Depending on the sport you should also check the weather. Weather can play a huge factor in baseball and football. Even just a few minutes studying and doing even a little research before placing your bet can save you from bad beats and tough losses.
The best sports bettors stick to the sports they know best. If you want to bet on another sport, watch a match, take notes, and study the nuances of a game. Learning the small things about a particular sport can be the difference between being profitable and being a loser. Stick with those sports you know best, and only venture out after you understand the dynamics of a particular sport.
Keeping track of your bets is a key part of growing as a sports bettor. In addition to logging your wins and losses, you should log as much information about your bets as possible. Recording the moneyline odds, spread, and total will help you identify patterns and make better decisions moving forward. If you use a betting algorithm , tracking your bets can also help you find trends that will help you see how your algorithm performs in certain scenarios.
Never assume that a bet is guaranteed to be a winner. These are just a few general tips if you want to learn how to make money betting on sports. Blog Home All Posts. Bankroll Management All sports bettors are different. Log Your Bets Keeping track of your bets is a key part of growing as a sports bettor.
Ready to start betting on sports? Parlays are tempting to bettors because of the potentially big payouts if their bet cashes. A typical two-team parlay will pay out roughly 2. If one were lucky enough to hit an eight-team parlay, they could stand to win times their original wager. Those kinds of stories are nothing more than lottery tickets.
Last time I checked, people were not so confident that they were going to win the lottery. There is nothing wrong with making a parlay bet as opposed to individual bets on the same games. However, do not be tempted by the allure of a big payout while having to hit six or more legs of a parlay. If you are going to bet parlays, stick to two or three team plays.
You will not win times your money, but you will have a much better chance of returning a decent payout than losing your original wager altogether. Thus, casinos and sportsbooks are successful because they rarely lose. In order for a sportsbook to take a big hit, they would need a large percentage of money to be bet on one side of a game and have that side end up being the correct side.
If that happened, the sportsbooks would pay out more money than they collected from losing bets. This is especially true if the oddsmakers do not adjust the line out of fear of vulnerability. Take this situation for example.
There are many resources available to track the percentage of bets and the amount of money being bet on each side. Often times, oddsmakers would adjust the line and increase the spread, possibly making the Cowboys as big as nine-point favorites. In a situation like this, it is always advisable to fade the public and bet on the Giants. This strategy is not foolproof, but as long as sportsbooks are profitable, so will you be by employing this strategy.
These same people may not realize that other sportsbooks may have better lines on games they are betting. In many sports, even a half-point difference in a line can be significant. If one bet a team to cover an 8. However, if one got the same team with an eight-point spread, they are less vulnerable since winning by eight is no longer a loss. With how secure sportsbooks are, there is no harm in opening accounts at multiple places.
If you do, you will have the luxury of comparing lines at multiple sites and putting yourself in a position to take advantage of the best line each time.
At this point, you should move onto either arbitrage or value betting depending on your risk profile. Alternatively, you can make some easy money from matched betting, cash out your profits and then stop there if you like, and never place another bet in your life. The choice is yours. Do you remember earlier when we discussed how bookmakers made money by building a profit margin into their odds vigorish?
Well, this works very well for the bookmakers when you are betting your own money. Well, this is the essence of matched betting. Like any other business, bookmakers often run promotions to encourage new customers to sign up with them. To attract new customers they often run promotions whereby they will provide you with free bets when you make a new account and deposit some money. Right, sorry about that! Backing a bet refers to what we normally do at a bookmaker, that is, place a bet on a particular outcome to occur.
Laying a bet is what the bookmaker is doing, it is betting on an outcome to NOT occur. By both backing and laying a bet, we can cover all outcomes. This ensures that no matter what happens, at least one of our bets will pay off.
Well yes, normally, but remember we are using a free bet, which is enough to overcome the vigorish. So how do we lay a bet if bookmakers only accept back bets? Well, we go to a betting exchange, the most famous and largest being Betfair. Betfair is a marketplace that connects people who want to place bets. If someone on Betfair wants to back a bet at certain odds, you can then lay a bet at the same odds.
This means that you are acting as the bookmaker to that person. Chelsea have had a bad run recently, and our bookmaker has set them at odds of 4. If they lose, we lose nothing, as we are using a free bet, not our own money.
We can make the outcomes more symmetrical by laying Chelsea at the betting exchange. At the betting exchange say Betfair , Chelsea have lay odds of 4. The example above may seem very complicated, but with a little practice, a bet like that will take you less than 5 minutes! The more bookmaker accounts you have, the more promotions you will receive and the more you can profit!
The bookmakers also run ongoing promotions to existing customers. An example of this is a boosted odds promotion. For example, the odds for a team to win may normally be 3. A bookmaker may run a promotion whereby these odds are boosted to 5. This is much higher than their built-in profit margin vigorish , which allows you to back a bet with them, then lay the same bet at the exchange and profit regardless of the outcome!
