There’s a reason why it’s called sports betting, and not sports gambling. That’s because you can have an edge in your adventures in sports betting, unlike gambling, where you are always operating at a disadvantage, or playing with very little edge. The thumb rule of making it big is – don’t do what everybody else is doing. As a beginner, it’s natural for you to align your interests with what the public opinion is. However, note that your dream of making sports betting a major contributor to your financial independence plan is contingent on you identifying your style, original way of thinking, and above all, not following the herd.
Manage Your Bankroll
This is the oldest and yet the most useful tip you will ever encounter. To void betting with money you can’t afford to lose, manage your bankroll like a pro. If you have a budget of $500 for betting through the NFL, make sure you keep each bet pegged at anything between 1 to 5% of the bankroll. This helps you avoid catastrophic situations of losing a lot, or ending up chasing losses only to end in debt.
Do Your Homework
Here’s a school lesson, back to haunt (just kidding) you. Luck will help you win every now and then, but not always. Remember, most sports bettors don’t do any kind of research before they place their bets. This means that every incremental effort you put in analysis and background research will put you ahead of hundreds (if not thousands) of fellow sports bettors. Here’s the minimum that you can do, to begin with:-
Understand the strategic aspects of the sports you are following for sports betting
- Subscribe to at least 2 newsletters dedicated to a sport (ideally, these newsletters should be competitors)
- Invest time in learning the basics of statistics to be able to make informed decisions when confused
- Record your sports betting choices and their outcomes, to be able to make course corrections when need
- Bookmark a sports betting resource website like Bet-Bonuscode, which offers tremendous insight from the world of sports betting, including strategies and news.
Devise A Strategy, and Stick With It
Much like everything, sports betting is often overcomplicated. It’s too tempting to explain all kinds of outcomes with all kinds of theories. You’d do well to distance yourself from non-value adding analysis and theorization. Selection bias, model over fitting, and over optimization (among others) are cardinal sins of sports betting that can hurt your chances. Instead, be confident of your strategy, and give it time to yield results. Of course, you’d need to keep monitoring outcomes and doing course corrections, without significantly altering your core strategy. Do not fixate on numbers. A simple strategy backed by intuitive logic is your strongest asset.
Don’t Fall For Baits