The stigma that once attached to sports betting has faded quickly, opening the door for a multibillion-dollar industry to emerge. But with so many new entrants into the sport, it’s easy for an inexperienced bettor to make a series of mistakes that can cost them big money.
Here are 12 things every beginner in sports betting should know before placing their first wager.
1. Straight bets are the simplest type of wager.
Straight bets are wagers placed on a single outcome. For example, if the Toronto Raptors are playing the Boston Celtics in an NBA game and you think the Raptors will win, you’d place a bet on them to win. You can also place a straight bet on an individual player or team. For instance, if you believe that UFC heavyweight Francis Ngannou will beat challenger Ciryl Gane, you would place a bet on him to win. Straight bets are based on statistics and math and not gut instinct. Regardless of locker room gossip, you should always bet with your head and not your heart.
2. Spread bets are related to the margin of victory.
A sportsbook sets a number, called the line or point spread, on a given sporting event. The favorite will have a minus sign (-) in front of their odds, while the underdog will have a plus sign (+). The number reflects the expected margin of victory. The goal of a spread bet is to win by a large enough margin that the winning bet pays out. A smaller margin means a loss.
3. Understand that making a profit in sports betting is a long-term process.
The majority of people that attempt to make a living from sports betting are not successful. This is because it takes a great deal of time and effort to find and follow winning bets. The only way to be successful is to have a well-crafted betting strategy that includes thorough research and disciplined bankroll management. Professional bettors, known as sharps, use these tools and more to keep themselves profitable over the long term.
4. A good bet should have a low risk/return ratio.
In order to be profitable in sports betting, you should place a bet that has a low risk/return ratio. This means that you should bet a small amount of money on each play, and only bet when you’re confident in the pick. This will minimize your losses and increase your wins.
5. Understand the meaning of “context betting.”
Context betting is a way of finding winners in sports betting by analyzing the game’s history and determining why a particular outcome occurred. This analysis could include the types of scoring plays that occurred, the players who played well, or the style of competition. In contrast, blind bets are based on one factor alone, such as the team’s record in a certain competition or season. While this method can be successful, it is important to understand that a bet’s context can change over time.