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Betting Tips for Beginners

Here’s some useful betting tips you should know prior to wagering on live games. When you wager on a game prior to its start, once you make your bet the odds don’t change. Plus, there’s no adjusting the bet once the game starts. Regular wagering is based on projections and not on what just happened on the field and what may occur next.

How Likely is it You’ll Win?

Getting StartedTo a degree, the odds will tell you this. However, you need to be aware of a few things when it comes to whether or not odds accurately reflect the likelihood of your winning a specific wager.

Oddsmakers charge a bit more for you to bet on the favorite and pay less than they should when you wager on the underdog or long shot. This is simply important in terms of gauging what your actual chances of winning are.

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Also, you should have a good idea of how often something like a tie in the over/under occurs. Or, more so when you’re wagering on something related to performance, how likely a specific play or action may happen.

As an example, when betting on the NFL in deciding if the play will be a complete pass, you should have an idea of how likely it is a pass will be thrown in a specific situation and then how likely it is it will be complete. Look at passing statistics for teams and individual players. Is the thrower average or one of the all-time greats? It makes a big difference.

In order to be able to make a smart bet that’s related to performance, you need to possess a thorough knowledge of both teams and the players. The less betting you do based on hunches the better. Make sure you know each team and their personnel.

Crunch the stats that are going to help you make specific decisions. In NFL football that means a quarterback’s pass completion percentage, how many passes he throws, how often he’s sacked, how many picks he’s thrown, etc. And remember, you need to know statistics related to both sides of the ball.

Passing Statistics

Passing statistics for the 2016 NFL season, courtesy of ESPN.com.

Taking the NFL, if one team’s offensive line has been giving up a boatload of sacks and their facing a team that has a massive pass rush, this will have a big influence on a quarterback’s success. This situation will probably also put a major dent in the rush attack.

Since you’re wagering on game situations, you also really need to understand the coaching philosophy, what the game plan may be, what actually matters and how able the coaches are in game situations. Some coaches are excellent when the pressure is on and others simply cannot hold it together.

Choosing What to Bet On

A few years ago, live sports betting was still a relatively new feature. Since that time, the popularity of this betting format has skyrocketed. GBGC calculated that already in 2014 global gross win from in-play betting was around $6.8 billion, an increase of almost 84% from just four years ago.

Understandably, online sportsbooks spend increasing amounts of money to offer their customers as wide of an array of sports, leagues and games to bet on as possible. With an increase in the amount of options comes an increase in the amount of decisions you have to make.

Many sports bettors will wager on a sport on which they’ve placed a point spread, moneyline or over/under wager before the game started. In a way, they can actively monitor the game in which they already have an interest. You should already know a lot about the game since you should have analyzed it in order to have placed a bet. With extensive knowledge about the teams on hand, you have a leg up when it comes to wagering live.

The bottom-line: you should know a lot about what you bet on.

You should know about the sport, the league, the teams, the coaches, and the players. Professional bettors – those who make a living betting on sports – work hard to educate themselves.

Professional bettor Billy Walters on 60 Minutes.

You’ll run into plenty of recreational bettors who place bets because “it’s an exciting game” or because they “feel like doing so.” If you’re one of them, that’s OK, but you shouldn’t expect to win in the long run unless you do plenty of research.

Whatever criteria you use for choosing which sports and games to bet, please do so wisely. Don’t try to bet on every play and set limits on how much you’re willing to lose. As with any type of sports betting, it’s best to wager on sports you know well and to stay away from desperation betting.

Learn About the Site

When you get to the site, take some time and click around. Check out the entire sportsbook and specifically the live sports betting feature. Find out at least the following:

Mock Bet on Some Live Events

You may not be able to bet with play money as you can at many online casinos and poker rooms, but you can put your choices on a sheet of paper and track how you’re doing. By the way, make these wagers as if you are betting with real money and make the bets you normally would if you were wagering with your cash. Don’t be haphazard.

Take your time. Bet on an entire game and then wager on another. This is your time to get to know both the site and the live betting format. What wagers seem to be the best bet, which are the most risky and how can you make cash consistently?

Be sure to play with a specific amount of cash and wager using units. At the end of each game tally your results. Come back another time and continue to practice, monitoring your weaknesses and strengths. Are you improving? How much have you won or lost?

Read All of the Legal and Banking Information

There may be restrictions and limits on bets, deposits and withdrawals. There are certainly minimums and maximums on all bets. Do they have a remedy for any problems you might have with the betting system in terms of it malfunctioning?

Sign Up at More Than One

Base your decisions on what’s important to you. Some considerations regarding in-play wagering include the types of sports carried, the frequency of games, method of displaying game information, types of bets you can play and odds. You may want to sign up for more than one sportsbook in order to take an advantage of the best opportunities in the market and to compare experiences.

Stick to the Basics

BasicsYou shouldn’t wager on every NFL game or on the big games. Bet on a game if you think the market has overestimated the other team. That’s it. That’s the only reason to bet. It doesn’t matter if it’s on TV or features the two best quarterbacks in the league or is for the division crown. The same is true for any sport. Pick and choose the games and sports on which you wager.

In terms of betting types, keep it simple. Playing a five-game parlay may look sexy and exciting but it is extremely tough to hit a lowly two-game parlay forget about any other type of multiple game bet. Playing the occasional parlay after you’ve increased your bankroll by 20% to 30% is okay.

Until then, you need to stick to the basics: moneyline, point spread and over/under wagers.

Even skilled analysts can lose it all if they fail to practice sound money management. Never bet more than 6% of your bankroll on any one wager. Do not double up until you have increased your bankroll by at least 20% and once you lose a double up bet go back to smaller bets. Finally, keep track of all bets, wins and loses. The primary rule is to treat sports betting as you would treat any other business.

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