Most punters get involved with sports betting as a way to increase the excitement and entertainment value of their favourite sport. In such cases, the bets are usually small and winning or losing is just part of the experience. However, if you are aiming to use sports betting as a way to make money, you need to be very careful on how and where you bet. In the notes below, we take a look at a few simple ways to consistently improve your winnings online.
Set a Budget
If you are aiming to make a profit with sports betting, the first step is setting a budget. Decide beforehand how much you want to spend each month and how much you want to win. With any form of betting, a payout percentage of 55%-60% will certainly pad out your bank account. Money management skills are essential if you want to be successful with sports betting. Always keep track of your bets and what is paying out and what is not.
Search for Value
There are many ways to achieve a higher value with sports betting. The first is to look for betting sites that offer bonuses and promotions for regular punters. This simply means that you will be rewarded for your patronage. Secondly it is important to look for bets that offer the best value. This means not betting on favourites. In reality, favourites seldom payoff and when they do, the payout is not worth the risk. Look for bets that have good odds where you know the chances the bet winning is worth the risk.
Do Your Research
With sports betting, consistency of winning all comes down to research and knowledge. This means gathering as much information about the sport, the teams and the players as possible. For punters just starting out it is best to punt on sports you are passionate about and read about on a daily basis. Placing a winning bet is difficult enough. If you don’t know the sport inside and out, you might as well just flip a coin. Many sportsbooks offer valuable info about your betting market, and you may even find that horse racing betting sites provide past stats and figures that allow you to place solid, well researched bets right from the start.
Profits over time
It is important to realise that not all bets will be winners. If you are planning to make money on sports betting, the results will show themselves over time. If you putting in the time, effort and research into your bets, you will be pulling out a winning percentage of at least 55%. This means almost half your bets will be losers. It is important not to get discouraged and give up before your profits start to show.
Keep a record of your bets
In most cases, punters only keep a record of their winning bets. To be successful with sports betting, every bet no matter how big or small should be recorded and analysed. If you thought you had a sure thing and the bet lost you a lot of money, you need to focus on what went wrong and why. Sometimes it is as simple as betting too early. Learning from your betting wins and losses is a great way to slowly improve your focus area going forward. Your betting record will also help with your budget and finances over an extended period of time.
