The art of betting is not all about good luck. As many of the most successful gamblers in history will attest, knowledge of the sport, mental fortitude, and a finely calibrated strategy are all essential components of success. Being able to bet like a boss means being able to stop your emotions from getting the better of you and to play with a cool, rational head.
It also means having an in-depth understanding of sports betting odds and how the calculations of the bookies could influence your wagering. If you’re looking to bet on some of your favorite sports teams this summer, here are the key tips and tricks to keep in mind.
1. Use Your Bankroll Wisely
First off, it is essential that you implement a proper bankroll management strategy when engaging in any form of sports betting. Your bankroll is essentially the cash that you have earmarked for the purposes of sports betting. It is money that you are 100% comfortable with losing.
Once you have established your bankroll, it is important to keep strict limits and ensure that you do not go over. Many professional gamblers will typically spend 1-5% of their total bankroll on each bet, so this is something to keep in mind.
2. Keep a Level Head
The most important thing when betting on sports is to not let your emotions get the better of you. Devise your strategy beforehand and stick to it. If you are on a losing streak, do not let your emotions drive you towards ill-thought-out decisions. Likewise, do not let a winning streak go to your head, as this is when even the most accomplished sports betting pros can begin to make mistakes.
In addition, although it is always a good idea to bet on your favorite teams to show your support, this should not always be your guiding principle. Just because you have a sentimental attachment to a team or to a particular athlete does not mean that they are always worth your bankroll.
3. Understand Your Odds
Complete mastery of the odds and probabilities you are dealing with is essential to sports betting. Different markets and different bookies often use varying odds systems, such as fractional or decimal odds. In addition, odds and the house edge of the bookie are also calculated in different ways. Understanding how these work can help you choose the right bookies for you and tilt the edge closer towards your favor.
The sport betting experts at Mr Green explain that for a successful bettor, switching seamlessly between different types of odds is often second nature. For example, understanding that odds of 2/1 and odds of 3.0 both represent a 33.33% chance of success can help you make the kinds of informed wagering decisions that are vital for success.
4. Don’t Follow the Herd
It is a common tactic to opt for the player or team that has the best odds of success. However, this is what the vast majority of people do, and it is what the bookies are counting on you doing. When you choose the players with the highest odds, you are throwing away your edge and essentially reducing your potential winnings to the bare minimum.
The truly successful sports bettors in history are those that have gone against the grain and betted against public opinion, using their own strategies and intuitions. Following the herd might net you some small wins, but it will never propel you to the top of the sports betting hall of fame.
By following these simple strategies, you can start betting like a boss today.