1. Have realistic expectations
It’s hard to be profitable when gambling, let alone on sports where there’s large room for human error. Any bettor who has a higher success rate of 50% is deemed “successful,” and that’s because they win more than they lose. But they still lose. So if you enter sports betting expecting you’ll lose, you’ll most likely place smarter wagers and be more aware of your cash flow.
2. Learn the lingo
Like any industry, world, or industry, sports betting has it’s own lingo. Units, pick, favorite, underdog, line, spread. Once you learn the lingo, you’ll be able to understand it more. Knowing these terminologies may not help you become more profitable, but it will start you on the right track for learning the basics.
3. Set a budget
Don’t spend too much. Don’t lose too much. With a budget, this is like you telling yourself “I’m only going to lose X amount.” This helps make sure you don’t lose too much and that you’re a bit more grounded when placing wagers.
4. Go line shopping
Not every line is the same with every bookie or sports book. Some offer higher or lower returns if you win. So, make sure to look around at a few before you place your final wager.
5. Keep records of your betting
This may sound tedious, but it will help in the long run. If you continuously monitor how much you bet, win, and lose, then you’ll be more aware of your cash flow. Some bettors also record what they bet on with a note about it to help see where they could improve.
6. Ignore your heart
We all have a favorite team that we want to win. But they won’t always win. So, while you’re begging for your favorite team to win, you should be careful about placing a bet on them automatically. Certainly, they’re bound to win some, but they’re also set to lose some. So make sure you research before placing a bet to make sure they’re the best choice. Most of the time, I personally stay away from my favorite team games to make sure I don’t make an uneducated and personal bet on them.
7. Take regular breaks
You don’t have to bet on every game every day. You can take breaks from betting for a day, week, or however long you see fit. Doing this can help levitate any frustration and clear any “winning fog” you may have. If you’ve been losing lately, take a break and re-evaluate. Plus, this gives you time to calm down. If you’ve been winning a lot, you can continue to bet or a take a break. Many new bettors become wrapped up by the excitement of winning that they begin to make poor decisions.
8. Know yourself
Sports betting isn’t for everyone, so if you try it, you certainly don’t have to continue it. If you find that you aren’t enjoying yourself, then perhaps stop and use your time for something else. However, if you find yourself enjoying betting on sports, then continue it.