Five Tips to Becoming a Successful Sports Bettor
You may have heard someone bragging that they picked 9 out of ten NFL games last week or managed to take a three-way parlay to the bank or engineered wins in both the daily double and trifecta at the track. Wow, what a great day that gambler had! Now, ask them how they did the rest of the year.
The fact is that anyone can hit on a bet every once in a while, but in sports betting, where the top pros are right 60 to 65% of the time, it takes more than one day of luck to turn a true profit. Sports betting may not be a science, but it is a discipline and it does involve research, analysis and skill. If you want to be a successful sports bettor, here are five tips that will start you and keep you on the right track.
Become a Student of the Sport
Successful handicappers are experts in one or two sports. First, don't bet soccer or the horses if you don't follow soccer or the horses. You must know the rules, strategies, players, coaches, trainers, venues and much more of any sport on which you're going to wager. That means reading previews, keeping abreast of daily developments and engaging in detailed analysis. You should always be open to learning something new and taking your understanding to another level. Become an expert and then a guru.
Treat it Like a Business
If you really want to make money on a weekly basis, then you have to treat sports betting like it's a business. Why? Because it is a business. Sports betting is not about hunches, it's about weighing evidence, that includes stats, injuries, depth analysis and much more. Keep files on teams, your wagers, your successes and failures and analyze your performance. If you're constantly losing, you have to figure out why. If you don't, you run the risk of going broke, going nuts or going to jail. Sports betting is a business and should be treated as such.
Manage Your Bankroll
It is extremely important that you track every single wager, including how much you bet, how much you won or lost and your resulting balance. Be careful in deciding how much you're going bet. If you have a $500 bankroll and you're making $50 wagers, that grubstake will be eaten up quickly. Make small wagers and if you win, then loosen up the bankroll a bit. But don't go overboard and don't start making desperation wagers in order to make up for losses.
Don't Make Crazy Bets
By crazy bets, I mean the following-exotics including parlays, futures, mixed parlays and various props. If the odds are long, then you should stay away from them. Focus on making single wagers on specific games in one sport. Moneyline, point spread and over/under wagers are all sensible and winnable. You won't make a killing on any one of these wagers, but when gambling on sports, they are your best bet. If you make some solid cash then designate 5 to 10% of your winnings (not your bankroll) for long shot wagers.
Never Bet When...
Say this as if it were a prayer, it could save your gambling life. Never bet when you are desperate, drunk, high on drugs, depressed, tired, angry, stressed or under-informed. Never do that. Never.
If as a sports bettor you're looking to have a few laughs and drop some cash on a game or two, then do so. Have a ball. You could win a few bucks and then lose a few or lose even more. But don't expect to earn consistent cash from your efforts. In order to do that, you have to become a true student of the game and an astute businessman, managing your money, making sensible decisions and keeping your emotions in check.
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