As sports betting has emerged into the mainstream, millions of fans are thinking about making their first wagers. While there are no guarantees, betting smartly can lead to a big payday. The key is understanding the rules, popular terms and tips for success.
Many people are confused about how to place a bet, especially if they’re new to the industry. We’ve compiled a guide to help make the process as smooth and easy as possible for beginners. This guide includes helpful definitions and a beginner-level breakdown of the basics for each sport, so you can start betting confidently.
Sports betting has become a huge part of our culture and the anti-gambling stigma has faded, leading to an explosion in the legal sports gambling industry. In 2019, the number of bets placed was estimated at 13 billion.
Whether you’re a long-time fan or just getting started, there’s a lot to know about this growing market. To get the most out of your wagering experience, here are 12 things that every sports bettor needs to know.
1. Bet with your head, not your heart
One of the biggest mistakes a bettors can make is betting with their hearts instead of their heads. The best bettors focus on the numbers and unique circumstances of a game. They don’t bet on their favorite team just because they have pretty uniforms or because they’ve been rooting for them since they were kids. You can separate your emotions from your betting and be more objective by doing the research on both teams. Learn about the strengths and weaknesses of each, their injuries and anything else that could affect the outcome of a game.
2. Understand the juice
When you place a bet, you’re also paying a small fee called “juice.” This is the markup that sportsbooks charge for taking your money. The higher the line, the more juice is added to the payout. It’s important to understand the juice before placing any bets because it can affect your profitability. If you’re losing bets more often than you’re winning, the extra juice is costing you money.
3. Know your strengths and weaknesses
The most profitable sports bettors focus on the sports they have a strong understanding of. For example, a baseball bettor may have a knack for handicapping the NFL because they’re familiar with the game’s rules and tend to have good knowledge of the players and coaches. Likewise, a hockey bettor may do better in-game betting because of the wild swings of a game.
If you’re serious about making money in sports betting, open a bank account specifically for this purpose and set aside a specific amount of cash to invest each month. Then, determine your base bet size and how much you’ll risk on each individual play. By doing this, you’ll be able to manage your losses and keep them in check. By following these simple tips, you’ll be on your way to making a profit in no time.