Sports betting can be both fun and rewarding if you know what you are doing, and you have the experience to back you up. For the casual punter, hitting a winner can be a thrilling experience, especially when the research has paid off.
The key though is to make a steady profit over time to make the experience worthwhile. This is not something that is easily understood. If you want to increase your winnings and actually make money from sports, here are some simple mistakes to avoid.
1. Thinking You Should Win More
While the ultimate goal is to predict a winner and make a profit, many bettors make the mistake of thinking their win rate should be a lot higher. It’s important to realise that even the professionals have a win rate of roughly 55%.
This means that out of 50 bets, you are probably going to lose 22 or 23 of them, and that’s if you are doing well. It’s important to adjust your expectations and find value odds so that when you do win, the margins are quite good.
2. Betting on Popular Sports
Statistics show that most of the sports betting traffic is concentrated on a small number of popular sports, just like the majority of gamblers prefer the newest casino pokies has to offer over any other game.
Since it’s the bookmaker’s job to make a profit, they tend to focus in on these “popular sports”, making sure they have the tightest lines and no room for error. If you want better margins, simply pick less popular sports and you will be surprised at the prices.
3. Choosing Popular Markets
Bookmakers are clued up and realise that the majority of people bet on just a handful of popular markets. This goes for Football, Formula One, Golf and every major sport.
Since these markets take the most traffic, the bookmakers tend to adjust the odds accordingly. If you want to gain better odds, you should be looking at the less popular markets.
4. Betting on Favourites and Underdogs
Betting on the favourite is a phase every new punter goes through. The chances of winning are quite high, but the odds are stupidly low. If you do a risk to reward study on favourites, you will come to realise that the small amount of winnings you get is simply not worth the risk of possibly losing the bet.
Similarly, betting on the underdog is not financially responsible as the chances of actually winning are so low that even the biggest payout is not worth the risk. Rather find value odds where the risk is equal to the payout.
4. Look for Value and Not a Win
If there is one piece of advice that you should take to heart, it should be to find value first. This may sound counterintuitive but finding value should trump picking a winner every time.
Finding value means that you assess the market and find odds where the price is higher than what you might expect for the event. If you are serious about making a profit, this is the only way to ensure the amount you win is more than you spend over an extended period of time.