12 Things Every Beginner Should Know About Sports Betting
In the past four years, sports betting has emerged from the shadows and into the mainstream, thanks to changing attitudes about gambling and an ever-increasing number of legal options. While it’s now possible to wager on just about every sport imaginable, it’s important to remember that making money betting sports isn’t easy – and only very few people manage to turn a profit over the long haul. Here are 12 things that every beginner should know before they start placing bets.
Understand How Odds Work
Sportsbooks set odds on the probability of a particular event or team winning, which allows you to bet on one side while the other is being taken by the majority of bettors. The favorite has a higher probability of winning, meaning that bettors have to risk more money on the underdog to earn a return. Conversely, a lower probability means that the underdog has more value and therefore carries less risk.
Do Your Homework
When you’re betting on sports, you want to be sure that you have all of the necessary information to make an informed decision. This includes not only studying player and team stats, but also learning about the intricacies of each game’s rules. A strong understanding of the rules can help you make better bets, which will lead to a more positive return on investment.
It’s also important to be aware of the different types of sports bets and how they work. While standard point spreads and moneylines are the most common, there are plenty of other types of bets to choose from. Props, for example, are a great way to diversify your bets and can often carry a much larger payout than standard bets.
A good place to start with props is by looking at a player’s career statistics and studying their performance against specific teams. You can also use these stats to help you decide which team or player is the best bet for a given game. Lastly, be sure to check out the latest injury reports before placing any bets.
Establish Your Bankroll
It can be tempting to jump right in and begin placing bets, but it’s important to establish a budget before you start. This will allow you to stick to a betting schedule and prevent you from chasing bad bets with more bets in an attempt to break even.
As a general rule, you should only bet 2% of your total bankroll on any single bet. This should be enough to cover your losses and leave you with a small profit at the end of the day.
When you’re ready to start placing bets, it’s a good idea to open a special bank account just for this purpose. This will help you stay organized and track your progress over the course of a season. As you get more experienced, this number can be increased as you feel more confident in your abilities. However, you should never bet more than you can afford to lose, and this is especially true if you’re new to sports betting.