Generally speaking, sports betting involves placing a wager on the outcome of a sporting event. A successful wager is one that results in a win and covers the spread. Those who are interested in making money from sports betting should understand that it requires time, dedication and research. Those looking for a get-rich-quick scheme are destined to be disappointed. Profitable sports bettors are not the norm and even professional bettors who make a living from this form of gambling see only modest winning percentages.
Identify Profitable Sports or Leagues
Develop a strategy that aligns with your betting style and preferences. You may choose to focus on a few key sports or leagues, or you can try to identify teams and matchups that have historically provided the best return on investment. Developing a system that suits your particular approach will yield the most success.
Bet With Your Head, Not Your Heart
The most successful sports bettors understand that they should always bet with their head and not their heart. This means evaluating the numbers, unique circumstances and current injury reports to determine the strongest bets. It also means refraining from betting on a team simply because you’re a fan and instead betting on the team based on their skill level, performance against similar opponents and ability to capitalize on mistakes made by the opposing team.
Open a dedicated bank account specifically for your sports betting. This will help you manage your money effectively and ensure that you don’t deplete your bankroll with a bad day of wagering. It’s also a good idea to establish a base bet size and stick to it. Some experts suggest risking between 1 and 5 percent of your bankroll on each individual bet.