If you’re into sports betting, you’ll agree that it’s one of the few types of gambling that allows you to make money over a long period. It also allows you to watch your favourite teams play with your money on the line. And most important, sports betting is fun-filled and straightforward when you make money out of it. However, winning is not as straightforward as you may think.
Below are tips to help you place more successful bets and make consistent profits from online sports betting in 2024.
Understand the Algorithms Sportsbook Use when Setting Odds
Bookmakers indeed use complicated algorithms to determine the outcome of each game; however, understanding what they do is not entirely impossible. When setting odds, sportsbook factor out what the casual recreational bettors are likely to bet on. Therefore, they create several biases when creating odds, and only the calculative and patient bettors take these into account.
Most average bettors overestimate the capabilities of good teams and underestimate the potential of the poorly performing teams. As a result, they depend on ‘recency bias’, in which case they only take into account the outcome of the recent matches when placing their bets. Avoid making this mistake by considering the team’s long-term performance and potential when placing your bets.
Another common mistake is whereby the bettor wants immediate gratification and place a sure bet on favourite teams. As a result, the sportsbook overprices the favourites and set a decent value on the underdogs. Taking these factors into consideration when placing your bets maximises your chances of making good cash out of betting.
Choose One Team to Bet On
If you check most betting sites in India, you’ll note that each sport has hundreds of betting lines, making it easy to get tempted to place multiple bets on several teams. Although this is a good idea if you have set aside a considerable betting budget, it doesn’t allow you to study the teams and make an informed bet. As hard as it may be, focus on one team and one sport and spend enough time studying it and it’s respective match-ups.
You can study the team by watching all its previous matches closely and their training tendencies. Doing so helps you pick some subtle trends, which in turn give you an edge over any average bettor. For this strategy to work, you need to choose a new team at the beginning of each season and stick with it.
Focusing on one team throughout the season has the advantage that:
- You have enough information about the team and hence spend your time researching on the other half of the matchup
- Allows you to gather more information about the matchup than other bettors
Keep Track of Your Betting Habits
Just like running a successful business, you need to keep clear records of your bets if you want to get steady winnings. Some of the most important things you need to keep track include:
- Your wins and loses
- How much you stake on each bet
- Profits or losses made on each bet
- The sportsbook you used
The idea is to record anything you feel is vital for analysing your bets. Keeping a betting record helps set a target and find ways to help you meet that target, just like running a business. Make sure you tally your profits and losses at the end of each given period, a day, a week, or a month, to help you determine whether you’re on the right track or not. Please note that keeping a record of your betting habits is not easy, but when done the right way, it will help you place successful bets in 2020.
Don’t Rely On One Bookmaker
With so many sports booking website, you’re spoilt for choice when it comes to choosing the right bookmaker. Each one of these bookmakers wants you to bet with them, but there’s no reason to remain loyal to one of them when you can get another one who’s offering you a better deal. Compare different bookmakers and the type of promotions they’re providing clients such as signup promotions, types of odds, and price boost on different teams.
Now that you know the strategies that will help you increase your chances of winning on sports betting, it’s time to put them into a trial. And while wagering, make sure you don’t bet more money than you’re willing to lose. It’s best to place small stakes that will give you steady winnings over a long time than placing huge bets and losing big money all at once.