Sports betting offers an adrenaline rush similar to athletic competition, without ever having to step foot on the basketball court, or the football field, or the baseball diamond, or the hockey rink.
But much like playing sports, if you make bets without thinking them through properly, you could definitely be breaking a major sweat.
Before you start throwing caution to the wind and your hat in the ring to make some quick cash, adhere to the advice in this quick overview of necessary tips for placing the best bets in the stimulating world of sports gambling.
Avoid Personal Bias
There is nothing wrong with placing wagers on the sports that you personally enjoy and have been watching the most. In fact, it would be a bit crazy if you started betting on NFL games and you couldn’t be bothered to watch a single football game.
But make sure that you don’t fall into the trap of betting on your favorite team on what you want to see happen in the game instead of considering what is most likely going to happen. Don’t get blinded by your own bias.
Study the Terminology
Sporting events have their own words that apply to the games. But it isn’t enough to just understand what those terms mean. You also need to be able to translate the terminology that is specific to sports better.
Here are just a handful of the gambling vocabulary that is associated with sports in order to get you started:
Arbitrage: A betting situation where the odds available mean it’s possible to make two (or more) bets and secure a profit.
Bankroll: The amount of money that you have available to bet with.
Bookmakers: Individuals or organizations who take bets from members of the public.
Chalk Players (Chalk Eaters): Bettors that bet primarily on the favorites. Also known as a chalk eater.
Fixed Odds: Odds that are agreed upon at the time of placing a wager and stay the same regardless of if the odds change in the future.
Handicap: A term for the point spread, where bookmakers try to level off the playing field in a gambling event for betting purposes by awarding extra points to the underdog.
Moneyline: A bet placed on a participant to win a sporting event with no point spread applied.
Teaser: A point spread wager on at least two or more teams, where the bettor is allowed to adjust the spread in their favor in exchange for lower odds.
Totals Bet: A type of wager on whether the total number of points/goals scored will be either less or more than the number set by the bookmaker. Also known as an over/under bet.
Join Betting Forums
You can certainly learn a ton by studying the sports you are betting on. But you need to be expanding your resources to include the benefits that can be gained from joining betting forums.
Experiment with Different Strategies
Sports betting isn’t about there being a right way or a wrong way. You just have to see what works for you and break out of any bad habits that are making you go broke when game day comes to a close.
Stepping away from your standard flow with placing sports pets and trying out new strategies, and learning new betting systems can help you expand your knowledge and help you land upon something that may work even better than what you have been doing.
Experiment with various different types of wager formats and various sports betting.
Avoid sports betting from turning it into a task that feels like boring work. Keep it enjoyable, and when it starts to feel too intense, step back and take a break from the hustle and bustle of it.
Then after a little while you can come back to it with a fresh perspective and a clear head for decision-making.
Spending hours on research is worth it, whether it is staying up on the latest online articles and video interviews with your favorite teams or you are updating yourself on the current statistics.
Watching sports on television can be considered research.
Learn from Losses
Losing as a beginner doesn’t mean that you will not be able to see another victory again.
Make sure that you figure out where you went wrong and see what lessons could be learned from this loss.
Remember, betting isn’t a game where people always hit big. Losing is a common occurrence.
Don’t get a Winner’s Ego
Last but certainly not least, it is important to not take your betting wins so seriously that you start taking yourself too seriously, assuming that you have the Midas touch to turn any game wager into gold.
Please don’t let your ego leave your finances buried alive. Luck may have really just been on your side before. Keep studying your stats and staying up to date on team information before you bet big.