There are numerous articles on the internet that claim to offer “foolproof” methods to instantaneous success in sports betting. Sadly, such information is not really “foolproof”. To become a successful sports bettor, you need hard work, knowledge of the field, math, determination to learn, and most importantly, experience.
Gaining the necessary skills and learning to apply them is an effective way to win the bets. Thus we have compiled 10 such quick, easy to learn, and apply betting techniques and tips that will help you become stronger and a more successful bettor with time.
Manage Your Bankroll and Create a Unit Size
As a sports bettor, it is important for you to decide on how much money you are planning to allot for betting on sports. Of Course, this does depend on your financial condition. However, it is always wiser to segregate money this way so that you do not lose money, which is crucial for your survival.
For beginners, we recommend setting a limit of 1.5% of their bankroll on each wager they place.
Understand Your Risk Tolerance and Goals as A Bettor
There are different types of bettors placing different kinds of bets each passing day. It is beneficial that you choose which type of bets you wish to make, so you can perfectly craft your strategy and win.
Some people prefer smaller profits, but more like outcomes, and some prefer betting on cult favorites and are okay with shorter odds, which may not pay them huge, but these better have a good frequency of wins. Focusing your attention on a certain kind of betting is more beneficial if you wish to improve quickly.
Develop Realistic Expectations
Most successful ‘sharps’ win 54% of all time. A historically renowned ‘sharp’ won approximately a 60% clip. These are the stats of the best sports bettors of the world. We cannot stress enough that wishing to achieve these numbers is a tall order.
Even when you win the first ten bets you placed (which is quite rare), the mathematical law of averages tells that you will crash on to the Earth at some point. However, do not deviate or forget the strategy that made you win those 10 bets in a row.
Maintain A Record of Your Bets and Review Them Periodically
Although it might sound uncool, this strategy is very important. It is not fun to revisit losses, but it is important that you do not repeat any mistake that brings home a loss. This is why reasoning with your old bets and losses is important for your success in the long run.
A periodic introspection on your losses and wins will undoubtedly provide an indelible boost to your bankroll.
Bet with Your Head, Not Your Heart
Many sports bettors began betting because they primarily liked sports and their allegiance to one or more items is definitely understandable. If this is you as well, we recommend you to abstain from betting on events involving your favorite teams as loyalty can cloud your sane judgement.
Avoid “Sunk Cost Fallacy”
According to Behavioral Economics, the “Sunk Cost Fallacy” means that the higher the time or money that one individual invests in something, the harder it becomes to abandon. This definition applies to everything from a bad relationship to business investments. Emotional attachments often taint and color proper decision making.
Do not invest so much in any venture that when it is doomed, you don’t know when to leave and how to cut the losses.
Bet On One Sport
In the words of Warren Buffet, “Invest in what you know.” It applies to sports betting as well. It is wise for beginners to stick to a single sport you know the most and bet on reliable bookmaker websites like Freebets.org.uk.
Line shopping is the term for taking advantage of the rate discrepancies for the same event at different sportsbooks. This strategy is a foolproof and sure shot technique in sports betting to net you greater profits and long term success.
Hedge Your Bets When It Is Appropriate
Hedging is a technique of risk management that can be applied to sports betting. It is a complicated process, but any hedge you make will be done by placing a bet on a result that is different from the original wager.
Do Your Research and Talk to Other Bettors?
Last but not least, it is crucial to make learned decisions. This confidence stems from your knowledge of your research. Join sports forums and communities. Talking to other bettors will not only get you more accustomed to sports betting lingo but can also fetch you some good insights into better sports strategies!