Sports betting combines both skill and chance. It definitely requires some luck, and you’ll need a few strategies to sharpen your approach. Those who can effectively implement their sports betting plans will have a better chance of success over time.
But there isn’t a one-fits-all type of betting strategy. In this guide, we will run through some of the most popular ones which we will explore in more depth.
How do sports betting odds work?
Betting isn’t carried out in a vacuum. At many of the best offshore sportsbooks, you will find a slate of odds for any given game or fixture for you to sink your teeth into.
The odds will reflect the probability of a team winning, and where there is a raft of fixtures, there will be tons of odds advertised, and you can drill down your preferred markets.
At all reputable sports betting operators, the American odds will be the default setting. Odds are assigned to teams in a plus or negative (+) or (-) format, with the + plus part denoting the underdog, while the negative will have a (-) symbol.
Odds can also be presented in fractional or decimal for the European counterparts, but there will be a bet calculator that will work out how the odds for you.
Handy Tip: Sports betting odds come in all forms, but compare the prices at sportsbooks before committing to one.
Bet Calculators and Informing Betting Strategy
The bet calculators are available at all of the best new betting sites. This will be an intuitive feature where you fill in a betting slip complete with odds and the amount you wish to wager.
From here, the bet calculator will do the rest for you depending on which type of bet you wish to make. It will outline what your total return will be, and it makes betting convenient whether you are at your desktop computer or on the move.
Bookmakers will also input odds when carrying out their research to determine what odds should be allocated for say an NBA match and for over/under betting if you think it will be a high-scoring encounter, such as Over 140.5 points. Here, 141 points or more will need to be scored for your bet to be returned as a successful one. It can also help as part of the research process to determine which sportsbooks provide the best odds.
Nowadays, bettors expect plenty from the sportsbooks they play at. Aside from a mobile betting app, they also crave a good user experience, complete with strong odds. We also have plenty of sophisticated sports betting strategies below that should help reinforce things for you and make you feel confident in the long term.
Betting Strategies for Beginners
Failing to prepare is preparing to fail as the old saying goes. So, if you are not sure where to start, then you should indulge in some line shopping. Compare sportsbooks and judge them on their merits, more specifically, so you can get more bang for your buck when betting.
Bankroll your Account Effectively
It can be tempting to go all out with say a props bet for an EPL game between Chelsea and Brentford, but instead, don’t go overboard too soon. Well, especially if you aren’t sure about the type of betting market – perhaps limit to one or two bets. Moreover, you should establish how many units you are prepared to sacrifice before you place your wager.
Read up on Stats
If you want to put yourself in the know, then you should read up on all the key stats ahead of a game, such as head-to-head records and current form. This will affect odds movements, especially say if a star player is injured. If you didn’t realize this beforehand, then it is best to steer clear of a particular team, as it will impact hugely upon their performance.
Fade the Public
There are some common pitfalls to avoid when devising a sports betting strategy, but above all, go with your own judgment. While the general public may have their own opinions and views about a sports betting event, don’t be a sheep and follow the crowd. Instead, if you have a hunch, then you should go with that instead.
Be Aware of the Gambler’s Fallacy
Anyone new to sports betting, should know that things happen independently from one event to the next. So, if you noticed that say Tom Brady hasn’t been making so many touchdown passes of late, don’t back him next time in the hope he will rectify things, otherwise, you could be disappointed.
Sports Betting Strategy – How much should I Place on a Wager?
As far as a sports betting strategy is concerned, the first thing you ought to ascertain is the level of risk you are willing to accept.
One common betting strategy, therefore, is to use a unit system. This equates to a certain percentage of your bankroll on each bet. Normally, this will be worth 1 or 2% of your bet. So, if you had a $1,000 bankroll, you would make a bet that is worth $10 or $20. You might be tempted to place $10 on the Tampa Bay Lightning to beat the Toronto Maple Leafs, and the Lightning is trading at a longer price despite having more pedigree. However, a win on the Moneyline could see you land a total return of $23.90 which will be worthwhile.
You can of course refer to the odds available to see which ones provide the most value. Sometimes, you may be willing to wager more if the odds available are very short for sure-fire bets, but it can pay off to try out odds that have longer odds attached.
Ultimately, whatever bets you decide to place, you should consider your financial situation, and don’t wager what you can afford to bet.
