There is a lot of information on the Internet that claims to offer perfect methods to achieve instant success in online betting – a popular entertainment pastime. Unfortunately, there is no such thing. Becoming a successful sports bettor requires hard work, determination, knowledge and experience.
Part of acquiring these necessary skills is learning what strategies to apply and when to implement them. In this article, we have compiled 7 quick betting tips and strategies that will lead you to become a stronger and more successful bettor over time.
Like anything worthwhile, achieving a better winning percentage in sports betting takes time and perseverance. Sports betting is not equivalent to gambling, so we advocate betting with skill, measure and precision – don’t leave it all up to luck!
1. MANAGE YOUR BANKROLL AND CREATE A UNIT SIZE
It is essential that, as a sports bettor, you decide how much money you are going to devote to sports betting. Of course, this depends on your individual financial situation. It is never wise to bet money that you cannot afford to lose.
2. UNDERSTAND YOUR RISK TOLERANCE AND YOUR GOALS AS A BETTOR
Different types of bettors like to place different bets. The sooner you decide which types of bets you prefer to make, the sooner you can perfect your strategy and start winning.
Some people like to bet on big underdogs or very unlikely events. They are attracted to longer odds. These are the same bettors who are more inclined to create huge parlays and bet on games like the Browns beating the Patriots on Monday night.
3. DEVELOP REALISTIC EXPECTATIONS
A successful “sharp” wins 54% of the time. A historically good “sharp” wins about 60% of the time. These are the best sports bettors in the world. Wanting to reach these figures on the jump or even over an extended period of time is a difficult task.
4. KEEP TRACK OF YOUR BETS AND REVIEW THEM PERIODICALLY
This strategy may seem unsexy, but it’s incredibly important nonetheless.
It’s no fun to review your losses, but if you do, you can avoid making the same kind of mistakes twice. Sometimes, you’ll lose bets even though you did everything right. Other times, you knew you were reaching, but you made a bet anyway. Correcting faulty reasoning will benefit your bets in the long run.
5. BET WITH YOUR HEAD, NOT YOUR HEART
Most sports bettors started betting because they were sports fans. As such, they probably had an allegiance to one or more teams. If this happens to you, we recommend that you refrain from betting on any event related to your favorite team (or teams).
Loyalty can cloud our judgment, so we recommend being rational and restrained in your sports betting. Biases can affect us both consciously and unconsciously. For this reason, we recommend omitting lines in which you have a personal interest or emotional investment.
6. AVOID THE “SUNK COST FALLACY”
For this tip, let’s borrow a standard term from behavioral economics. The “sunk cost fallacy” means that the more time or money you invest in something, the harder it is to abandon it. This encompasses everything from investing in a business to a bad relationship.
Save your money!
Decisions are colored and tainted by accumulated emotional attachments related to the investment. People who fall for the “sunk cost fallacy” will throw more money at a project or venture that is doomed, just because they have already invested so much time in it. They simply do not know when to cut their losses.
7. BET ON A SINGLE SPORT
As Warren Buffet says, invest in what you know. The same applies to sports betting.
If you’re new to sports betting, it pays to stick with the sport you know the most about. You’ll already be ahead in the methods you need to get an edge over bookmakers, simply based on your pre-existing knowledge of how the game is played.