Online betting emerged in the early 90s while in the U.S. sports betting became legal in 2018. Since then it has become a favorite pastime for many Americans.
As per stats, “By 2024, Online sports betting market revenue is expected to hit U.S. $9.65 billion”
People love online sports betting because it’s convenient and thrilling to predict sports outcomes and follow events from anywhere.
Whether you want to continue as a casual bettor or make a full-time income with betting, there are some basic strategies you must know first. You should also look for the best casino sites to find the best offers.
Before you enter the gambling world, the first step you must take is to familiarize yourself with betting terms. If you don’t know the meaning of odds, moneyline wagers, over/under or parlay, you can’t expect to have a good game. Therefore, learn the basics from an expert before putting your money in there.
This is where rookies make mistakes. The best way is to look for online reviews. Bettors can often have the most valuable insights. You can easily compare odds when you’re looking at different sportsbooks.
Look for licenses and regulations to make sure you’re putting your money in the right place.ESPN and Bet365 are some of the most reputable sportsbook sites you can start with. If you like to play while you’re traveling, look for sites that have a mobile-friendly interface.
Since you’re just starting out, wagering a big amount is not such a good idea. Instead, work with a tighter budget and only risk what you can afford to lose. After experiencing a few wins and losses, you’ll gain a better understanding of the game, making it easier to manage risk effectively.
Whichever sports you’re planning on, do a comprehensive research in the industry. Market trends keep changing pretty quickly so if you’re not updated with the latest info, you can incur huge losses.
Other factors that may affect your betting decision include player performance, team stats, strategic changes, and weather forecasts. Use different sources and tools that'll give you a more accurate analysis of the game. Avoid wagering on sports which are hard to bet on like MLB.
Emotional betting can highly affect your game. Bettors usually bet on Star teams presented on paper, but it’s not a profitable approach. Sometimes the underdogs perform way better than your favorites.
Players may get injuries, or the line-up may change at the last moment which can affect the team's overall performance. Evaluate each team’s performance carefully before placing your bet.
Bookies are extremely smart people. They’ll present with you odds that have higher payouts with less probability of winning. They may seem appealing at first, but in the long run, it’s not enough to cover your losses.
This is a strategy where you place both bets on the same game but on both sides of the point spread. The idea is to catch the final score somewhere in the middle, so both of your bets come out as winners.
Let’s say a game’s point spread shifts from -3 to -5. You could place one bet on the underdog at +5 and another on the favorite at -3. If the favorite ends up winning by 4 points, both of your bets would win. It’s mostly a win-win situation if analyzed correctly.
Instead of betting a fixed amount, you bet a percentage of your bankroll. The Kelly Criterion is a method used in sports betting to decide how much to bet based on your edge and the odds offered.
For instance, if you estimate a 5% edge on a bet and the odds are 2:1, according to Kelly’s formula, you would bet 5 divided by 2, which equals 2.55. If your bankroll is $1,000, you would bet $25 on that particular wager.
As your bankroll increases to 1,025, the next bet will be calculated on the new bankroll size. This will minimize your losses during unfavorable situations.
While it’s natural to have favorites, sticking exclusively to one team or type of wager can be unprofitable in sports betting. Instead, diversifying your bets across different sports—such as NBA, NFL, and MLB—or trying various types of wagers like point spreads, money lines, or totals can reduce the risk of losing all your money on a single game.
Hedging is like getting insurance on your original wagers. When you hedge you place a second bet to cover your bases in case the first one doesn’t come out as expected. While hedging can guarantee some winnings or minimize losses, keep in mind it also cuts into your potential profits because you’re paying extra fees to the sportsbook.
A money line bet is a direct wager on which team will win a game, without thinking of point spread. The odds tell you how much you can win with a $100 bet: positive numbers show your potential winnings and negative ones indicate how much you need to bet to win $100.
For example, +200 means you win $200 on a $100 bet, and -150 means you need to bet $150 to win $100.
Keeping track of all your wins, losses, the odds you played, and how much you bet, along with noting down which strategies worked and which didn't is super important. It helps you figure out what works best for you. Having this info handy makes it easier to make smarter choices next time you place your bets.
Now you know the basic strategies that can save you from big losses. Start by picking key terms and picking trustworthy sportsbooks. Start small, research thoroughly, and diversify your bets wisely.
Avoid emotional decisions and track your progress to improve your strategy over time. Another good tip is to ask someone experienced in online sports betting for advice. These strategies will help you start on the right foot. Just make sure to gamble responsibly.
