Strategies for Sports Betting: Do They Work?
Why pursue sports betting when some online casinos offer a casino bonus 200%? Some argue that if you use the right tactics, sports betting can be much more successful. There are proponents who say that strategies such as value betting can be highly effective.
But do these strategies really work or is sports betting just another form of gambling where the house always wins overall?
What are Sports Betting Strategies?
When we talk about sports betting strategies we usually mean clever tactics that will help you to have a greater chance of winning, and maximise your winnings overall. Some people will even claim that strategies like “value betting” mean that you are guaranteed to win and you can rely on this to make money. More on this later.
However, there are also general strategies and approaches that should be adopted by anyone who is betting on sports. Although no one claims that these strategies will make you win more, these are important ways to ensure that you balance the fun thrill of placing a bet with safe betting strategies. The first thing you should keep in mind is that you should never bet more than you can afford to lose. This means that you should only place bets that you can financial weather the loss, and never chase your losses by placing more bets!
It is also important to separate your emotions from your betting. Emotions that come into play can range from picking your favourite team (which is fine, of course, if you’re placing a small bet for a bit of fun) to emotions such as fear and desperation, that make you feel like you “have” to win next time if you place a certain bet. Rather than making betting decisions based on your emotions, you should take a logical approach that considers all factors in order to predict the most likely outcome. This also means that you are best off sticking to sports that you know very well: betting on sports and teams that you have as much background knowledge of as possible will give you the best chance of winning. In the same way, you should never bet when your judgement is impaired, not only by emotions or stress, but also because you are drinking or on drugs.
Safe betting strategies mean keeping firm control of your finances. Bankroll management is not really a sports betting strategy in and of itself, but it should underpin every other strategy you adopt. Bankroll management involves setting aside a certain amount of money before you begin betting and not letting yourself bet more than this pre-designated figure.
Your limit should be no more than you can afford to lose. Furthermore, it is important to set this amount before you get caught up in the excitement and may end up betting more than you originally intended, even if you can technically “afford” to lose it. In this strategy, managing your bankroll by putting a certain amount of money in a separate pot makes it easier to stick to your limit. This could mean carrying only a certain amount with you in cash and using this to bet in person, or putting your limited bankroll into your account on an online sports betting site.
Value betting involves identifying bets that are undervalued – that is, when the sports book or book maker has underestimated the value of the bet, and placed it at a probability that is lower than it actually is. All sports betting involves placing a bet which you think has some value, however in value betting, this takes this a step further by seeking out valuable bets that are undervalued by the book maker.
Let’s look at an example. In a match between Real Madrid and Barcelona, a book maker may have the following odds:
Real Madrid – 1.75
Barcelona – 2.20
This converts to odds meaning that the book maker thinks that Real Madrid has a 57% chance of winning. However, using your knowledge and research, you may believe that they actually have a 70% chance of winning. If you’re right, this means that the book maker has under estimated the odds and you may be able to profit from this by placing a bet at the low odds.
Effectively executing this strategy involves a great deal of research and/or prior knowledge of the sport, teams, players and latest news in order to make accurate assessments of the actual odds.
Most of all, it is important to remember that there are no “magic bullet” sports betting strategies. If someone tells you that they have a magically betting strategy that works every time with little time or effort, it’s probably a scam. The only way you are going to be successful in sports betting is by investing time and energy, doing your research, and being very careful in your approach.
The more effort you are willing to put in, the more likely you are to be successful. However, at the end of the day, it is important to remember that sports betting is a form of gambling at the end of the day, and as such there is always a degree of risk involved. Nothing is guaranteed, and so you should always keep in mind that no matter how strategic you are, there is always a chance you could lose. So, once again, remember never to bet more than you can afford to lose and if you feel like your betting is getting out of control, seek help.