Handy Tip: Only if you are a high roller, should you consider betting with more than the advised betting units amount, ie more than 2%, as you will be able to cushion the blow of any losses incurred.
Sports Betting Strategy FAQs
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Sports Betting Strategy – How to Place a Bet?
If you are looking to fine tune your betting strategies, then you ought to do so at one of the best sportsbooks – BetOnline. We will show you the process of what is required, using a simple step-by-step guide for how to place wagers.
Step One – Create an Account with BetOnline
Firstly, load up the BetOnline homepage and click the green “Join” button. Next, add your details on the registration form that opens, and choose a username and password. Then, click “Create Account.”
Step Two – Verify your Account
After registering your account, BetOnline will email a verification link to you, which you must click to activate your new profile. Once you’ve done this, use your new credentials to sign back into BetOnline and access your account.
Step Three – Make your First Deposit
You will now be free to fund your account. So, click the blue “Banking” button on the homepage and choose your preferred payment method. Make sure you can deposit and withdraw using the same option. You will also see some BetOnline promo codes to activate, so enter the code BOL1000 when prompted.
Step Four: Choose Your Sport
The “Sports” tab will be deluged with options, so select the sport you say want to place Over/Under bets on. Odds will be clearly advertised for this section.
Step Five: Place your Bets
Once you have safely negotiated the above stages, then it will now be time to place your bets. You can use BetOnline’s user-friendly betting slip to fill in your selections and the bet calculator will work out what you stand to make from a wager. Happy betting!
Sports Betting Strategies for More Advanced Players
If you are a more experienced bettor, then there are more advanced and sophisticated betting strategies that you should consider to enrich your wagering experience.
Hedge Betting
This is a form of arbitrage betting since you are betting against yourself. Certainly, this can help if you are unsure of a wager coming off, and it acts as a form of insurance, so you can limit any losses you might make.
You could, for example, place a $100 futures wager on the Buffalo Bills to win the Super Bowl at a price of +950. The potential return would be $950 and the original wager ($1,050) in total. Meanwhile, if the New York Jets (+1200) were to face the Buffalo Bills in the Super Bowl, a bettor could place a $100 wager as a way to shore things up if their original wager was unsuccessful.
Dutching
Dutching has multiple meanings, but it is an umbrella term for any set of bets that are guaranteed to give you a profit. You can bet on one or more horses in a specific event. With dutching, you can adjust your bet size, so you win the same amount, regardless of the outcome. So, for example, you might wish to place a wager on the Penn National, and back Kate’s Golden Dude and Animated Moon.
Horse Racing Betting Strategy
Dutching and horse racing go hand in hand, and you can adopt this strategy at the best horse racing betting sites. In the example we used above, you could try and pick the winner, or alternatively, you could go for something more exotic, such as placing a trifecta, where you wager on the horses to finish first, second, and third in that exact order. It is a bold move, but it can pay dividends.
Make the Most of Value Betting
This involves placing bets where some operators have underestimated the lines. These can be more niche, such as wagering on the NFL draft position for Paris Johnson and the Over 8.5 spot, which is currently priced at +160. This can be a good way to make money if you understand the ins and outs of the NFL draft season, especially if you are seeking to make a quick profit from non-match markets at the best football betting sites.
Live Betting Strategy
Live betting has been the ultimate game-changer for most operators. Bettors are given more freedom and flexibility over the types of wagers they place, and the odds will fluctuate in real time. For those not used to it, live betting can be fast and frantic, but there are a few things you should take into consideration.
Firstly, look at the live betting interface. Is it user-friendly? Does it have sharp odds? The best live betting sites will be complete with some of the finest tools, which will include a statistics center that will crunch the numbers as the action unfolds. Ultimately, you can approach live betting with more confidence and not get too flustered in the process.
Also, the top sportsbooks for live betting will allow you to cash out before an event finishes, so you can recover any potential winnings early. Make sure you can cash out your entire stake rather than partially before you place a wager. The sportsbooks we work with are also among the fastest payout betting sites.
Interestingly, the US sports betting market is set to grow by nearly 14% over the next four years, and live betting has played a big role in its success.
Understanding Round Robin Betting Strategy
Requiring at least three wagers on teams or athletes, they are like their own mini parlays. But to be successful, you only have to select two winning outcomes, so there is a bit more leeway. Sometimes, it is good to find value in underdogs when placing a round robin bet, so if the Golden State Warriors were facing the Houston Kings in a regular season game, then the Warriors would be the standout favorites judging by their standing in the Western Conference and pedigree.
