Sports gambling has exploded since the reversal of the Professional and Amateur Sports Protection Act in 2018. Bets can be placed with sportsbooks that offer odds on different sporting events. These encompass a wide variety of different sports in varying regions and locales. So, developing a proper sports betting strategy is important.
Your New Sports Betting Strategy
First, you should only be betting on sports you are interested in or know about. Think of this how you would think of stocks— you do not want to invest in companies that you do not know much about or do not believe in, and you do not want to make the same mistake in betting.
The best place to start for new bettors is to look into the sport you follow the closest. For many, this is football or basketball, but wagers are available for a wide selection of professional sports.
Okay, What’s Next?
After you choose your sport, the next step of a betting strategy is to decide what type of wager you want to place. Moneylines are a straight-up prediction of who will win. Spreads “spot” teams points. So a favorite must win by a certain number of points.
Alternatively, an underdog bet wins as long as the team does not lose by too many points. Totals provide an over/under on the number of points scored by both teams in the game.
You must understand the terminology and symbols involved in betting. The favorite team will have negative odds or a “-” in front of their odds. The listed amount will need to be wagered to win $100. For example, a team that is -210 on the moneyline will require a $210 bet to win $100 in profit.
However, the underdog will have positive odds or a “+” in front of its odds. A $100 bet is required to win the listed amount. So, for example, a team with +150 odds would return a $150 profit on a $100 bet.
Spreads will have two numbers listed. The first value is the point spread. For the favorite team, the number is a negative value. For the wager to win, the team must win by at least that many points. The opposite is true for the underdog team. With a spread wager, the underdog does not have to win. They just lose by less than a certain number of points.
Learn more about types of wagers by sporting event: baseball (MLB), basketball (NBA), football (NFL), golf, hockey (NHL), and tennis. Most states even allow wagering on NCAA Division I athletics like basketball and football.
What Specifics Do I Look For?
There is no cheat code strategy to sports betting, and the players with the best winning percentage make their money by taking the required amount of time to do their research and understand the situation. Different sports contain various aspects that are important to understand. However, certain factors are universally important regardless of sport.
Location can play a huge factor in determining the winner of an event, especially if home-field advantage is in play. It is also important to understand players’ or teams’ history with a certain venue, area, or even climate, to help you predict what will happen in their next performance. The history between teams and players can also indicate who holds the advantage in a certain matchup, regardless of external factors.
Motivation to play can help push certain teams or players over the edge. So, knowing the underlying motivations and overarching storylines is equally as important as the previous factors. In addition, look for star players in team sports or legacy games for individuals. If the upcoming event is especially important to an impact player, then you should expect to get their best.
Finally, know the tactics at play and ponder how they will work against each other. Oftentimes, this can determine a particular match more than the talent level of the teams.
I Have Done My Research – Now What?
Once you have collected all of your preliminary information and have found the bet you want to take, consider the potential risk and reward. Wager an affordable amount of money. If you are more confident in one bet than in another, then take what you strongly believe in.
You could also consider combining multiple bets into a parlay, which lowers your chances of winning but multiplies your potential payout.
All Set! I’m Ready with a Sports Betting Strategy!
As is the case with anything, finding and sticking to a routine will help your comfort and success as a bettor. Know what matters to you, find the statistics that help you the most, locate your best sources of information, listen to your favorite pundits, and stick with them.
This is not to say that you should not be flexible and learn to adapt with time, but everyone should have a basic routine that they go through when making their bets. Refine yours as you get better at picking wins and losses, but always stick with what you know.
It will not take long for you to figure out a routine for yourself, but regardless of what it is, stick with it and watch your earnings pile up!