Millions of sports fans across the world watch a game and think to themselves, “Betting on sports must be easy,” but it’s not. In fact, after accounting for the vig, even the most successful sports bettors get less than 55% of their plays correct. That is why it’s important to understand the intricacies of sports betting before you try to put your money where your mouth is.
Bet with your head, not your heart: One of the biggest mistakes that bettors make is betting on their favorite team because they are passionate about it. This can lead to poor decisions and over-betting. Instead, bet with your head by analyzing the numbers and unique circumstances of each matchup. This will help you to stop making bad wagers and start making better ones.
Respect the market: It’s also important to remember that the betting markets are smarter than you. So, don’t be afraid to be wrong from time to time. You’ll lose some games and win some. Just keep the overall EV of your bets positive.
Open a special bank account for your sports betting: It’s a good idea to have a specific bankroll that you only use for placing bets. Some experts recommend betting anywhere between 1% and 5% of your total bankroll on each individual play. This will ensure that if you do have a bad day, it won’t completely deplete your bankroll. It will also allow you to take advantage of any promotions or odds boosts offered by your bookmaker.