Many people are curious about sports betting, but a profitable wager takes a lot of work and dedication. The good news is that sports betting can be lucrative if you avoid the common mistakes that most newcomers make. Profitable sports betting requires a disciplined approach to bankroll management, in-depth research, and patience. Here are some tips to help you improve your chances of success:
Betting with Your Heart
Betting on a team or player out of sheer emotion is not a good idea. This can lead to poor decision-making and result in a loss of your bankroll. It is also important to keep in mind that chasing a winning bet with more bets is not a sound strategy. Rather, you should aim to bet 1% to 5% of your bankroll per game.
Over-Relying on Advanced Metrics
While tools like Expected Goals (xG) and Player Efficiency Rating (PER) can be valuable, they should be used in conjunction with other analysis methods. It is easy to over-rely on these metrics, especially when you are confident in your analysis of a particular event. However, it is essential to remember that a game of football or basketball has so much more going on than the statistics and analytics we are accustomed to.
Using Your Home Advantage
It is important to remember that sportsbooks are businesses and they make money on every bet placed. This is why they include their commission in the odds they offer. This can affect the likelihood of a specific outcome, but it should not be a primary concern for bettors. Instead, bettors should focus on understanding how the odds are calculated and avoiding bets with unreasonable odds.
Not Using Bankroll Management
In order to be successful in sports betting, it is vital to have good bankroll management skills. This is especially true for those who are trying to make a living from the sport. A solid bankroll management plan involves setting aside a set amount of money to bet with each game and never risking more than that amount. In addition, it is a good idea to use a unit size, which is typically a percentage of your total bankroll.
Profitable sports betting is a marathon, not a sprint. It is important to have a realistic understanding of the risks involved and be prepared for losing streaks as well as winning streaks. With a bit of luck and some strong bankroll management, you can be on your way to a lucrative sports betting career. Good luck! Steven Petrella is a Commercial Content Director at Action Network and Better Collective US. He has covered sports for more than 25 years. He specializes in sportsbook products and betting trends. He lives in New Jersey with his wife and two dogs. You can find him on Twitter and XS. He is a fan of all things New Jersey Devils. He has a degree in journalism from Rutgers University. His work has appeared on ESPN, USA Today, Bleacher Report and Fox Sports.