Did you know that the global sports betting market is expected to be worth $179.3 billion by the year 2028? This statistic is not surprising when you consider how many places are starting to legalize the practice of sports betting.
The newfound legalization means that there are a lot of beginners. Unfortunately, beginner betters are prone to making a lot of mistakes when they start. And, if you are not careful, you can end up losing a lot of money.
That is why we made this guide. In it, we will be going over six sports betting tips that every beginner should keep in mind. That way, you have the best chance of avoiding some costly mistakes.
1. Get the Basic Betting Terminology Down
You do not need to be an expert to start betting on sports. But it is important that you familiarize yourself with some of the common terminologies. That way, you are not flying in the dark while placing your bets.
Let us start out with some fairly basic stuff: favorites and underdogs. When oddsmakers decide that a team is more likely to win again, they will designate them as favorites.
You can identify them on betting sites as the team with a negative sign next to their name. Underdogs, the team that is less likely to win, will have a positive sign next to their name.
You typically stand to make a lot more money by betting on underdogs than you would favorites. There are two main ways that you can bet on favorites and underdogs: point spreads and money lines.
With point spreads, you are betting on the specific margins of a victory. For example, you might bet that the Eagles win by seven points. If the Eagles win, but only by three points, you will not win any money.
Money line bets are simpler. With these types of bets, you are just betting on which team will win. From there, American odds will determine how much money you stand to gain for the win.
2. Start Off Slow
The most important piece of advice we can give beginners is to start things slow when you begin betting. It is always good advice to never bet more than you can afford to lose.
But, when you are still a beginner, you are bound to make rookie mistakes. So, instead of throwing perfectly good money down the drain, just start out with small bets instead.
Sure, you will not make as much money if you win. But it will teach you valuable knowledge about betting. Once you get into the swing of things, you can begin increasing your betting amount.
3. Create a Bankroll Management Strategy
Your bankroll refers to the amount of money that you can spend on betting in any given period. It is a good idea to have a management strategy for these funds.
It is common to see even experienced betters lacking a bankroll management strategy. Unfortunately, this often leads people to bet their entire bankroll on a single game.
This is a flawed betting strategy because it means you will be completely out of money in the event of a loss. Instead, pick a management strategy where you only bet a certain amount on each game.
Remember that the goal of your strategy is to stretch your bankroll out for as long as possible. So, it cannot hurt to keep detailed notes of how much money you are spending on each game.
4. Stay Disciplined
If you are serious about sports online betting, it is important to stay disciplined when you bet. First, that means betting with a clear mind. Avoid getting too drunk on game day before you bet.
This can impede your judgment and cause you to make some serious mistakes. If you want to drink afterward, that is fine. But do not do it before. Next, make sure you stick to your bankroll strategy.
When you see everyone betting hard, it can be tempting to up the ante a little. Discipline ensures that you stick with your original bet amount even when there is some peer pressure to bet more.
5. Find a Betting Site You Trust
Sadly, there are a lot of scam artists out there in the sports gambling world. You can find a lot of these in the form of betting websites that take your money while withholding winnings.
You can avoid these sites by doing your research before you ever bet on a new site. Read some reviews first. These will give you a good idea of what the average experience has been.
And, when betting on a new website, make sure you always start out small. Once you trust the site, you can start to up your betting amount.
6. Do Your Research
When you are a beginner, you are often relying on favoritism and instinct to pick your bets. You might bet on a team because you grew up watching them or because a friend recommends it.
If you bet this way, you will learn quickly that it is not very effective. Instead, do your research before a bet and stay as objective as you can. Consider using these types of professional sites that allow you to see predictions for NFL future odds.
Also, do not be afraid to bet on teams that are considered rivals for you. If you want to be successful at sports betting, you are going to need to take emotion out of the equation.
Appreciate Learning These Sports Betting Tips? Keep Reading
We hope this article helped you learn some sports betting tips for beginners. When you are just getting started, it can be easy to get carried away, especially if you have some early wins.
The most important piece of advice you can take is to not let these early wins go to your head. Sports betting is all about statistics. And the sooner you know that statistically you are bound to lose, the smarter you can bet in the future.
Appreciate learning about sports betting? Keep exploring our website to find plenty of similar topics to choose from.