Making money and becoming successful in sports betting is tough. Even the most experienced punters struggle in coming up with a consistent flow of correct bets. But this doesn’t mean that beginning punters should stay away from sports betting. By following a few tested betting strategies, a beginning punter can easily make informed bets and become successful in the long run. In this guide, we take a look at some of the tried and tested strategies in betting that you can use.
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Manage your money - Bankroll Management Betting Strategies
Just like in playing casino games, you should set aside a certain amount of money that you’ll use in betting on outcomes. There’s no specific amount that’s recommended for the bankroll. However, experienced punters recommend that you set aside a fund that can afford to lose. You can set aside a fund for a week’s worth or a month’s worth of betting in your preferred sportsbook. Now that you’ve identified the bankroll, what should be the size of your wager on every outcome?
A popular betting strategy for money management recommends that your sports bet should be 1 percent to 5 percent of your total bankroll. So, if you’re betting on tennis with a bankroll of $100, each sports wager should not exceed $5. Under the best betting strategy, it isn’t advised to chase your losses by placing bigger bets. Always work with the size of your bankroll, and you can slowly build over the length of the season or as your experience increases.
Betting Systems - Consider These Betting Strategies
When it comes to tested sports betting systems, you’ll also find information about Martingale and the Paroli. These systems provide you with a specific approach on how to set your wager for a specific event. A popular component of many betting strategies, the Martingale strategy that requires you to double your losing wager until you win. So, if you wager $10 on the first bet and win, you will use that as your second wager. However, when your wager loses, you are required in the Martingale betting system to wager $20 on your next pick. And if you lose it again, you should wager $40.
You will only go back to the original wager once you have collected a win. This Martingale gambling approach often works for punters with a comfortable bankroll. If you’re a beginning punter with a relatively smaller budget, then the Paroli betting system is best. Compared to other sports betting strategies, the Paroli betting approach you need to double your wager after a win until you collect three straight wins. At this point, you return to your base wager.
Read the Odds, Shop for the Best Lines
Whether you’re a beginner or an experienced punter, reading and understanding the odds can help you become successful. So what are betting odds and why should these matter when placing your bets? In betting, the odds will tell you the likelihood that an event or outcome will happen. Also, these can tell you the potential payout that you can get on the wager in case you’re correct in your prediction. Odds are displayed in different formats, with the decimal as the most popular. For example, Team A is at 2.40 and Team B is at 1.61. Using this example, there are two pieces of information that you can get: the potential payout and implied probability (that it will happen). To calculate the payout, simply multiple your wager with the listed odds.
So, when you bet $75 on Team A, your potential payout is $180. And when you bet the same amount on Team B, the payout is expected at $120.75. Based on this information alone, you can get a better deal by putting your money on Team A. However, there’s another important consideration to cover- its implied probability. To check the probability of an event happening, simply use this formula: 1/published odds. The result is 41.7% for Team A to win and 62.11% for Team B to win. Based on the line, you’ll get a better payout for A but B has a higher chance of winning? As part of your betting strategies, you should read and compare the odds. And speaking of odds comparison, always review the lines of at least 3 bookies to get the best deal.
Learn to Use All Types of Bets
In betting, you’ll find different types of bets which can work for a wide range of sports and markets. And if you have reviewed the most popular bets, you’ll discover Moneyline and Totals as the easiest to play. Although these bets are fun and easy to follow, it isn’t recommended that you’re boxed by these bets. As part of your football betting strategy or NBA betting strategies, you must vary your bets and find wagers that specifically suit the sports that you’re following. For example, you can play the over-under basketball strategy if you’re data-driven and knows the recent form and performances of each team.
There’s also arbitrage betting which is considered as a low-risk sports betting strategy. Under this strategy, you are placing bets on all outcomes of a sports event at betting odds that guarantee a profit, regardless of the result. Or, you can go for outright betting as part of your betting strategies. In outright, you will put your money on the eventual winner or champion of the league or tournament. These types of betting strategies will only work for experienced punters who have a solid understanding of the teams, their forms, head-to-head, and statistics.
What are betting strategies and why should I use them?
Also called betting systems, these are your structured approach to gambling to become successful.
What are the most popular sports betting strategies that work?
Different punters will have their own set of betting strategies. As a beginner, you can’t go wrong by starting with a bankroll, by learning the popular types of bets, and by reading the odds?
What are betting odds and how important are these to my overall strategy?
The odds will tell you the likelihood that an event is happening and will also explain your potential payout in case you’re correct.