Despite what some so-called gambling experts will tell you, becoming rich via sports betting is nearly impossible. Virtually all non-professional bettors never turn a consistent profit when partaking in this pastime, even with years of experience on their side. According to calculations, a gambler must win 52.38% of his total bets at lines of at least -110 to break even, and that is not easy. Laypeople or those that have dabbled with this hobby may think otherwise, but the reality is that bookmakers are pretty good at setting odds. It is not their job to help gamblers out but to make it difficult for them to enter the black and stay there. Running a sportsbook is a business. And to have an adequate money flow at all times, operators need to have an advantage over their customer pool.
Sports betting, as a mainstream entertainment activity, has blown up in popularity in recent years, primarily thanks to laws everywhere regarding it becoming laxer, putting the global market on track to reach $182 billion by 2030. Thus, the number of people participating in it is more massive than ever, with everyone continuously on the prowl for an edge on making a decent return on their gambling investment. Due to the belief that sports betting requires both knowledge and luck, unlike casino gaming, for most lovers of gambling, it is the preferred option and the one more likely to produce a stream of steady wins.
However, to remain profitable in the long term, one must exhibit discipline, focus on proper bankroll management, track their past performances, do their due diligence, utilize strategies, and adhere to the advice provided by the experts, like the suggestions listed below.
Claim Worthy Bonuses
At multiple sportsbooks, no less. Various guides featuring bonus-related tactics, meaning some tips on claiming betting promotions, mention that the wagering requirements (rollovers) attached to wagering promos are the most vital stipulations that online gambling deals have. Discussing this term as the one bettors should pay the most attention to when considering a specific bonus. Yet, the truth is that every condition is almost equally crucial as they all tie in together. That is why it is best to run each promo one is analyzing through an expected value calculator to figure out the accurate probability of getting something out of it. More than one bonus is needed to keep pace with an operator, so to break the 52% barrier, bettors need all the help they can get. Note that odds boosts are particularly handy.
Shop for Odds & Look for Soft Ones
Not all bookmakers feature identical lines on the same event. Moreover, some are also slow to update theirs in cases of player injury or other circumstances that affect a match’s/event’s outcome probability. The latter instances pertain to operators with what many call soft odds. Bodog’s US arm Bovada is one such example. Thus, it is wise to look at multiple betting sites and compare their lines before laying down a wager on an event, and know which sportsbook has soft odds, jumping to them when something of result-affecting importance happens concerning a sports market.
Check Out Arbitrage Opportunities
Most veteran players believe that arbitrage betting is the only approach that can guarantee sports wagering profits in the long haul, and others think that it only increases the take-home money percentage. For the uninformed, arbitrage in sports betting is the practice of placing one wager per each outcome with different bookies as a tool to hedge one’s bets, ensuring that the gambler will make a profit regardless of the event outcome. The problem with this approach is that bookies can implement shared security servers to pinpoint users suspected of arbitrage betting and ban those engaging in this activity.
Best to Stick to Straight Wagers
Parlays may be fun, but to get consistent payouts, gamblers should always aim for modest wins on markets with above-average winning probabilities. No one should make more than three-event parlays, as the more markets that get added to a slip, the lower the chances of it paying out are, and with parlays, gamblers must win 100% of each leg, making their long-term chance of profit nearly impossible. Prop betting is also not advisable, particularly for newbies who have yet to learn what they are precisely doing. Remember, in sports betting, every percentage matters. The line between profitability and the red is super thin.
Bankroll Management Is a Must
For bettors to end each day with a positive cash balance, they must not only focus on making money but pay attention to not losing loads while trying. That is why it is essential to distribute wagering funds evenly, betting between 1% to 5% from one’s entire bankroll on each wager. Setting responsible gambling measures, such as adjusting loss limits on a sportsbook’s profile page, is also intelligent.
