How to Make Money From Sports Betting
Millions of people watch sports and likely think to themselves, “Betting on those games must be easy.” Unfortunately, it’s not. Sports betting involves a lot of math and numbers and, even for the most experienced bettors, it’s not uncommon to have a losing streak mixed in with the occasional winner. In order to make money from sports betting, bettors need a clear head (that means no beer until after you place your wagers), do their homework and have a plan.
The first step is deciding how much to invest in your sports betting bankroll. Ideally, this is a number that you are comfortable, in the worst-case scenario, to lose. Then, figure out how much of your total bankroll will go to each individual bet. It’s recommended that you risk between 1 and 5 percent of your total bankroll on each individual bet. This will help you avoid depleting your bankroll with a single bad day of wagering and allow you to increase the size of your bets as you gain confidence in your picks.
Another important factor is understanding how line moves affect your odds of winning a bet. The odds at a sportsbook are constantly moving based on the amount of money being wagered on a particular game and other factors, like weather and injuries. You can maximize your odds of winning a bet by either betting before the line moves or betting after the lines move.
Having multiple sportsbooks and betting accounts also gives you options for line shopping. This is particularly beneficial if you have a strong feeling about a specific team or player. Creating multiple betting accounts is also helpful if you’re trying to take advantage of deposit bonuses, free bets and other promotions. Just be sure to keep track of all your wagers and stick with your initial plan. It’s easy to get caught up in the excitement of winning a bet and start bumping up your stakes, but this can quickly eat into your profits.
One last tip is to always use tracking apps to keep track of your wagers. This will save you a lot of time and frustration in the long run. It will also help you stay on top of your betting history and find any patterns that may indicate a systemic issue. It’s a good idea to create separate betting accounts for each book you use so that you can claim bonus bets, deposits and more at each location.