Shutterstock
Sports betting first and foremost should always be something you do for enjoyment and without the expectation of always making money, because that quite frankly is unrealistic. However many people do run successful sports betting accounts that yield them profit by following some proven techniques and strategies. Whilst this guide can’t guarantee you’ll win at sports betting from day one, it will give you a great chance to make profit over a longer period of time.
Sports Betting Bankroll Management
A great place to start is by working out your bankroll management. This is essentially the pot of money you are willing to bet and in worst case scenarios lose.
The beauty of bankroll management is that it allows you to lose some bets, as, let’s be honest, you will never win 100% of all the sports bets you place, but over a longer period of time you will have enough money in your sports betting bank to reverse losing bets and turn them into profitable ones.
Ultimately the amount you decide to put in at first is entirely up to you and how much you are happy to risk, but a good starting point is by multiplying your average stake by 100 and that will give you your recommended bankroll amount.
So for example say that your average stake is $1 your total bankroll would be $100. This essentially allows for losses and means that whatever happens you will be able to place at least 100 bets, which gives you ample opportunity to make profit over a period of time.
Opt For Value Bets Over Shorter Odds
We’ve now got our recommended bankroll sorted and we can begin to make a strategy on the types of bets we should be making as outlined in this how to bet on sports guide, in order to give ourselves the best chance of making profit.
The next key thing to consider is the odds of some of the sports betting selections you make and the importance of opting for value.
So what do we mean by value?
Value is essentially any bet where you think the sportsbook has underestimated the chances of something happening by offering what you deem to be an attractive set of odds. Betting on value odds also allows for losses but still gives you the chance to make a profit longer term.
Let’s take a look at an example where somebody is backing five short odds (-500) favorites of and how that would pay out, if 4 of the 5 bets won:
$1 winning wager at -500 returned $1.20 ($0.20 profit)
$1 winning wager at -500 returned $1.20 ($0.20 profit)
$1 winning wager at -500 returned $1.20 ($0.20 profit)
$1 winning wager at -500 returned $1.20 ($0.20 profit)
$1 losing wager at -500 returned $0 (-$1)
Total staked: $5
Total returned: $4.80
Profit/Loss: -$0.20
In this example by backing short odds selections we have won 4 out of 5 bets placed but still are down $.20 overall. So you can see that although shorter odds selections are what the sportsbook deem most likely to win, consistently backing these over a longer period of time will mean you will make a loss.
Let’s now take a look at what it looks like by placing five value bets at odds of +300, 3 of which lose and 2 of which wins:
$1 losing wager at +300 returned $0 (-$1)
$1 losing wager at +300 returned $0 (-$1)
$1 losing wager at +300 returned $0 (-$1)
$1 winning wager +300 returned $4 ($3 profit)
$1 winning wager +300 returned $4 ($3 profit)
Total staked: $5
Total returned: $8
Profit/Loss: +$3
Here by backing five bets at odds of +300 we have actually lost more bets than we’ve won (3 / 5) but have still ended up in profit overall. So you can see why it is so important to back more value bets over a longer period of time, as you only need to win a percentage of your total bets to make a profit overall.
TIP – if you want to learn more about odds, their calculation and the probability they represent, then check out this American odds guide.
Do Your Research & Only Bet On Sports You Follow
All successful sports bettors put in the hard yards when it comes to knowing the sport they are betting on. Serious bettors will spend many hours of their week looking through stats of games and individual players to try and gain an edge from a sportsbook. Some may be experts on popular sports such as football, basketball, hockey, tennis and baseball. While others focus on more niche sports that perhaps a sportsbook doesn’t follow as thoroughly such as esports. The key take away on this point is to ensure you are well informed on the sport that you are looking to bet on and you research recent (and historical) stats & data so you know your sports bet is placed with confidence.
Be Disciplined & Only Wager On Sports Bets You Are Confident In
When you have a funded sports betting account, it can be very tempting to bet regularly and sometimes on things that you are not overly confident in. Especially when you take into consideration the amount of sports that are available to bet on at all hours of the day. You need to remain disciplined and only wager your hard earned cash on things you feel confident about, this is likely where you have done some research and are making an informed sports bet on the back of statistical data.
