Are you tired of having a near-encyclopedic knowledge of sports teams that never seems to pay off? Well, through sports betting, you can finally put all that trivia to use!
Of course, it takes a lot more than facts and figures to excel at sports betting. But what strategies can you use to keep you from wiping out and losing a lot of money?
Well, you’ve come to the right place. We’re here to give you our top 5 sports betting tips for raking in the big bucks! So whip out your notepads and team shirts, cause we’re diving in now!
- Mind the Tax
One of the ways sports betting organizations make a profit off their betting is through “taxes” they implement on bets. This means that if you bet on the favorite to win, you’ll have to pay more than you’ll win if you lose.
This value changes based on the degree you predict a team will win by. For example, predicting the Eagles will win by 3 touchdowns when the “safe” bet is 1 touchdown, you’ll have to pay less of a tax since the odds are further out of your favor. For gamblers who aren’t careful, this tax will end up swiping an unexpected amount of money from them.
- Pick A Sports Betting Site You Trust
Another important part of making a profit on sports betting sites is choosing a vendor you trust. Picking a shady site could result in you getting little chunks of money siphoned out for “hidden fees” or sites straight-up stealing your winnings.
To avoid this, try Googling terms like “best online sportsbook reviews” and find sites that others have had positive experiences with. Ask your friends what sites they use. This will help you avoid a major financial headache later.
- Start Small
When you first get started with sports betting, it’s tempting to take a whole lot of smaller bets to heighten your chances of winning. That said, you’ll earn more money if you focus down and target a few spots where the winnings are big and you feel confident about victory.
It’s also pertinent to stick to one sport (your favorite or the one you know best) when betting. Going outside your wheelhouse to make what is at best a 50/50 coin flip is an easy way to lose money fast.
- Beware Sunk Cost Fallacy
In addition to planning out a budget for how much you’ll spend on sports betting, it’s also vital you know how to recognize and avoid sunk cost fallacy. This fallacy operates off the idea that once you’ve sunken a lot of time and money into something that’s failing, you’ll want to keep putting more in because you figure that if you’re already this deep, you should see it through to the end.
However, if something isn’t working in the world of betting, it takes astronomical odds to flip that around. So if you don’t want to lose money hand over fist, know when to call it quits.
- Detach Emotion
Finally, it’s important to make all betting decisions with logic rather than emotion. Supporting the team you’ve loved since a kid feels fulfilling, but fond memories and team loyalty don’t earn you cash: analyzing the facts and knowing the odds does. You remove a lot of bad gambling decisions from the table when you put emotion aside.
Sports Betting Tips Locked and Loaded
So, now that you have our guide to the top 5 sports betting tips, what are your next steps to achieving a gambling fortune? Well, for more tips and tricks in the world of sports betting, make sure to check out the rest of the articles on our site!