How to Be a Profitable Sports Bettor?

Sports betting is totally based on anyone's knowledge about any particular game or luck. Those who did this type of betting are also called gamblers. 

But, most of the new bettors started losing their money in sports betting as they didn't know the basics. 

Well, that's the reason why we are here. In this article, we will guide you on how you can become a profitable bettor.

What Are The Basics of Sports Betting?

Before I tell you how you will become a profitable bettor, you have to learn its basics. 

Without knowing the basics, you will always lose your money no matter how hard you work. 

Here, from basics, I mean how odds work, the type of bets available, and principles of bankroll management. So, let's check them out:

Types of Odds

1. Decimal Odds: This is very common in European countries, Canada, and Australia. This represents the overall payout instead of profit. 
2. Fractional Odds: This type of odds are very popular in the UK as these are expressed in the form of fraction like if you bet $1 at 5/1 returns, that means if you win you will get $5. 
3. Moneyline Odds: In the USA, these odds are dominant and can be negative or positive. However, positive odds means how much profit anyone makes on $1. While negative odds show how much money they need to make $1. 

Types of Bets

1. Moneyline Bets: This type of bet only bets on the outright winner of any particular game. 
2. Point Spread Bets: It bets on the margin of victory. 
3. Over/Under Bets: When total points scored by both teams are over or under the betting number. 
4. Parlays: It is very popular as it combines more than one bet into one. 
5. Props: This type of bet is specifically based on specific events within a game. 

Bankroll Management

If you want long-term success as a bettor, then understanding bankroll management is very crucial. 

Those who learned about bankroll management have a very low risk of losing money in a single bet. 

Bankroll management will help you to manage your money and allocate a specific amount of money for betting. Here are some principles on which it works: 

1. Set a Budget: Initially, make sure to decide how much money you can afford to lose without affecting your financial stability. 
2. Bet Size: Always bet on 1-5% of your bankroll on a single bet. 
3. Record Keeping: People always forget to keep track of their bets and that's a very bad thing for you as a bettor. Always make sure to keep track of all your bets, including profits and losses. 

Developing a Winning Strategy

It is crucial to develop a winning strategy after managing your bankroll and understanding the basics. 

This is because when you are betting, it is not good to rely only on luck. You must check out these strategies: 

Research and Analysis

1. Statistical Analysis: Doing statistical analysis before diving into the betting game is very crucial. It will give you an idea of how other plays have performed in recent times. 
2. Injury Reports: If you are into sports betting, it is very crucial to know about the injury reports of any player. Moreover, you also keep your eyes on players' suspensions. 
3. Weather Conditions: Check the weather status before the match starts. In my opinion, do this prior to 1-2 days before the match day.  
4. Form: Check the player's recent performance. The players who are in form are most likely to perform better. However, if you need more information regarding this, visit this link. 

Value Betting

If you want to be a profitable bettor, then value betting is the cornerstone for you. It allows you to identify the bets where you will have the chance to get higher returns. 

1. Calculate Implied Probability: This helps you play with the odds and convert them into implied probability.
2. Compare with Your Estimates: However, suppose you find that the outcome of your analysis has a higher probability of an outcome is higher, then my friend, you have got your bet. 
3. Bet Accordingly: Now, once you find your bet, wisely place the bet if the opportunities are good. 

So, that’s all we have for you. It’s our hope that you find this article helpful. For more info, comment below.