The online casino, poker, and sports betting markets are expected to be valued at over $92.9 billion in 2023. After the US Supreme Court legalized sports betting in 2018, online gaming and wager companies started to take an interest in the sector and supported the market’s growth. That means anyone with a smartphone can place a wager on a game of their choice on the internet.
If you know enough about the sports you’re betting on and start slow, you might get a decent payout. Bets are typically made through bookmakers or sportsbooks. These can either be brick-and-mortar establishments or betting shops, or online websites.
While it may sound easy to place a wager on a sport you know everything about, it’s not. If the numbers are to be believed, one must win 52.4% of all their bets to break even. That is after accounting for the fee charged by the bookmaker. The most successful sports bettor typically has a lower than 60% success rate.
While it all depends on your luck, and there is no way to guarantee 100% success in sports betting, there are ways in which you can optimize your chances. Here are some strategies to increase the chances of making money on sports betting.
Avoid Big Parlays
Usually, new bettors tend to get tempted by parlays because of bigger payouts if their bet hits. It is further fuelled by a story every once in a while about how someone turned a single figure bet into a much larger payout through a parlay wager.
However, the chances of hitting a parlay are as high as winning a lottery, and that’s not saying much. On the other hand, it’s not wrong to make a parlay bet but refrain from the lure of a lucrative payout while having to hit more legs of parlay. Stick to a maximum of two or three team plays. It might not bring a bigger payout but will ensure that you don’t lose out on the original wager.
If you’re going the parlay route, do it through reputed websites offering free picks and parlays by experts. You can start with these until you’re comfortable and confident enough to choose your parlays and picks if you’re new to sports betting. This way, you’ll be able to maximize your chances to get a decent payout on a parlay.
Pick Your Games
A typical NBA or NFL week contains multiple games for bettors to place a wager on. Sports bettors are known for placing wagers against the spread or total of every game, every week. It’s not uncommon for bettors to identify a busy week or night and place bets.
While this might be a successful strategy on some days or weeks, it’s a losing ‘bet’ —pun intended— in the longer run. Bear in mind that more bets placed means more money made by the bookmaker in ‘vig’ or ‘juice’. No one can know so much about a game and teams that they can be confident in every single game.
Therefore, it’s safe to check out all fixtures and identify the ones you’re most interested in and confident about. Make it a rule not to bet on more than five games in a day.
Look Around For Better Lines
It’s normal for sports bettors to have a go-to bookmaker with who they are comfortable. Often, it’s the first-ever sportsbook that they used. However, by doing this you’re limiting your options. If you don’t explore the market, how would you know other bookmakers are offering better lines?
In sports betting, even a half a point difference in a line can significantly affect the payout. Therefore, it’s wise to check out other sportsbooks in the market and try them on for size. Considering most bookmakers are secure, there’s no harm in opening accounts with several sportsbooks. That way, you’ll be able to compare lines on multiple websites and pick the best one each time.
Use Live Betting to Your Advantage
Typically sports bettors like to place wagers before the game begins, and its a common approach. However, placing bets while the game is in progress can be more lucrative. Live betting lines are determined by algorithms used by bookmakers, and as such flow of the game is not much of a factor.
Do Due Diligence
Lastly, one must do their due diligence before betting on sports. The more they know, the more likely they are to be successful in this arena. Research about how a team is currently performing and their track record against the opposition team and other factors should be researched. Stick to the game and team you know about instead of betting on sports you don’t know much about.
These are some strategies that a new bettor can follow to ensure a decent payout or not lose out on the original wager. However, it requires luck, practice, and enough knowledge about the game to make good money from sports betting.