Sports Betting Tips for Beginners
The American Gaming Association estimates that $150 billion is illegally wagered by Americans on sports each year through illegal bookmakers and offshore betting sites. However, with the Supreme Court ruling of 2018, more states are legalizing sports betting. Cue the influx of new punters sure to make the kinds of newbie mistakes that keep sports books in the money.
Fortunately, you don’t need to bet blindly. Use the smart, time-tested advice from the experts to help you protect your bankroll and enjoy this new hobby with the least drama. Here are our top 7 tips for helping you get savvy quickly.
I. Do Proper Research
Sports betting is one of the biggest money makers for casinos, sports books, and handicappers of all stripes, and all of them are in it to win it. They spend a lot of resources gathering all the data they can to help them win as often as possible. However, you shouldn’t be intimidated since you can always do research on your own.
Learn all that you can about the sports and teams you will be wagering on. Twitter can help you gain insight on lines and read up on all the analysis that you can. Make sure that you understand all your stats: your winning percentage, ROI, and units. It might seem a bit tedious, but the time you spend on research will help you protect your bankroll.
II. Be Safe
Con artists are in plenty, just as is the case with anything new where there’s an opportunity to make some money, and are waiting to prey on the newbies. In the world of sports betting, they are known as “scamdicappers” and you will often find them on Instagram.
Thankfully, you can avoid such with a few simple tips. Be on the lookout for accounts without verifiable win/loss records, promises of “guaranteed wins” and an obsession with showing a high -roller lifestyle. A lack of user reviews or comments is also a huge red flag according to Irish betting site, Green Betting Sites.
III. Take Advantage of Bookmaker Rewards and Bonuses
Online betting sites are constantly hunting for new customers, and most of them offer sign-up bonuses that you can take advantage of to defray your losses and extend your bets. Don’t shy away from enrolling in loyalty programs because these platforms often reward repeat customers with special offers.
IV. Don’t Play Favorites
You will obviously have favorite teams, but limiting your betting to wagers favoring them can be quite disastrous. Betting is all about the cold, hard numbers. Always remember to bet with your head and not your heart. You can bet on your favorites sometimes, but always be smart about it.
V. Remember: Lines Don’t Predict Scores
Understand that lines are constantly shifting due to random new information, weather, betting action, etc. Never fall into the trap that they indicate outcomes. Bookmakers want as much action as possible on both sides, and the lines are intended to encourage that tension.
VI. Don’t Chase Losses
Quite self-explanatory, right? Experts agree that chasing losses in an attempt to recover is a guaranteed way to end up in financial ruin. Always try to think of each bet as separate from the previous one and the next one.
VII. Stick to the Limit You Set and Quit While Still Ahead
While this might sound like common sense, it’s still very easy to get swept up in the heat of the moment. Ensure that you know your limits and never exceed them. Reputable sites, such as BetMGM, for example, will even help you to do so, with the options to set and easily reduce spending limits, suspend your account temporarily, and even limit the time spent on the website. They will also make it harder to increase those limits after setting them.
Final note: any good gambler always knows that you should quit while you’re ahead.