Money Management Tips To Use When Betting On Sports

When betting on sports, it may come as no surprise for you to know that hundreds of bettors lose their bets. Well, losing at sports betting is just normal. But have you ever wondered why so many people lose at betting on sports despite the fact that sports betting provides them better chances of winning?

Some say that it is because of poor handicapping. But while this can be true, for me it is not the exact reason that bettors lose as there are hundreds of folks that are expert handicappers who still lose their shirts year in and year out. The truth of the matter is, people lose at betting on sports because of poor money management skills.

People with poor money management skills are usually uninformed. However, this is not often the case as others manage their money poorly because they are undisciplined. No matter what the case may be, people who lose at betting on sports are both uninformed and undisciplined.

So if you are serious about success in betting on sports, then I guess it is very crucial for you to make plan and remain disciplined. As what most of the money management experts often say, it is best to set up your own goals, your strategy for winning at betting on sports, and of course some betting rules that you will always keep in mind during your sports betting.

When I say setting up of your goals, what I mean is thinking first from what you want from a certain sportsbook. Always remember that when betting on sports, one should bet only with money that he or she can afford to lose. To put it simply, never bet with the rent money for this can only bring you lots of problems in the end.

As soon as you have set up your betting goals, you should then start defining the betting strategies you might take. One particular winning strategy that I am familiar about is the so-called betting on singles only. According to some expert bettors and handicappers, it is very important that when betting on sports you avoid accumulators.

Perhaps one main support for this is the fact that your possibilities for winning at sports betting are decreasing with every game added in accumulator. So at the beginning of the game or the betting season, try to set up your usual betting amount and only bet most of your singles. Then, when you find yourself winning at a particular betting season, do not increase stakes. This is also true when you are in losing streak.

Finally, betting on sports needs a time for little rest. So if you find yourself on a losing streak when betting on sports and it seems that you cannot win, maybe it’s time for you to take a little rest. Consider not betting for a week or two. This will help you obtain a better view of things. Also, know that in sports betting not all seasons are in your favor. You should know that most punters increase their bets every time they lose a couple of bets because they think that they can’t miss all the time. The truth of the matter is, that is not a truth for all times. The point is, don’t be greedy.

Sportsbook Betting Tips

The point spread’s sole purpose is to even the betting so that the amount bet on the underdog is equal to the amount bet on the favorite. The book makes its money on the vigorish or juice. So, if the amount bet on the underdog is the same as the amount bet on the underdog, the book is guaranteed a 10% profit on half the bets made, no matter which team covers.

The best linesmakers are those who have a feel for what the betting public believes. The betting line they set reflects the betting public’s perception of the strength of the two teams. It does not necessarily reflect the true relative strengths of the two teams. And the sportsbook betting public’s perception is often wrong.

Once you understand that concept, everything else will begin to fall into place. You will have an edge over most bettors.

Be objective. Listen to you head not your heart. Don’t bet against the Cowboys just because you want to see them lose. And, don’t bet on a team just because you like the team. And don’t bet on your favorite team if you are an avid fan. It’s almost impossible to be objective. Fans tend to be overly optimistic about their favorite team or overly pessimistic if things are not going well.

Be consistent. Bet the same amount on each game. Some players bet $200 on games they think are locks and $100 on ones they’re not so sure of. It’s those not so sure of bets that rack up the losses. If you’re uncertain about a game, don’t bet it.

Should you bet on the home team? Generally no. However, if you can be objective, you have an edge. You probably know more about your home team than those in other parts of the country because the local media gives extensive coverage to the home team, coverage that is not shared with the rest of the country.

Look for Trends. If you spot a trend, factor that into your decision. Some teams have other teams’ number. In the last four years the 49ers have covered against the Rams 7 of 8 times and the one time they didn’t, Young was hurt and they had to play Druckmiller, a rookie. In the last five years, Green Bay has lost 4 out the 5 games played in Detroit.

Trends are not guarantees. The trend might not hold and you lose your bet. But, remember the purpose is to increase your chances of winning. Based on past performance, if you bet on the 49ers to cover against the Rams, you’re more likely to win your bet than to lose.

Place your bets late in the week. By waiting until the end of the week, you’ll know about any injuries to key players that might affect how you bet. Sometimes, players are injured or aggravate an injury in practice. Or what seemed like a minor injury on Tuesday may turn out to be one that will keep the player out of the game. Also, weather conditions might affect your bet. Inclement weather often keeps the scoring down.

Limit the Number of Games You Bet. More is not better. The optimum number seems to be 3 to 6 games. Any more and the winning percentages tend to decline because the law of averages comes into play. (The more games you play the more likely you are to have 50% winners and 50% losers. And that’s a losing season, because of the juice.) Also, it’s easier to concentrate on a limited number of games.

