Are you new to sports betting? If so, there are several basic principles that you must implement; otherwise, your bankroll will bleed money. It is not easy to win consistently. However, some professional sports bettors make a reasonable living by wagering on sporting events.
Consequently, let’s look at some of these basic principles to lay a solid foundation for a successful sports betting career.
Money management
The management of the funds in your bankroll is key to whether you will make a profit betting or not. It is essential to note that you cannot expect to win every single bet you place. However, you can, and must, implement an overall winning strategy.
Secondly, it is essential to note that you should never wager with money you cannot afford not to lose. Sports betting, as with all gambling, is a high-risk activity. Therefore, you should practice healthy money management techniques to mitigate this risk. It is also critical to set aside the total amount you can wager for the week. When this money is finished, then your betting opportunities for the week have also ended.
The next principle to observe is to never place a single bet that is worth more than 5% of your total bankroll. Consequently, if your total bankroll is worth £1000, you should never spend more than £50 on a single wager.
Finally, it is an imperative not to chase losing bets by increasing the amount you wager on a single bet.
If you follow these tips, you’ll slowly grow your bankroll. And even though, you stick to the 5% rule, your wagering amounts will increase as your bankroll value increases.
Sign up with a legitimate sportsbook
The increasing and widespread adoption of the virtual or online space as the primary wagering mechanism is partnered with the growing number of fraudulent or scam operations. Therefore, it is essential to check a trustworthy app review to find an online sports betting site to determine which bookmaker to sign up with. You don’t want to run the risk of losing your bankroll as well as your personal details and bank account details.
Do your homework before you wager money on a bet
There is a fair amount of mathematics and statistics involved with determining whether a bet is worth placing or not.
The most important calculation is the implied probabilities calc where you take the betting odds offered by the bookmaker to determine what the implied probability of an outcome is.
For example:
Let’s assume you want to wager on a football match between Liverpool and Everton, and the betting odds are as follows:
Liverpool to win: -205
Everton to win: +496
Draw: +336
The odds designation is known as Moneyline or American odds. The minus sign indicates that Liverpool is the favourite to win the match. The plus sign indicates that Everton is the underdog.
The implied probabilities of an outcome are calculated as follows:
The implied probability of an outcome for the negative American odds is:
Negative American odds / (Negative American odds + 100) * 100 = 205/(205+100)*100 = 67.21%. Therefore, Liverpool has a 67.21% chance of winning the match.
The implied probability of an outcome for the positive American odds is as follows:
100 / (positive American odds + 100) * 100
Everton to win = 100 / (496 +100) * 100 = 16.77%.
The draw = 100 / (336 +100) * 100 = 22.94%.
