marketing strategies, the symbolic association of sport and sports betting poses unique challenges for treating gambling disorders in the form of resistant cognitions about winning. It is also a fact that only a few people get rich by sports betting however if you follow the right strategies and put in research you may start making a profit. In this guide, we will be discussing the right strategies and techniques that will help you to turn sports betting into a profitable source.
Set a BudgetJust like many other things in life, sports betting needs planning. Before you start to place bets, a very important factor is setting a budget on how much you are willing to spend. This will help you decide how much money you are willing to lose if things don’t go as planned and you lose bets. It is often a good idea to start with a small budget until you get a hang of things.
Stick to one sportIt is particularly hard to conduct research on all different types of sports or leagues that you can bet on, so keeping your focus on one sport or one league of sport means that you have a better chance at winning. It goes without saying that your favourite sport should be the one that you spend time researching and placing your bets on. If you have some knowledge on the sport ex. The players, past scores, strategies etc. this will automatically give you a huge benefit and is a safer route to take if you are new to sports betting.
Keep yourself informedWhen betting on sports it’s vital that you keep up to date on the latest news on the sport or team that you are betting on. It is a good idea to keep an eye out for any important factors that can determine whether a team will win ex. Any sport related injuries, a new coach, a returning player, and any other endless scenarios. If you are up to date with this type of information, then you can calculate how a game’s score will turn out and therefore you will decrease your chances of losing the bet.
Compare oddsAfter deciding which team, you are going to start wagering on, don’t go for the first bookmaker that pops up but do your research on which bookmaker will have the greatest odds for your bet. Odds can differ from one and other, but they are very simple, and anyone can understand them. It is crucial to know that not all odds are equal so knowing which odds are worthwhile is an important step in earning money.
Bet against the public
This may be a tad controversial but there is a reasoning towards betting against the public, also known as ‘’fading the public’’. Usually, most of the public will bet on who is favourite to win without any research therefore they are more likely to be wrong than right. Betting like the public is usually the route new bettors choose which will usually earn you profit but in a smaller amount. It makes sense to bet on the underdog as usually the underdog bet will result in a larger payout thus making a profit in the long run.