An assisted matched betting service can help speed up the process greatly. They will scan all of the bookmakers daily and keep an updated list of current promotions. They also have odds matching software, which scans the odds for thousands of sports matches across tens of bookmakers to find the optimal bets and odds for you to use your promotions on.
They alert you to the latest promotions, you select the ones you like, and they find the optimal bet and calculate the perfect stakes for you. This allows you to place many, many bets in a short space of time. In exchange, they charge a modest, monthly fee. You can read more about assisted matched betting including which software packages I recommend via the button below. Almost all services offer a free trial, so I recommend that you take advantage of this. Access my matched betting resource page that has everything you need to get started!
Initial Bankroll. Bookmaker Accounts. You will need soft bookmaker accounts to be able to place bets. You can start with and then open more once you are feeling confident. Betfair Account. Critical to profiting from matched betting is your Betfair account. You will need this to lay the bets that you are backing at the bookmakers. Your Betfair account will never be limited and they welcome matched bettors, so a free Betfair account is a very valuable asset.
Matched Betting Service Account. Did you look at the matched betting example earlier and find it confusing? The bookmaker promotions often come with lengthy terms and conditions that can be difficult to interpret, even for experienced bettors. Many matched betting services offer free trials. Find out which ones I recommend in my article on assisted matched betting.
Want to read more about how to get started with matched betting? Check out these detailed articles:. Once the bookmakers stop offering you promotions they will usually send you an email when this happens , it is time to move onto either arbitrage or value betting. Arbitrage is a lower risk, lower reward strategy, whereas value betting is a higher risk, higher reward strategy. I will explain both of these strategies in detail now, so that you can figure out which one is right for you.
Arbitrage betting , much like value betting is a strategy that involves taking advantage of opportunities that arise when the bookmakers make mistakes with their odds. To understand how this works, you need to be aware that there are two types of bookmakers: soft bookmakers and sharp bookmakers.
Most of the bookmakers that you can think of off the top of your head are soft bookmakers. Their business model consists of attracting casual punters, offering them poor odds with large profit margins factored in and making money from the relatively low volume of bets but high profit margins. Sharp bookmakers, on the other hand, have very accurate odds with low profit margins.
They accept very high stakes from customers. They change their odds very quickly when news breaks that could impact the outcome of a match. You can learn more in my article about the difference between soft and sharp bookmakers. Help: I can't access sharp bookmakers! Unfortunately, not all sharp bookmakers operate in all countries. Pinnacle , being the best and most well known sharp bookmaker, no longer operates in the UK, Australia and a number of other countries.
However, you can still access these sharp bookmakers through the use of an intermediary service, known as a betting broker. They can open a number of sharp bookmaker accounts on your behalf, even if those companies don't operate in your country. Find out which are the best betting brokers! Arbitrage betting involves taking advantage of opportunities that arise when the soft bookmaker and sharp bookmaker odds are so different that you can bet on both outcomes of a match and profit regardless.
In any case, the odds are far enough apart that we can bet on both outcomes and profit regardless of which one occurs! You can use an arbitrage betting calculator to help you work out the stakes. An arbitrage bet like this typically takes less than 5 minutes to complete. An alternative strategy is to lay the bet at a betting exchange rather than use a sharp bookmaker.
This is a little more complicated but has the same end result: locked in profits! Great question. In this situation, you would need to place a third bet with another bookmaker to cover the draw as well. Please check out my detailed article on how to find arbitrage bets. Essentially, it is possible to find these opportunities manually, but by using a software package that scans tens of sports and over bookmakers, you can speed up the process dramatically, resulting in greater profits!
Check out my article below for some recommendations of free arbitrage betting software! Decent initial bankroll. Use your winnings from matched betting to kick start your arbitrage betting. Soft bookmaker accounts. The best soft bookmakers for you depends on which country you live in. Have a look online for which bookmakers are offering the best bonuses in your country.
Check out my list of recommended sharp bookmakers. Having a Betfair account is also useful. Arbitrage betting software. There are a lot of options out there for arbitrage betting software. You can check out my recommended arbitrage software. Essentially, I think RebelBetting is the best arbitrage software out there.
Value betting is quite similar to arbitrage betting in a number of ways. It also involves exploiting opportunities that arise when a soft bookmaker makes a mistake with their odds. In arbitrage betting we place a bet with the soft bookmaker that has made a mistake with their odds. Value betting is simpler to execute than arbitrage betting only 1 bet vs. Interested in value betting? Much like with arbitrage betting, it is entirely possible to find value bets with manual searching and by comparing odds on my value betting calculator.
However, this is very tedious and time consuming. I highly recommend that you get some value betting software to speed up the process enormously. Value betting software will compare the odds across thousands of matches and hundreds of bookmakers and alert you when it finds value bets. Once you place your bets, it will log them and automatically categorise the bet as a win or a loss at the conclusion of the match.
This allows you to see the performance of your bets over time. Wondering how to find value bets? This list is pretty similar to arbitrage betting, but you don't need any sharp bookmaker or betting exchange websites of course.
