How to Make Money from Sports Betting
While many people consider betting on sports to be a hobby or their favourite pastime which adds particular spice and adds thrill to watching games, others consider it a serious business and sort of a job if you wish. Only a handful of people have truly mastered the art of betting on sports although a number of those who are attempting to become betting professionals increases daily. Still, looking at it from a wider perspective, it has long become a widely-accepted concept that the majority of sport bettors lose their money on sports betting. Reasons for such disappointing claim are many, but it needs to be noted that many tipster overlook the important betting aspects and fail to comprehend that betting as a process needs to be approached systematically if one is to be successful at it. Creating a betting strategy may be a tedious task, but it is a highly important one as well and investing time in making a sustainable betting plan is bound to make it worthwhile.
Knowledge is the Key
When it comes to betting, one of the most important aspects of it is knowledge. You must have heard your fellow punters say it a million times before that they got ‘lucky’ and ‘fortunate’ with their bet. The elusive concept of luck and fortune plays no meaningful roles in sports betting as it is knowledge that allows you to have most of the betting aspects in full control and be a tailor of your own betting destiny. The biggest mistake a bettor can make is to shoot in the dark. Inexperienced punters and those without a clear plan to their betting system will have a quick look at the market, choose randomly what they think is a good priced bet and splash their money on it without any background knowledge on the teams involved in the match, on their current form, recent results, team news and other aspects that are required before any bet. Doing your homework is important with sports betting as a thorough research into team information and a look into statistical overview is bound to give you a valuable edge ahead most of the bettors and in some great cases ahead of bookmakers themselves.
Understand the Value Bets
The concept of value bets is critical in sports betting in relation to becoming profitable in the long-run. It is an elusive notion as well, as most of the punters will mistake value with actual odds given by the bookmakers. Punters struggle to get the full grasp on it, but once they do, it is bound to yield fascinating results. In a nutshell, value bet is found through difference in team’s actual chances of winning a match in relation to chances the same team will win with given odds on that particular selection. Value assessment is impossible to fulfil properly without knowledge to support your claims, but once you identify the true value in a bet, the betting process itself might even become self-explanatory.
Let’s take a Premier League example to best illustrate the value bet. Sam Allardyce’s Crystal Palace played host to heavy favourites Arsenal, who travelled to Selhurst Park under great pressure to turn the recent poor form around and get back in the top-four race.
For an outside punter with no previous knowledge about the two sides, the odds of around 1.85 on Arsenal might have seemed like a sure bet and a valuable one. After all, it is the famous Gunners against the team lingering in the bottom part of the table, still fighting against relegation. However, knowing that Crystal Palace have been on great run and have won four of their last five matches could change the perspective. More so when we add the fact that Arsene Wenger has been struggling with pressure and his team with fear of failed expectations. All of the sudden, the odds of around 4.80 on the hosts do not seem that scary and represent a great value bet. Ultimately, clear-cut 3-0 win for the Eagles would have justified your selection.
Finding the value bet based on the previously gained knowledge might not be enough if you don’t have a clearly determined money management plan, which will prevent you from making costly mistakes.
Finding the value bet based on the previously gained knowledge might not be enough if you don’t have a clearly determined money management plan, which will prevent you from making costly mistakes. Betting on sports is highly unpredictable and in a good amount of cases there are some outside aspects that can have huge effect on your bet. An unexpected red card after a reckless challenge inside the penalty area will turn the match around and your game will lose most of its original value in an instant. Therefore, you need to refrain yourself from investing more than you planned and determined through your money management plan. What you should never do is bet £50 pounds on this game and wager £500 in the very next moment on another match. Learn to make small bets that represent one or two percent of your total betting bankroll and also learn to reduce them if necessary and adjust them slightly upwards when you are extremely confident a value bet is secured. A good way to take care of your money is to create a betting schedule and carefully pick the games you want to bet on. you don’t need to be betting all the time and every day in the week, but you can make a weekly plan and select games you will revolve your betting strategy around, together with sound money management.
Turning emotions off can be a determining factor in sports betting. Any knowledgeable betting decision, backed by a thorough research and a seemingly confirmed value can go to waste if you let your emotions get in the way. This is particularly important should you choose to place a bet on your favourite team as making unbiased betting selections is the biggest challenge you will face here.