Even if you place stakes on your own picks or receive them from another source, you should follow some rules for a long term positive balance. Here you have some important tips.
1. Get The Best Price
Promise yourself to ALWAYS obtain the best available price.
A player has to win close to 53% of their bets just to break even at 1.90 pricing offered by other sportsbooks. At a low juice sports book you only need to win just 51% of your plays to break even at 1.96.
2. Learn Conversions
Serious players know how often a 3-point home-favorite will win by exactly 3. If they see a spread of New England -7.5 quoted at 1.95, they can also immediately reason what the fair price is for New England to cover a 7 point spread, or any other spread for that matter. Knowing these conversions not only helps you find the best bets, but aids in analyzing props, and other markets such as teasers. Many players are long term winners, despite applying absolutely no handicapping, by simply unearthing opportunities through meticulously studying conversions.
3. Keep Good Records
Keeping an accurate record of your plays can reveal areas of weakness you may not have been previously aware of. You might find that you crush a book on NFL sides, but lose on totals. You might also prosper at a certain point of the season, and be unsuccessful at another. Use this information wisely to minimize your losses in areas where you do poorly, and maximize your profit in areas where you are winning.
4. Use Good Risk Management
Risk management is perhaps the most misunderstood and undervalued concept in sports betting. If you bet for fun, the average cost for a bet is based on the juice or vig. This is the portion of the combined amount wagered by all customers that the bookmaker expects to keep.
For example, betting $100 on an soccer game using standard 1.90 pricing at a traditional sportsbook, has an average cost of c. $4.54 per game. If you do no handicapping at all, and bet 100 games at $100 each, you should expect to lose $500 in a season.
Winning bettors should take note of this too. It’s possible to be a successful handicapper, but still lose long-term by betting more money than your advantage dictates. A sensible tactic for winning players, is to never risk more than 3% of your bankroll on any given play, and to always hop for the best price.
5. Manage Expectations
Many players bet with no idea of what to expect long term. Some are too optimistic in assessing their capabilities - especially novice players - who plan their retirement on the basis of an early winning streak. In reality, very few bettors can expect to win more than 55%. If you’re just playing for fun, hitting exactly 50% is a realistic expectation.
6. Select Your Sportsbook Wisely
Many sportsbooks will offer promotions to encourage new players to sign up.
The general rule of thumb is that if a promotion looks too good to be true, it probably is. There have been some horrific sportsbook failures and nearly all were a result of unsustainable promotions. If a “new” sportsbook gives a large bonus, lets you buy on, or off, a “3” for 10 cents, or offers a similar promotion that makes it look “easy” to beat, you’re risking getting burned.
7. Limit Your Bankroll
Bankroll is traditionally defined as the amount of money a bettor is prepared to lose before they’ll stop wagering. Decide what your bankroll is before the season begins, stick to it, and never chase losses. If you hit a losing streak (everyone will at some point), reduce the bet size relative to your lower bankroll. If you haven’t thought about your bankroll before, now is a good time. By failing to address this fundamental aspect of gambling, you could easily lose more than you ever intended.
8. Define Your Goals
Whether you’re a professional or recreational bettor, give yourself clear objectives. If you’re a pro, don’t just focus on hitting a financial target, think about how you’ll reach it. This might include doing statistical analysis on smaller markets, making larger plays where there’s an edge, or just protecting your bank until the season ends. In each case, be sure to identify and remain focused on your goal.
9. Understand Why You Bet
Different people bet for different reasons. A minority are skillful enough to make a living from sports betting, but the motivation for the vast majority of players is less obvious, even to themselves. Some enjoy the intellectual challenge of analyzing a match-up, while others bet to add excitement to watching a live game. Be honest with yourself about what your motivation is as understanding why you bet will help you make better decisions
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