Use your winnings from matched betting to kick start your value betting. The more accounts you have the better. Value betting software. You can check out my recommended arbitrage betting software here. Essentially, I think that again RebelBetting is the best value software out there. The problem with matched , arbitrage and value betting is that they involve taking value from soft bookmakers, which means that sooner or later, your accounts are going to be restricted.
There are basically three options from here on. The first option is to give up on profitable sports betting and enjoy the profits you managed to make. With a fresh set of accounts, you can start the process over again from scratch. However, there is nothing illegal about introducing your friends and relatives to the concepts of profitable sports betting and letting them place bets on their own. The third option is to continue profitable sports betting by taking value from either other punters on a betting exchange, or by taking value from the sharp bookmakers.
This is known as sports trading. I do not recommend sports trading as I think that is very difficult for most people to profit consistently this way. Let me introduce you to such a product. Mercurius Trader is a unique product with an ambitious goal - to turn sports betting into an asset class that anyone can invest in. Released in January but in development for 4 years prior to this, Mercurius Trader uses a quantitative model that is designed to spot value in the Betfair football market, and execute bets accordingly.
It is based upon scientific literature on the topic of football match prediction and is supplemented with their own research and development. It uses millions of pieces of data from historical football matches as an input. Please note that unlike arbitrage and matched betting, your profits are not guaranteed and your capital is at risk.
Profitability depends on the veracity of the Trader model. Read my full Mercurius Trader review here! An alternative or perhaps a complementary strategy to investing in Mercurius Trader is to do value betting on the sharp bookmakers and betting exchanges, rather than on the soft bookmakers.
This is much more difficult, as the sharp bookmakers and exchanges rarely make mistakes. However, when they do, you can capitalise on these mistakes in a big way, as they have huge maximum stake limits. As this strategy requires huge bets on relatively small deviations in odds, you need a large bankroll to get started. It is a unique product that targets the sharp bookmakers and betting exchanges, identifying when they make mistakes.
Open a specific bank account. When you open this account, be sure you invest enough money to cover your bankroll for an entire season or year, not just a single game. Create accounts with a few sportsbooks. Some sportsbooks also offer signup bonuses, so be sure to shop around. Learn to make smart bets.
For instance, while each bet should represent about one to two percent of your bankroll, you can reduce this to 0. Similarly, you can increase the bet if you're very confident, but never place a bet that exceeds four percent of your bankroll. Many experts recommend not betting on your home team in any sport, because your bias can cloud your judgement, and this can lead to great losses.
Create a betting schedule. This refers to the practice of trying to recoup losses from a previous bet with more betting. Have a betting schedule or routine and stick to it. Bet sober. This refers to betting with a clear mind and focus.
Many people will read this and think it is common sense but you would be surprised how many people break this rule. Emotions can get the best of all of us, and bad decisions can be made from those emotions. Part 2 of Understand moneylines. The team associated with the minus number the Leafs is the favored team, while the team associated with the plus number the Canucks is the underdog.
However, you can bet on the moneyline for almost every sport. Learn about point spreads. Point spread betting is more popular in games where there's a larger gap between the final scores. Understand parlays. Parlay betting involves making multiple types of bets on the same game.
For example, if you combined a moneyline bet and a point spread bet on the same game, this would be a parlay bet. These bets often offer large payouts, but they require a great deal of accuracy. Part 3 of Shop for the best lines. This is where having accounts with multiple sportsbooks will come in handy, because some will offer better moneylines on the same games, meaning you have to risk less for the chance to win the same amount of money.
The best time to line shop is about an hour before a game. Make bets based on the odds. Betting with your head instead of your heart is all about making smart bets based on odds rather than emotions. For instance, if you're betting on a baseball game and think the Yankees are going to win, you might still be better off placing your bet on the Jays if the odds are right. Take advantage of matched betting. Matched betting involves taking advantage of the bonuses and incentives offered by books to place bets for and against the exact same event.
Matched betting is all about taking advantage of free bets and betting for both possible outcomes on the same game, so this type of betting is as near to risk-free as you can get in gambling. That's the spread -- the under dog is plus 7. If you pick the favored team and they win by more than 7, you win. If they win by exactly 7, you tie. If they win by less than 7, you lose. Not Helpful 7 Helpful Matt S. Pick one sport to focus on. Then do some research and decide which bets are more likely to win.
Not Helpful 4 Helpful Do your own research on why the odds or lines are being offered the way they are. Explore other bookmakers for comparison. Then place your bets with a bookmaker that has an established history of being honest. Not Helpful 3 Helpful 7. I'm constantly betting 3 team parlays with low money because that's the best risk reward but winning with very little success. Should I stay away from parlays? Yes, stay away from parlays. You are betting in order to win an amount as opposed to winning in general.
Greedy bettors is how professionals and bookmakers profit. Not Helpful 4 Helpful 7. Not Helpful 1 Helpful Unanswered Questions. How can I get 5 odds for sports betting that are 99 percent accurate?