Losing Streaks Happen. No matter what, you can count on a losing streak. It happens to handicappers, professional gamblers, casual bettors, and even books. Be prepared to ride it out. If you’re using Pro Predictor or a handicapping service, you must stick with it throughout the season in order to come out a winner. Leaving at the first sign of a losing streak will guarantee you lose for the season. Suppose you drop out only to have the handicapper go 5 for 5 the next week. Those are 5 wins you’ll never have and will affect your overall winning percentage.

Never Bet Against a Streak. This is a key to increasing your winning and decreasing your losses. Consider this a betting mantra. Say it over and over until it is firmly embedded in your mind. Never bet against a streak. And, if you’re going to bet on streaks, bet the streak will continue. And it doesn’t matter whether the streak is a winning streak or a losing streak. Ironically, logic will tell you that the odds of a streak continuing double with each additional week and you should bet against it. But there’s a hidden trap.

Consider the following scenario: In week 10, you notice that Green Bay has covered for 4 weeks in a row. Should you bet that the streak will end? Remember, each week the odds against the streak continuing double.

Betting Against the Streak: You bet $100 against Green Bay covering in week 11. Sure enough, they fail to cover. You’re $100 ahead. But what happens if they do cover and the streak continues. You’re $110 in the hole. What do you do? Do you bet another $100 against the streak in week 12 because the odds against the streak continuing are even greater? If you do, and the streak ends, you win $100 and now are only $10 loser and that’s the end of that. But, if the streak continues, you’re now $220 in the hole. What do you do now? Do you bite the bullet and take your losses or do you fall into the trap of chasing your loses? Do you continue and try to get back some of your losses? Do you double up in an attempt to cover your loses? Don’t do it. Doubling up is never a good idea. It is another trap that can cause you to have huge losses and it isn’t worth the gamble.

Betting with the Streak: You bet $100 that Green Bay will cover again in week 11. If they fail to cover, you’ve lost $110 and that’s that, much like a regular straight bet. But what happens if they do cover and the streak continues. You’re $100 to the good and if you continue to bet on the streak, the most you can lose is $10. If you bet another $100 with the streak in week 12 and the streak ends, your net losses are $10. But, if the streak continues, you’re guaranteed to come out at least $90 ahead and with each addition week the streak continues, you add another $100 to your winnings.

So, if you bet against a streak, the most you can win is $100 but you the amount you can lose is limited only by the length of the streak. If you bet with the streak, the most you can lose is $110, but the amount you can win is limited only by the length of the streak

Matched Betting Strategy – Taking the Gamble Out of Gambling

Definition

Matched betting by definition is a form of arbitrage that allows you to generate risk free profits by using free online bets in conjunction with betting exchanges. Using an appropriate strategy you should be able to compound a decent amount of profit within the regions of £700 to £1000.

Strategy

To apply such a strategy you need to open a ‘betting exchange account’ such as betfair and also a ‘bookmaker account’ that is offering a ‘free bet’ promotion.

The system works by placing a bet at the bookmaker and then laying (betting against) it off at the betting exchange, essentially all your doing when applying this technique is hedging your bets to create a profitable scenario that eliminates risk. The value in this betting method exists because of the ‘free bets’ entity. If online bookmakers were to stop offering them tomorrow this type of risk free bet would become obsolete.

To apply the strategy you’ll need to place two separate bets. Firstly a qualifying bet using your own money, and then another bet using the ‘free bet stake’. A typical example of how it’s done is shown below.

Real life example – using a £50 free bet

Qualifying bet

Bet type: Qualifying bet- £50
Event: Bolton v Fulham: Saturday 14th March
Bet: Bolton to win
Odds: Bookmaker odds: 2.1 | Betting exchange lay odds: 2.16
Profit /loss: £-2.73

Free bet stake

Bet type: Free bet- £50
Event: Barnsley v Crystal palace: Tuesday 17th March
Bet: Draw
Odds: Bookmaker odds: 2.2 | Betting exchange lay odds: 2.45
Profit /loss: £33.53
Matched bet overall profit: £30.80

The figures above all include betting exchange commission set at 5%

Tips

When matched betting the idea is to maximize profits the higher the free bet stakes the better your overall return will be. A £50 free bet is much better value than a £10 one for example. From personal experience I have found the best time to take advantage of high value bets are when special events are taking place. A prime example is the famous ‘Cheltenham horse racing festival’ in March. For some reason at this time of the year bookmakers love to give big free bets away that you normally cannot get at other times of the year. An example this year (2009) is ‘ladbokes’ they were offering a free £200 bet throughout the festival. To qualify all you to do was open an account place a bet and you would receive a freebie bet to the same value. This type of great offer never seem to materialize at others times of the year. So take advantage when they come along.

Another important tip when applying is to also take higher odds on your free bet stakes, if you follow this rule your return will be better, this is because most bookmakers will retain the free stake on your bet, so in order to maximize profits you must take larger odds. If the stake is indeed retained by the bookmaker I tend not to place the bet at odds any lower than 3.0 in a decimal odds format. This strategy I find gives me a fairly good return on investment relative to my free bet stake.