Sports betting is a great way to make money, but it can also be dangerous. It’s easy to get carried away with your emotions when you bet on sports, and you can easily lose your bankroll if you don’t control yourself. To prevent this, make sure to set some rules and stick to them.
1. Specify your own unit size
As with any financial investment, you need to establish your own personal “unit size” based on a percentage of your total bankroll. This will help you avoid the risk of going broke when you have a bad run. For example, some suggest that you only risk a maximum of one percent of your bankroll per bet.
2. Specialise in a sport or league
When starting out in sports betting, it’s best to specialise in a sport or league you are already familiar with. This will give you the chance to develop a sense of value bets that you can apply to other leagues and tournaments as you progress.
3. Take time to research teams and players
When you bet on a team, it’s important to do your research and find out all of the relevant facts about that team. This includes its history, performances, and other factors that can affect a bet.
4. Shop around for the best odds
While it may not seem like a big deal, having access to multiple sportsbooks can be invaluable when you’re looking to make a win. Lines can vary significantly between sportsbooks, and this difference can add up over the course of a season.
5. Always look for value
The key to successful sports betting is obtaining value on every bet. This means getting better than “true” odds on a team, or a bigger price fancied selection than the bookmakers offer.
A good way to do this is to watch a match and assess whether the favorite is likely to win, or if there is a strong outsider that could be backed at better odds than the favorites. Taking the time to understand the market can be a key to making a profit over the long term, and a few minutes of your time each week is well worth it.
6. Don’t chase wins
It’s tempting to jump on the bandwagon with a big bet after you have won one, but this is a surefire way to lose your bankroll. It’s much better to stick to your strategy and bet with a clear head and focus.
7. Have a betting schedule or routine
When betting on sports, it’s important to have a clear schedule and stick to it. This can be difficult to do if you’re new to the game, but it’s crucial for long-term success.
8. Don’t let your emotions cloud your decisions
It is a common mistake to bet on emotions. Many people bet because they are excited about a team or player they like, but this can have the opposite effect and make you lose your bankroll.