Sports betting is a fun, rewarding way to enhance your viewing experience. But, just like trading in the stock market, winning bets consistently over the long haul requires a disciplined approach and a solid understanding of how odds work and which options are available. While anyone can place a bet, it takes months, or sometimes years, to turn from a newbie to an expert. Here are some tips to help you get started on the right foot.
Understand the Odds
The most important thing to remember when placing a bet is that odds are based on probability. The longer the odds, the less likely it is that an outcome will occur. This is why it’s vital to investigate the sportsbooks you’re considering – read reviews, check out their live odds pages, and compare prices.
It’s also vital to block out media hype and bias. Because sports media is a ratings-driven industry, they’re always looking for the “hot take” that will generate the most buzz and discussion. Unfortunately, this has a major impact on how the betting public perceives a game, and it can often cause them to over-react and bet on their favorite team.
A good bet is one that has a positive return on investment, which can only be achieved by following your head instead of your heart. This means ignoring the locker room gossip and letting statistics and math drive your bets. It also means never chasing losses, and keeping track of your bets in a spreadsheet (we recommend using our betting sheets, which are free to download).
Understand Player and Game Props
While most bets center around the final score or a team’s total points scored, there are also plenty of novelties. These props don’t have anything to do with the actual game and can range from the number of touchdown passes a team will score to the color of Gatorade that will be doused on the losing coach at halftime.
Understand the payout structure
The payout for your bet is always listed on your betting slip, whether you’re placing a wager online or in person. It includes the potential winnings and the amount of your bet. In some cases, the payout shows the amount you wagered, while in others it doesn’t. If the latter is the case, you’ll need to add your bet amount to the winnings in order to determine the actual payout.
The payout structure differs between sportsbooks, but you should be able to find it on their website or by visiting the store in person. Then, you’ll be able to compare the odds to find the best possible bets. Be sure to also research the so-called house rules of each sportsbook you consider.