Figure 1 Understand the value of money - and the concept of value - before placing your bets
With online sports betting becoming legal in more states and regions around the world, there is a good chance that you may have already given it a go.
There are certainly plenty of sites attracting new customers these days.
But if you are a relative newcomer to betting on sports, you could feel overwhelmed – or confused at why you are not having much success.
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This is especially true if you are a big sports fan anyway. But gambling is not something you can pick up straight away.
Knowing some handy tips will help you when you have signed up for an account at a betting site like MyBookie.
Here are a few things to consider if you want your luck to change soon.
Understand Value:
A lot of people get a little bit carried away when they first sign up for an online betting account and then cannot understand why they keep on losing.
One of the main reasons why is very simple. You need to understand the concept of value before you make your selections.
It is a very easy concept – you should recognize whether a bet is worth the risk.
The odds will give you a clue to the probability of an event occurring – and you should use those odds to work out the value.
High odds may promise a big win, but they are high for a reason.
It is much better to go for the lower odds and win more regularly to increase your profit margin.
Compare Odds:
Another factor that many newcomers don’t realize is that you can get different odds at different sportsbooks.
There may not be much between two prices, but it is in those little differences that bigger profits can be made.
You don’t necessarily have to open accounts at a number of sportsbooks – just take a look to be able to make a comparison.
Sportsbooks like to keep odds fairly uniform but there are always some markets that will be priced differently.
If these are events and sports that you are likely to bet on anyway (we will return to this point in a moment) make sure you are placing a bet with the more attractive bookmaker.
Your winnings will be bigger.
Do Your Research:
This should be a given. But you would be surprised how many people make uninformed bets.
Even if you consider yourself the biggest football in the world, you should still study the form and do your homework before placing a bet on an event you just have a feeling about.
Read all the previews you can to find out what the experts think might happen. But also do your own research and read injury reports and probable line-ups.
Take a look at a weather forecast if you are betting on a sport where that can make some difference. Basically, gather as much intel as you can before placing your bet.
Set a Budget:
You should have realized by now that there is no guarantee when it comes to sports betting.
Even an event that seems a surefire certainty might go the other way.
That’s the beauty of sport, after all. That unpredictability factor might be good for sports – but it is not so good for sports bettors.
That’s why you should not get too upset when you lose and not get too carried away when you win.
If you set a budget for your betting you will never be chasing the wins and won’t get to the point where you are desperate for some success.
Only bet as much as you are prepared to lose and you should be fine.
Bet With Your Head, Not Your Heart:
If you are going to bet on sports it probably means that you are a sports fan.
Sports fans have favorite teams and tend to have a better insight into those teams than others.
But that should not mean that you automatically bet on your team.
You obviously think the team is good, but the results might not reflect that.
Try to take out all emotion when you are making your betting selections. You need to be thinking as impartially as you can about your picks.
That way you will know that you making an informed bet, rather than one that is following what you want to happen.
If you really cannot be that impartial, maybe you should avoid betting on your team altogether.
Avoid Big Bets:
If you have recently signed up with an online sportsbook you may have been offered the chance to place a bet suggested by the site.
The odds will seem very attractive and there will be the chance of winning a lot of money for a relatively small outlay.
But if the bet is a parlay, you should think carefully about going for it.
Parlays are multiple bets that have more than one selection included. You only place one stake but all the selections have to be successful to receive any winnings.
The more selections, the higher the odds will be. But there is also a very good chance that all the selections won’t be successful.
Try to avoid parlays until you have some good experience and understand the value of the bets.
Bet Responsibly:
In the end, betting on sports is supposed to be fun.
Of course, you will want to win money in the process. But it should not become so important that your entire mood changes if you lose – or you get into financial difficulty.
Sportsbooks are very aware of helping people these days, so there are always things you can do if this becomes the case.
But betting responsibly just means being in control of what you are doing and enjoying it as a pastime.
Betting can make sporting events more exciting and add more meaning to outcomes if your teams are not involved.
If you are being responsible you will have more fun and have a better time.
That’s what it’s all about – and you may even end up with some winning returns.
Still have any question, do share via comments.
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