5 Sports Betting Best Practices
If you’re not careful, sports betting can be an addiction. It’s easy to get sucked in by peer pressure and betting apps. It can also drain your bank account and destroy your relationships. In fact, it’s one of the main causes of middle-class brokeness. Combine it with a lack of money management skills and you’re looking at a recipe for disaster. That’s why it’s important to follow some best practices.
1. Know the basics of betting.
Sports betting isn’t just about picking a winner; it’s about making smart choices based on research and stats. You’ll want to understand how the different types of bets work, such as straight bets, parlays, and futures bets. You’ll also want to know how to read the odds. A minus sign (-) indicates the favorite and a plus sign (+) means the underdog. Your brain is wired to think of minuses as negative and pluses as positive, so this can be tricky!
2. Don’t bet with your heart.
Betting on your favorite team is a great way to add excitement to your game watching experience, but it’s not always smart. Many people make the mistake of placing a wager on their favorite team because they want to win. This type of betting can cost you big time. You’re better off betting with your head, not your heart, when it comes to sports gambling.
3. Learn about the house edge.
The house edge is the amount of money a sportsbook takes, or “vig,” on each bet. This is why it’s so important to investigate each sportsbook you plan on betting with. You can do this by reading reviews, checking out their bonus programs and promotions, and investigating their payout speeds. You should also consider a sportsbook’s reputation and track record.
4. Study team statistics.
The sharpest sports bettors don’t just look at team stats; they study them consistently. They start with the major stats and then work their way down to the details, including offensive and defensive trends, coaching changes, recent point totals, and more. Having this top-down approach gives them a broad view of the situation and lets them spot opportunities that would be missed by a more narrow focus.
5. Don’t fall for hype.
Be wary of betting sites that promise guaranteed wins. These scams are prevalent in the world of sports betting and can lead to disastrous results. If you’re serious about betting on sports, open a separate bank account specifically for this purpose and stick to your budget. Each bet should represent one to two percent of your bankroll. Also, never place a bet on a team just because it’s popular or has a high profile. If you do this, you’re more likely to lose your money than win it. Instead, choose a team that is statistically sound and has a good track record.