Sports betting is a form of gambling where a bettor places a wager on a sports game or event. It is one of the fastest-growing forms of entertainment worldwide and has gained popularity in the United States after the legalization of sports gambling in May 2018.
Regardless of your level of experience, it is important to know the basics of sports betting so that you can make smart bets. Here are some tips for sports betting beginners:
1. Establish a Bankroll
Before you place any bets, it is important to set a budget and create a plan. The goal is to manage your money and stay in the black. If you go overboard, you can get into trouble. To avoid this, bet on a small amount and bet consistently. It is best to use 1-2% of your bankroll on a per-play basis. This will help keep your bankroll in the black and allow for a healthy variance.
2. Do Research Before You Bet
Sports bettors spend a lot of time researching sports teams, players, and games before placing any wagers. This can be time-consuming, but it can also be an excellent strategy for maximizing your profit.
The research process should include examining each team’s history, past performances against its opponent, and other relevant statistics. It also involves analyzing weather forecasts, injury updates and any other information that may affect the outcome of a game.
3. Choose the Right Type of Bet
The primary type of bet is moneyline betting, which involves picking a winner of a specific game or event. This is typically the most popular type of wager for baseball, soccer and hockey because these sports tend to have low scores.
4. Take Advantage of Multiple Bookmakers
The best way to maximize your return on investment is to shop around for the most viable odds and lines. This will save you a lot of money. Ideally, you should be able to find a few books that offer the same odds and lines on each of your bets.
5. Use Stop-Win Limits
It is a good idea to create a stop-win limit so that you can protect your money and stick to a budget. This is especially important when betting on higher-risk markets, such as futures bets.
Using a stop-win limit will help you avoid making unnecessary bets and can also prevent you from getting carried away by winning streaks. It will also help you develop discipline, which is a skill that will benefit you across the board when it comes to sports betting.
6. Be Prepared for a Bad Run
A bad sports betting run can leave you broke. This is why it is so important to set aside a bankroll and a unit size. Using this number consistently will ensure that your bets won’t get out of hand, and you can make smart bets without going broke.
7. Check the Odds and Lines Before You Bet
The odds and lines offered by different sportsbooks will vary, so it is important to do a quick comparison before you bet. The odds and lines offered by the same book will also change slightly depending on whether or not the game is a favorite.