Sports Betting—Getting Started

If you’re new to sports betting, you may believe that this type of gambling is based on chance. Although there is chance involved in any type of wagering, sports betting is a skilled form of wagering that’s based on knowledge, research and analysis.

In this article we’re going to consider what’s required to get started in sports betting. That means we’ll examine three major elements—sports knowledge, industry information and money management.

Sports Betting: Sports Knowledge

Successful sports bettors know sports inside out. First and foremost, they become an expert in one sport and then usually expand to other sports. They understand how the sport is played, all of the rules and strategy.

They also possess in-depth knowledge about the players, coaches, organizations, trades and much more. They keep up on daily developments in the sport and closely monitor any and all changes. They eat, breathe, drink and live one particular sport.

Why do they do this? Because when it comes to wagering, the sports bettor wants any edge that they can get and usually that edge starts with knowledge. Sports betting is not about wagering on a hunch or a whim. Topnotch professional sports bettors do their homework.

Sports Betting: Industry Information

You also have to know everything you possibly can about sports betting. Along with understanding odds, the various types of bets and payouts, you need solid knowledge regarding which bets offer the best value on your investment.

As an example, many novice bettors will play three, four and five-game parlays. A parlay payout looks inviting. A three-team parlay pays 6:1. That means for every dollar bet you make six if your parlay hits. An eight-team parlay pays 175:1 and a 10-team parlay results in a payout of 600:1!

But many parlays involve point spreads and this really skews the odds. The chances of hitting a three-team parlay are 7:1 and the chances of being right on a 10-team parlay are 1,023:1.

In order to win any parlay, every team you pick must win. If you’re wrong on one bet, you lose everything. Although the payouts are much better than the even odds you often get on a single bet, parlays are deceptively difficult to hit. There’s a lot more risk involved wagering on a parlay than when you bet on single games.

This doesn’t mean that you can’t play parlays or other such bets. Some professionals believe in them and have developed systems for improving your chances. However, whatever wagers you decide to make, you need to bet knowing the benefits and risks.

Sports Betting: Money Management

Too often those new to sports betting will bring $100 to the table and expect to transform that $100 into $1,000 in one day. Can it be done? Sure it can. Would you need to be amazingly lucky to turn a profit like that? Yes, you would.

The size of your bankroll determines how much power you have as a bettor and how much profit you stand to make. It doesn’t mean you need to possess a huge bankroll to make money as a sports bettor, but you do need to bring realistic expectations to the table or you’ll walk away angry, disappointed and broke.

Money management involves wise decision-making, solid record keeping and vigilance. Treat your sports betting endeavors as you would a business and you’ll stand a much better chance of making a profit.

Sports Betting: Bringing it All Together

As you begin your sports betting journey, take some time to address each of the major elements—the sport, the industry and money management. Don’t wager in a vacuum. As with any other business, knowledge equals power and profit when it comes to sports betting.