It’s often assumed that ‘success’ in sports betting is measured on the basis of wins and losses. Which is partially true, at least in the minds of millions of keen gamblers.
But what matters more than winning or losing is enjoying what you do. If you get a kick out of sports betting and it adds excitement to the sports you love, you’re a winner.
Of course, it’s hard to walk away with a smile on your face after a heavy loss. Even more so if you find yourself in the midst of a losing streak, which is an occasional inevitability.
The trouble is, far too many people who get into sports betting think there’s a way of tipping the odds in their favour. That if they approach things the right way, they can effectively gain an edge over their bookies.
Where country mile, this is the single most important fundamental for successful sports betting. Accepting that the house always has an edge is the first thing you need to do. After which, it becomes much easier to weather a spell of poor performance, and the occasional unsavoury outcome.
Other than this, there are seven other fundamentals of successful sports betting, which all newcomers should familiarise themselves with.
For the sake of a good time and to prevent losing more than you can afford to lose, it’s worth heeding the following advice:
Prioritise Bankroll Management
First up, bankroll management means doing whatever it takes to avoid spending beyond your means. One of the biggest problems with sports betting (and gambling in general) is that it is highly addictive. It just is – anyone who claims otherwise needs a reality check.
Of course, most people will never succumb to full-blown gambling addiction. Even so, almost every gambler without fail will often utter the fateful words – “Just one more go!” or “Another tenner won’t hurt!” Truth is, as soon as you spend a penny more than you meant to, you’ve already crossed the line into risky territory.
Limit your Accounts with Bookmakers
Most traditional bookmakers (and plenty of online sports betting sites) provide the option of limiting your accounts. Doing so imposes strict limitations on how much you can bet, how much you can deposit into your account, and how much you can lose on any given day/week/or month.
Once you have reached this limit, access to your account will be restricted for a specified period of time. This could be anything from 24 hours up to several months, depending on how strict the limitations you set are. But as most gamblers (newcomers in particular) occasionally get carried away, it is definitely something to consider doing.
Compare the Market For the Best Odds
In the event that you do manage to pocket a prize, you’ll want to ensure you get the best possible value for money. This is where comparing the market for the best possible odds comes into play. There are plenty of specialist sports betting sites that provide real-time listings of the best odds for any given sport or event at the time.
It simply makes sense to spend your money where you stand to get the most back in return. Even so, it’s just as important to read all applicable terms and conditions in full, just to make sure you don’t get stung by things like withdrawal fees, processing fees and so on.
Choose Only the Sports You Know and Love
It is practically impossible to make sound and informed betting decisions on sports you don’t understand. Likewise, betting on sports you are not really interested in is a joyless pursuit. Even if that’s (seemingly) where the money is, it’s not a recipe for an enjoyable experience.
Getting into sports betting is only worthwhile if you focus your efforts on the sports you actually like. The more you know about any particular sport or event, the higher the likelihood you will place sensible and successful bets. Do your homework and place your bets on the basis of facts and knowledge – never blind assumptions.
Treat Outside Bets Like Lotteries
Betting on the underdog can be fun, and it can also pave the way for ridiculous Olds. But when there’s an outside entry with 10,000-to-1 odds of winning, the odds are high for a reason. That being, there’s almost no chance in this lifetime or the next that they will win…but they might.
It’s for this reason that outside bets should be treated like lotteries. When you buy lottery tickets, you know deep down in your heart and soul that you are not going to win. But given how someone will indeed strike it lucky on occasion, it’s worth an occasional shot. Just don’t go spending too much money on outside bets, as you’ll lose almost every single one of them.
Don’t Be a Victim to Your Own Loyalty
The same also goes for bets based on loyalty to any given team or individual. They may hold a special place in your heart, but you need to be realistic when it comes to their chances of winning.
Betting against a team or individual you would normally support feels wrong. You might even feel as if you are tempting fate, which of course you aren’t. Back them by all means, but know that blind loyalty can often pave the way for heavy losses.
Take Advantage of Online Offers
Last up, setting up at least a handful of accounts with several separate online bookmakers comes highly recommended. This is because the offers and incentives handed out online are unlike anything you will be gifted in the real world.
Most decent online bookmakers will at least offer you a couple of free bets, or will credit your account with some bonus funds to get you on board. Some may even dole out a bunch of free spins and a further credit to be used in their online casino offerings. Given how you’ll be creating your account with real money and putting your own cash on the line, it simply makes sense to ensure you get something tangible in return.
You might also find the following articles interesting:
- 10 Ways Real-life Casinos Differ from Online Gaming
- 8 Things Your Casino Doesn’t Want You to Know
- 10 Totally Random and Massively Overpriced Purchases