When starting in sports betting, you must know how to control yourself from overspending.
Since betting is fun and winning money is addictive, a lot of bettors have gone bankrupt due to overspending.
As a newbie, you don’t need to learn from your own experience on how to bet wisely, but learn from these tips so you won’t spend too much when it comes to sports betting:
1. Learn the basics of sports betting
Getting into sports betting is like getting yourself into war, and when you enter a war without preparing yourself, expect a significant loss or defeat.
In sports betting, you must prepare and gear yourself with the proper knowledge to know what strategies to use. Without knowing the basics and essentials of sports betting, you won’t be able to create a good plan.
However, if you understand sports betting and the common terms being used, you’ll gain an advantage. Thus, you must know the following:
- Vig – it’s also called the vigorish. When you lose, a commission of your losing bets goes to the sportsbooks or bookies. Bookies are the ones that collect bets from bettors and pay the winners of the bet.
- – And + system – the basics that represent how much you’ll win. If you bet on a USD 110 and you want to win USD 110, then you must wager on odds that are positive (+110). If you wager on the -110, negative odds, you’ll risk your USD 110 and only win USD 100.
- Breakeven Principle – to win more on a spread you chose to bet on, you must at least win more than 52.4% of your bets. Thus, you must only bet on the team that you believe is likely to win. As a result, you must win 11 out of the 21 games you’ve wagered for a complete break even.
2. Use line shopping
To avoid losing money when betting, you must have various choices to bet on. If you only have one option, then the best is to bet on the team that’s most likely to win.
However, having more options means that you can compare the offers from various places.
Nowadays, you can choose to bet online, in different cities, or in your local area.
When you use line shopping, you can find the best spread you think can give you more winnings. Although some spreads only differ by points, it accumulates over time.
What’s important is to choose the best offer before wagering any money. Use this process even if it takes time. The time you’ve invested will pay off when you’ve chosen the best option.
Moreover, instead of just spending too much money on a specific line, it’s best to choose the best ones before placing your bets.
3. Start small
As a starting bettor, you don’t need to wager on a large number of markets.
The higher the risk, the higher the return will be. However, to play it safe and save yourself from losing big time, start small.
For instance, you can start betting on one type of sport while learning its ins and outs instead of betting on too many sports you know little about.
You can also choose a small market over a large market.
Large markets, like the NFL, are harder to bet on when compared to small market sports betting. Thanks to large sporting events, sports betting has been legalised in some areas in the US.
Because of the popularity and legalisation of sports betting, sports betting facilities are starting to rise up.
Since small markets require low levels of attention from bookies, you can have more chance of winning.
Here are some sports ideal for newbies:
- Major League Baseball – compared to the NBA and NFL, major league baseball is still under a small market in sports betting.
- Women’s National Basketball Association – also known as WNBA, it’s known for bettors to be more profitable.
- Mixed Martial Arts – since it’s new in online betting markets, bettors have gained profits.
When you start in a small with specific sports, you’ll learn more from your mistakes, and you’ll be familiar with certain factors.
Then, you can use your knowledge and experience to have more effective strategies that can make you win in larger markets. Since small markets don’t need thousands of bets, you can lessen your expenditures in this area.
Investing your money in sports betting is risky and you may lose large amounts of money when done recklessly. But, just like any investment, learning the ropes is the way to start earning from it.
Although you will still lose at some point, you can spend less money with the tips above.