Probably the biggest and most common mistake punters worldwide make is seeing sports betting as a hobby. Yes, sports betting can be fun and sometimes spice up watching a game with your friends. However, if you hope to bet regularly and generate profit via sports betting, then you need a more serious approach than that. Anyone aiming to become a professional punter and to make serious sums of cash betting on their favourite sport must learn lots of sports betting theory. For example, they need to read sports betting strategies, understand how betting odds work as well as learn how to pick the best online bookmaker. To make things easier for beginners, we have created a list of the ultimate sports betting tips that will help you improve your sports betting performance in the long run.
Sports betting is all about value and, more precisely, the expected value (EV). To better explain this concept, let’s say we decide to flip a coin. The chances the coin lands on either of its two sides are exactly 50%, meaning regardless of how many times the coin is flipped on average we are expected to win half the time. In other words, flipping a coin has neutral expected value.
In sports betting this is drastically different. Namely, every bet you place comes with odds that either has positive or negative expected value. There are extremely rare situations when the expected value of odds is neutral. Consequently, it only makes sense that the point of sports betting is avoiding bets with negative expected value and sticking to bets with positive expected value.
Of course, succeeding in this is not that simple as sports betting is a complicated craft. However, after you spend enough time practising and researching, you will be able to have a better eye for positively expected value offers.
Betting odds, alongside with the online bookmaker, are probably the most important thing that affects your sports betting experience. Betting odds can be represented in three basic ways and those are decimal, fractional or moneylines.
As a beginner, you must get familiar with all of them and then you can choose the one that suits you the most to excel it. Moreover, make sure to know how to calculate the possible winnings from the odds, regardless of their type, as well as to learn how to calculate the probability of winning the bet using the given odds.
This way, not only you will be able to understand the information the odds are providing, but also you will have the knowledge to separate good odds from bad odds. On the long run, this will improve your performance as a sports bettor.
With all this in mind, those that hate mathematics should probably stay away from sports betting as being able to make correct calculations is a must.
One mistake that rookie punters often make is focusing on teams and players adored by the public. However, regardless of how many fans a team has, that has nothing to do with their money-making potential for sports bettors. So, always keep an eye on the so-called ugly ducks; when the general public betrays them, their value will significantly grow. That’s exactly when an experienced punter makes a move and profits. Such an example would be a team that has played well over a long period of time but recorded a bad few consecutive games.
Nobody can grow as a punter unless they have a reasonable starting budget. As unimportant as this seems, the starting budget will enable you to practice and keep betting even after you deal with certain losses. It’s delusional to believe that you will win every single time, especially without having enough experience and knowledge. However, if you have a reasonable starting bankroll of at least 50 units (in case your average betting unit is 1), you will be able to grow as a sports bettor and even improve this budget with your sports betting profits.
Another illusion many rookie bettors have is that they can constantly win when sports betting. This is simply impossible as sometimes even the safest bets can turn out a flop. Thus, punters must accept the fact that sports betting involves both winning and losing. In that regard, they should neither celebrate for too long when winning nor get depressed when losing. One thing they should do, however, is keep going with a clear head and a good budget management strategy.
Those hoping to profit in the long run with sports betting must have patience. Hoping to win big by placing a single bet is a silly dream; yes, once in a blue moon it can happen, but realistically speaking extremely risky bets usually end up being losing bets. Therefore, you should stick to sports you know and place as safe bets as possible; even by winning small, as time passes your total profits will significantly grow.