Where is the best place to start in sports betting? To answer those questions and support you on the road to success, we’ve put together 5 online sports betting tips that you can use when you’re trying to place a bet next time. Let’s immerse ourselves right in!
Stick with the Odds
Watching the big game down at your local pub, you will often hear people asking casually:’ Who’s your money on? Ask the same question for a professional sports punter and they might have different answers between who they think they are going to win and who they’ve put their money on.
This is an important distinction since winning punters actually place money on outcomes they think will happen more often than the odds suggest.
That often means betting for a person or team this they think will lose, because this often creates long-term gains with the right odds.
Casual sports punters make bets depending on who they think they are going to win, but they always concentrate on the odds and aim for the best offers.
Professional sports punters make money over time by keeping an eye out for results that bookmakers undervalued. Sometimes that means betting on the underdog and sometimes it means betting on the favorite, but do either of these only when the odds of sports betting are right.
For emotional reasons, a large number of people bet instead of based on an objective evaluation of the likely outcome. These people could bet for their country, home town or their favorite sports stars.
To this, bookmakers must respond and change their odds accordingly. Which means the odds-on favorite to win could be picked more by reputation than the book maker thinks is their true chance to win.
That’s great news for professional sports punters looking for deals that are focused on the most likely outcome.
So ignore your favorite team and be sure to gamble on any result where you already have an emotional investment.
Invest Only On What You Know
Warren Buffet is amongst the most active stock market investors. His main advice is never to engage in an endeavor you do not understand.
The same holds true when it comes to recommendations on sports betting.
You’re searching for more likely outcomes than the perceived odds on offer so you’ll need a better insight into your chosen games than the bookmakers and the rest of the industry.
Most money is put on high-profile games, particularly when televised, but more niche bets are stuck to by the professional sports punters.
They tend to focus on a few sports to develop in-depth knowledge to beat the market.
We don’t always bet on high profile sports, which have experts and die-hard supporters in their own sectors. Even within their chosen sports, they don’t always bet on the high profile matches.
Consider focusing on less evident sports where you still have plenty of betting opportunities but also more potential to develop your unique expertise. Look at lower leagues and other parts of the sport that are less well known.
There is however an important caveat to use your game expertise.
Typically, when people get serious about sports betting, they start researching detailed statistics about the teams and individuals on which they intend to put money.
This approach is frequently recommended to serious sports punters, many of whom start compiling complex spreadsheets from the enormous amount of data online.
This sounds logical but there is a big difference between taking sports betting seriously and actually winning sports betting.
Finally, no matter how skilled you become at sports betting, accept that you will lose plenty of games.
What separates winning sports punters from losses is that they move on without allowing it to distort their future judgement.
Nobody likes to lose money, but that feeling can lead to a psychological phenomenon called the’ sunk cost fallacy,’ which is harmful to betting on sports.
This means that people are so unable to lose money that it can lead to actions that can cost them even more. They double down on their losses and throw good after bad money because they can’t bear walking away with a sense of failure.