How to Boost Your Sports Betting Skills
Last Updated: January 26, 2023
The journey to becoming a good sports bettor is long and hard, but depending on how good you become it can also be very profitable.
With this sad, betting on sports is a profession like all others, it requires a certain set of skills that will help you excel in the activity.
If you are not sure where to start and what to focus on when it comes to sharpening your betting skills, you are in the right place.
Below we have prepared the most important things you should work on to become a successful sports bettor.
Learning How Sports Betting Works
The reality is that most occasional bettors don’t really understand how sports betting works. By this, we mean that they do not know how bookmakers make their money or which approach they themselves need to take to make money betting on sports.
To get a better picture of the sports betting industry, you will need to do your own research, Keeping up to date with the latest handball results or knowing who the hot players are in the NFL certainly helps, but there is more to it than meets the eye.
Only when you know the business principles of sports betting can you start creating your own approach to it.
For example, most recreational sports bettors think that bookmakers only make money when bettors lose a bet. This is not true.
The ultimate goal of betting shops and betting platforms is to give odds that will create equal action in both directions. When this happens they are guaranteed a profit thanks to the commission they take for each bet.
In other words, bookies don’t gamble, and they don’t have to, as they have the perfect business model that allows them to have a steady profit.
Learning the Concept Of Value
There are two main approaches on which all sports betting is based. The first approach is insider information and the second approach is value betting.
Betting based on insider information can be very hard as there is only a limited amount of information that is not available to the public. Bettors need to have very good connections in clubs to learn the information before it gets out.
Value betting on the other hand is the more practical approach for most sports bettors. With this approach, punters only place bets on betting odds that have value, meaning they only wager money on odds that have a higher return than they should.
This approach can be difficult to understand since it is not focused on finding winners but rather on buying value. However, it is crucial for every serious bettor to learn what value betting is as it is the best way to make money on sports betting.
Understanding the Concept of Variance
The concept of variance is one of the most difficult aspects of sports betting. While variance is not hard to understand on paper, accepting it in practice is much harder. This is something with which most sports bettors struggle.
Learning how to cope with variance will be one of the hardest but also one of the most important things that you will need to do to become successful in this industry.
And while most people see variance as something negative, an unusually long period of losing bets, there are also negative consequences that unusually long periods of winning bets can have.
For bettors that are new to the game, positive variance can have a particularly negative impact. They will often start paying less and less attention to the preparation of the bet, thinking they have figured it all out.
For this reason, it is important to learn everything there is about variance, and how it can impact your overall betting strategy.
Understanding What to Expect
Lastly, you need to understand what to expect from sports betting in terms of profits. Profitable sports betting is not about placing 15-leg accumulators or making crazy prop bets with big payouts.
It is not about making a big score. Instead, it is a grind that will show consistent results over a long period of time.
Even the best betting syndicates in the world have an expected return on investment that is lower than 5%, so you should not expect to get rich overnight.
Sports betting requires players to consistently make good decisions and not get attached to the results. One of the golden rules of sports betting is to make it as boring as possible.
By doing this, you will keep your emotions from interfering with your decisions and this will put you on the right track to success.