With legal sports betting sweeping the country, millions of fans are diving into this new arena of gambling. But before you place your first wager, here are 12 things every beginner needs to know.
1. Understand The Odds
The foundation of sports betting is predicting that something will happen during a game or event and risking money on the chance that it will occur. Odds are based on the probability of an event occurring and are used by sportsbooks to differentiate between bettors. A higher probability yields a smaller payout, while a lower probability has a bigger one.
2. Be Aware of Line Moves
The lines on sports betting games are always moving based on the amount of action coming into a book or other factors like injuries and weather. This constant movement makes it important for bettors to keep a close eye on the odds and make sure they are getting the best price for their opinion. This means watching the lines for multiple sportsbooks and shopping around before placing a bet.
3. Bet Smarter, Not Harder
If you’re looking to make a living from sports betting, it will take time and effort. Those who are looking for a quick-fix or get-rich-quick solution are setting themselves up for disappointment. Making a profit from sports betting requires knowledge of the sport and markets, as well as the ability to use advanced data analytics and modeling to predict outcomes. This work often takes up to six or more hours per day, so be prepared for a long commitment.
4. Understand Over/Under Betting
A popular type of bet, over/under bets focus on the total number of points, goals, or runs scored in a game, rather than who will win. For example, if a game has a total of 42.5 and you think it will be a defensive slugfest that ends with 42 combined points or fewer, you would bet the over. Conversely, if you expect a high-scoring offensive affair, you’d bet the under.
5. Be Consistent With Your Wager Sizes
One of the biggest mistakes new bettors make is betting more than they can afford to lose. This is known as chasing bets and can quickly drain your bankroll. A good rule of thumb is to bet 1-2% of your bankroll on a play-by-play basis. This will allow you to have bad days without going broke. Additionally, it will help you stay consistent and avoid jumping on a hot streak.