So, let’s present this in the table to make things easier. We have shown what a bettor would make if they win with all three picks for say three Western Conference games.
Parlay Wager
Result
Risk
Parlay Odds
Potential Payout
Team A + Team B
Win
$10
-110
$19.09
Team A + Team C
Win
$10
-110
$19.09
Team B + Team C
Win
$10
-110
$19.09
Total Payout:
$57.27
And here’s what they stand to make when a bettor wins only one of their picks.
Parlay Wager
Result
Risk
Parlay Odds
Potential Payout
Team A + Team B
Loss
$10
+100
$0
Team A + Team C
Loss
$10
+100
$0
Team B + Team C
Win
$10
+100
$20.00
Total Payout:
$20.00
Parlay Betting Strategy
Unlike round robin betting, all legs of the bet must prevail for you to return a successful wager. Ideally, you should shop around for the best odds, and while there’s no written rule about how many picks you should have, perhaps limiting to three or four is safer to improve your chances of winning. We have provided a table illustrating what you would stand to make if you made an NBA 3-leg parlay and made a $10 wager at the best parlay betting sites.
Pick
Odds
Memphis Grizzles to beat LA Lakers
-165
Miami Heat to beat Milwaukee Bucks
+460
Golden State Warriors to beat Sacramento Kings
-170
Total Payout
$132.84
Handy Tip: You should limit your picks. Don’t get carried away when you see the betting markets, and with parlays, there is a chance that one leg may let you down.
NBA Betting Strategy
Parlays are one of the first things that come to mind when it comes to wagering at the best NBA sportsbooks. Some sites will have same-game parlays available, or you could instead place a bet on three separate regular season games to whet your appetite. Remember, with a parlay, all legs must win for your wager to be successful.
Zero Risk Betting Strategy
As it sounds, a zero-risk betting strategy is one where a punter adopts little or no risk for a sports bet. They mirror some of the same characteristics as hedge bets. For example, bettors can back and lay wagers, and by doing this, there is a higher probability of winning a bet. With these kinds of insurance bets, they tend to be conducive for golf.
So, in the above example, we have shown the odds for the Mexico Open. Each week, PGA Tour events are stacked with huge fields, and picking a winner can be notoriously tough. You may like the look of Jon Rahm to win, but as a saver, you may like to back another golfer to finish in the top-10, so even if Rahm doesn’t pull through, then your bet won’t be completely wasted.
Sports Betting Strategy – Common Mistakes to Avoid
If you want as close to as watertight a sports betting strategy as you can get, then you ought to steer clear of these pitfalls to improve your chances of success. These tips are relevant and apply to novice and experienced bettors.
Being Swayed by the Favorite
Sometimes, it can all be too easy to be tempted by and lean towards the favorite. In most cases, the favorite will be assigned very short odds, so there is little value if you place a sizeable wager, as the return will be small if you win. Ideally, you should try and plump on the underdog which will have longer odds.
Don’t take Tips as Gospel
Of course, it is always a good idea to read as widely as possible ahead of a major sporting event. Most betting sites will have good resources, including tips and previews that will have been produced by the army of in-house writers. Tap into this but do your own research, as they aren’t always right.
Not recording results
It is good practise to record results as you go along. So, whether you are a novice bettor or a more experienced player, you should keep a running track record of how your bets have been performing. You can learn from success as well as failure, and if needs be, you can tweak your betting strategy to provide more consistent results.
Taking Unnecessary Risks
While you should try and challenge yourself when you bet, it shouldn’t be to the detriment of your overall experience. Take time to think about the wagers you are placing, and you should avoid taking unnecessary risks, otherwise, it will impact on your bankroll.
Not setting a budget
Before you embark on each playing session, you should have a clear figure in mind in terms of betting units you are prepared to sacrifice. You shouldn’t overexceed your budget and have an idea in mind of what you are prepared to lose. You should always gamble responsibly, otherwise, things can quickly spiral out of control.
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Conclusion – The Best Sports Betting Strategy
Ultimately, each sports betting strategy has its own merits and downsides, and you should use one that fits your style of play. Sometimes, it can be tantamount to trial and error, but patience is the key.