Sports betting is getting very popular nowadays and many people make a full time living out of it?
But, is sports betting profitable…?
I’ve tried to answer this question in this discussion, keep on reading this article to know the answer.
Online betting requires some serious skills, series of failure, continuous learning and a great experience to be successful. You simply can’t rely on your luck. It isn’t POKER!
Before I begin with the actual discussion, let me tell you first why most of the sports gamblers lose.
It will help you understand better whether or not sports betting is profitable.
Why Most Sports Bettors Lose?
Majority of the sports bettor lose their money in online betting. Even though more than 90% of the sports gamblers lose money in the first year, still this doesn’t stop the bettors from playing.
1: First and foremost, the biggest mistake most of the sports bettor make in online betting is poor money management.
Betting 50% of your bankroll on one game will definitely make you go broke in no time. While the chances of winning are more when you bet more than you should be, but a major setback could be disastrous.
Moreover, some bettors go emotionally after winning. They’ll simply put all of the money they’ve won again and all of the sudden the next bet is a loss. BOOM!
You should have proper money management and think how to bet wisely by understanding the game odds.
2: After poor money management, the next big mistake is betting on the wrong events.
We all know that football and basketball are the most popular sports people bet on and a majority of the bettors would simply bet on any team just because it is a football or basketball duo.
You simply can’t bet on an even without having proper knowledge of it. When you are betting on sports, your liking for baseball, football or hockey should be kept aside and you should think more practically.
If you like football, you shouldn’t blindly stake on it. This is a wrong approach. And even if you know that the European League is going to win, you must do your research before betting any amount.
Same goes for other sports. Try to learn from their past games and then bet accordingly.
Knowing when to bet, on whom to bet and how to bet will increase your odds of profiting from online betting.
3: The next big thing I notice among bettors who lose is LACK OF KNOWLEDGE.
If you have knowledge about NFL doesn’t necessarily mean you also know about NFL betting. There is a big difference.
When you enter sports betting, you are actually competing with the online betting giants who have spent countless hours and several years of study to increase their chances of winning.
You must study the games or find someone who has the knowledge. The moment you lose and tell that you don’t know anything about the game you just bet and lost, you’re in a serious trouble dude.
Always have proper knowledge of the sports you are about to bet and never hire an amateur bookie to help you out. He’ll suck all your money.
Another mistake we commonly observe is bettors bet on too many TV games. I mean why?
A lot of sports bettors would make a mistake of betting on TV games and too much of them. Though there isn’t any problem when you wager on seven or eight wagers in a single night, you’re going to lose big time.
Profiting From Sports Betting
That being said, now you have an idea of what to do and what to avoid.
Now to actually profit from online betting, you have to follow these rules.
1: Understanding The Concept of Value
If you are unable to understand the betting value, you will never profit from sports betting. Even if you predict the odds, there is no chance that you will profit from it anyway.
You must understand the value concept here, which most of the betting public doesn’t. Finding the value bets is what keeps your stake in profit and understanding it can take several practices before you can finally come up with the best bet.
2: Understanding Basic Maths
If you think you are not a numbers guy, become one immediately, especially if you are stepping into online betting. Though a lot of gamblers are lucky enough to win without even caring about the figures, still a long-term success in sports betting demands a viable staking plan and you must understand all the odds that reflect your stake in terms of probability.
3: Understanding The Odds Bookmakers Make
While it highly depends on the popularity of the event, bookmaker odds play an important role and are a reflection of what they expect the general public to play rather than actual probabilities of the outcome.
Not simple but overall, bookmakers set their odds in order to attract betting on either side of the odds. This helps to balance their liability and they take their commission.
4: Fall In Love With Duck
The more you bet on sports, the more you will fall in love with the team that nobody likes. You may even feel positive about a bet if it looks way too uglier on paper. This might sound counter-intuitive; however, general public likes a team but you should like the look of them in terms of betting value.
This gets even crucial, especially if the team that has performed well over a long period but had a bad run in 4 or 5 games. You should analyze the situation and learn from it.
5: Don’t Celebrate For Too Long
Lastly, don’t celebrate for too long. Once you win, great…congratulations but don’t make fancies about your win for too long.
Focus on the long-term game and learn how to profit from it again and again. The more you are focused on the actual game than the money, the more are your chances of sticking with your plan and finally profiting from it.
This post is also available in: العربية (Arabic)