Sports Betting 101

Since the Supreme Court ruled to make sports betting legal, a lot of people have started putting money on games they watch. That is a good thing, but it’s also a bad thing because some people are getting addicted to gambling just like they do with drugs or alcohol. So, here are some things to keep in mind when you start placing your wagers on the next big game.

Budget for your bets. It may sound obvious, but it is often the case that if you don’t have a specific plan for the money you are going to spend on sports bets, then you will lose more than you win. So, before you decide to gamble away your hard-earned money, be sure to plan it into your overall spending budget and think about whether it would be better spent on something else more fun, or if you are really just blowing your money and will wind up losing it all anyway.

Familiarize yourself with the different types of odds, including decimal, American and fractional odds. You will also want to know how to calculate the probability of winning or covering a certain bet type. A good rule of thumb is that your individual bets should only account for one to five percent of your total bankroll, depending on your confidence level. A basic spreadsheet should suffice, as long as you keep track of all your bets and the results.

Develop a system or routine. This is the best way to avoid chasing your bets and making poor decisions. It is recommended to bet sober and make your bets in a state of mental clarity. This will help you to make more informed bets and to develop a consistent winning strategy over time.

Become an expert in your chosen sport. Developing a solid understanding of the rules and history of your chosen sport will give you an edge over the competition. This is especially important if you’re planning to place bets on individual teams or players. It’s a good idea to open a separate bank account that is exclusively for placing your bets, as this will allow you to better manage your money and prevent it from being depleted after a bad day of wagering.

Respect the market. It’s very easy to get caught up in emotions when it comes to sports betting, and that can lead to bad bets. The reality is that you can be an expert in a sport and still lose money on a wager if it’s not in line with the market.

The best way to bet smarter is to follow the advice above, stay in control of your emotions and never be afraid to walk away from a losing bet. If you can do that, then you will find yourself winning more bets than you’re losing and will eventually turn into a profitable sports bettor. Good luck! This article is written by David McAuley who is a professional sports bettor. He has worked as a journalist and is an expert in the betting industry. He loves writing about the latest trends and developments in sports and enjoys sharing his knowledge on these topics with his readers.