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Betting on sports can be a great way for sports fans to make money watching games, easier said than done however. If betting was easy, everyone would do it. Although it requires a certain amount of luck to become successful, there are ways to increase your chances of getting lucky more times than not.
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If you’re still here it’s because you want to make money sports betting. Who doesn’t? Let’s go through the best sports betting tips, strategies and things to consider when trying to profit in the sports betting universe.
Is Sports Betting Profitable?
This is a two way answer, so let’s break down both answers. Yes, sports betting is profitable but it’s not easy or guaranteed. It requires a lot of research, time, money and patience. There will always be stories about someone turning $5 into $100K off a parlay, which might increase your appetite to bet with the hopes of striking big.
Although possible, it’s very unlikely and incredibly rare. Most sports bettors lose money, and often. So although earning a lucrative profit in sports betting can occur rather quickly, it’s not likely. The way to make money sports betting is through the long haul, a marathon if you will.
Sports betting is a marathon not a sprint, and slowly building your profit over a long period of time is the safest way to build your bankroll. Most sports betting is surviving, as the best way to approach a profit is to never buy back-in.
Limiting your buy-ins increases your chances of continuing to see growth and become profitable over time. Sports betting is also not profitable, especially for those who risk most or all their money routinely. Limiting losses and patience is the way to become profitable in sports betting otherwise you’ll lose more than you win.
Best Sports Betting Tips & Strategies
There are various ways to increase your chances of winning a sports betting wager, although no method is a 100% guarantee. Here are the tips and strategies to consider if looking for help sports betting for a profit.
Compare Multiple Sportsbooks
If applicable, make sure to search all the available sportsbooks for odds that have value. As the bettor you are the customer to the sportsbook, so it only makes sense that as the customer you find the best deal to take. If DraftKings is offering odds at -120 but BetMGM has them at -105, then BetMGM would be the book to wager with as you are paying a cheaper price.
Part of building a profit in sports betting is limiting losses. When you compare sportsbooks for odds you are also limiting your potential losses should the bet fail to hit. If you pay $105 instead of $120 and your bet loses, then you save yourself $15. It’s not much, but enough to keep you in the game.
It’s important to bet with what you are comfortable with, which includes markets. If you follow soccer and want to bet on it, then it’s important to understand the various markets within the sport. A soccer bettor might want to research the BTS market or know ahead of time that the goal total markets are almost always set at 2.5.
Different sports have different markets, so stay in your lane. If you follow the NBA don’t try to bet the goal total market on NHL action. Stay within the NBA and find a market you are comfortable with taking. If you feel the point total markets are too unpredictable then go with the spread. If you think the spreads are too unpredictable as well, find a moneyline or prop bet instead.
Check Odds Boosts Constantly
This is actually a very forgettable strategy in sports betting, as many bettors forget to check odds boosts daily. Most sportsbooks have various odds boosts that change daily, much like the specials at a restaurant. ‘What are the specials of the day?’ is what you should be asking yourself every time you visit a sportsbook.
With that said, don’t force a bet you’re uncomfortable with. If you see the bet365’s only NFL special is a Ravens-Bengals moneyline parlay that you don’t agree with, don’t take it. Odds boosts actually present great hedging opportunities as well if applicable. You can get creative with odds boosts but don’t get greedy either.
Avoid Big Bets To Begin
A key to seeing profit in sports betting is to start small. If you begin with $50 then start with small bets until you see enough money to increase the bet wagers. Starting with $50 and losing $25 out of the gate puts you behind early, so start small that way when you lose (which you will) the damage is sustained.
Until a bettor builds a large enough cushion, financially speaking, the mindset of betting should be damage control. Don’t think about winning big fast, but rather surviving while increasing your profit over time. If you enjoy the art of sports betting then this should be an easy approach.
Bet With Brain, Not Heart
Although I can’t argue against betting with your heart, betting with your brain is the way to go. Betting on your favorite team can be fun but it’s not always smart. Make sure you do the research and make an objective decision when wagering on a sporting event.
New Jersey saw a ton of action on the Devils winning the Stanley Cup after the club acquired P.K. Subban, among other stars. The Devils were a let down and one of the worst teams in hockey, so make sure you go with logic over desire.
Can You Make a Living With Sports Betting?
For casual bettors, the chances of making a living betting on sports is almost none. Professionals are considered successful at a 50% hit rate, so it’s very difficult to achieve even for those who follow and obsess over it.
It’s impossible to pick the outcome of an event before it happens, but hindsight is always 20/20. Handicappers will make picks and come up with reasons as to why a pick will be successful, but the truth is no one knows for certainty. It’s a guessing game with no secret sauce.
Sure, you can profit over time but it’s not recommended to wager on sports as a living. It’s better to do it casually because it’s not easy to do.