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8 Tips To Maximise Your Sports Betting Success

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There’s no question about it. Sports betting is big business, so big that almost $84 billion was spent on it in 2022.

But to achieve personal success, there are certain rules, practices and strategies that you need to follow. Here we’re going to explain several of the more basic tips, ones that work equally well whether you’re choosing to bet online with a leading sportsbook or through some other channel. 

They can’t guarantee you’ll end up making a profit, nothing can do that. But if you use them all properly, there’s a better chance that you will.

Manage your bankroll

This is fundamental not just in sports betting but in betting as a whole. Your bankroll is the amount that you have set aside for wagering and it needs to be handled with care. Obviously, it should only be an amount you can afford to lose if luck doesn’t go your way. And no single bet should be worth more than around 5% of its total value. That way, you’ll be giving yourself at least twenty opportunities to win before the money runs out.

Keep up with the news and rumours

There’s never been so much information about sport available to fans. And when it comes to football, there’s a positive avalanche. One of the best ways to keep up with the news is through some of the first-rate podcasts about the sport. It’s here that you can get the inside stories on who’s in form, and who’s not, from experts with direct links to many of the teams. And the more you know, the better your betting choices will be. For example, if you check out this year’s Masters odds, you’ll notice McIlroy is among the favourites, although he has never won the Masters and often saves his worst performances for that time of year.

Don’t be swayed by emotion

While the last tip was all about facts, this one is about feelings. It’s a big mistake to let your fondness for a particular team or play sway your betting habits. Yes it would be great if your team managed to slay a much better opponent and upsets do happen. But you have to be realistic when it comes to betting on the outcome. In your heart, you know it’s never going to happen so don’t bet any money that it might. 

Look for the best odds

It’s simple, this one. Look around and you’ll find quite a variation in the odds being offered by different sports books on the same game or wager. Even marginally better ones are going to mean a bigger payout if you win. This is also a good reason why it can pay to wait a little longer to place your bets and give yourself the time to get the best possible price.

Watch the market

Linked to our previous tip, it’s a good idea to take your time and see if odds on specific results are changing as the kick-off approaches. Big shifts suggest that punters are putting money on a particular outcome and the sportsbooks are trying to balance the odds accordingly. Do a little deeper investigation into why the change is happening and it could be a good indication that it might be a winner if you also put some money on yourself.

Cover several options

This is sometimes known as double-chance betting. By placing two or more different bets on the same game, if one doesn’t come off then the other, or others, might. With so many different betting options now available on every game, it’s relatively easy to find bets which will potentially achieve this objective for you.

Know when not to bet 

Our final couple of tips fall under the category of damage limitation. As any seasoned poker player will tell you, it’s as important to know when not to bet as it is to actually do it. This falls into two categories. The first is when there is such a small chance of winning that you’re virtually burning dollar bills. The other is when the potential winnings will be so small that it’s not worth risking your stake money. It’s a judgement call, but it’s one that you’ll get better at making the more sports betting experience you accrue.

Never chase your losses

Our final point is one of the most important ones. A mistake many rookie sports bettors make is to double down when they make a loss. In roulette and other games, it’s known as the Martingale strategy. Essentially, the theory is that if at first you lose, you double your stake on the next bet. That way, you will be bound to win eventually and end up making a profit. However, very quickly, you can find your bankroll disappearing and heavy losses mounting up.

So stick to these eight tips and, with a little luck, you’ll find that you’ll be winning more often than you’re losing. And, with a little more luck, maybe your favourite team will be too.

Zuella Montemayor did her degree in psychology at the University of Toronto. She is interested in mental health, wellness, and lifestyle.

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