Creating a sports betting plan is a crucial aspect of successful sports betting. Without a plan, you’re likely to lose money and may even develop an addiction to gambling. To help you develop a solid sports betting plan, we’ve compiled a list of the best tips for creating one. This, btw, implies that you have already picked which betting site you want to use.
Set Your Goals
Before you start betting, it’s essential to determine your goals. What do you hope to achieve through sports betting? Are you betting for fun or to make money? Setting realistic goals is crucial to help you stay motivated and focused on your betting strategy. If you just want to drink with friends and place bets, go for it! If you are trying to make real cash with this and use it as a source of income, you better really know your stuff.
Choose Your Sport and Betting Market
One of the most important aspects of a sports betting plan is choosing the sport and betting market you want to focus on. It’s essential to choose a sport you know well and understand the nuances of the game.
For example, if you’re a soccer fan, focus on betting on soccer games. Additionally, it’s crucial to choose a betting market that suits your betting style, such as handicap betting or over/under betting. If you have never watched a game of water polo before, you probably shouldn’t be betting on water polo. If you’ve never heard of Jeremy Sochan, don’t act like a Spurs fan and bet on his rebounds prop for the night. As you are starting off, just go with what you know.
Determine Your Bankroll
Your bankroll is the amount of money you’re willing to risk when betting. It’s essential to determine your bankroll before you start betting and to stick to it. A good rule of thumb is to never bet more than 2% of your bankroll on a single bet.
Always know that you should never bet with money that you don’t have. Every time you place a bet, you should just assume that it’s money you are going to lose. Don’t ever bet on money that is needed to pay for bills.
Develop a Betting Strategy
Developing a betting strategy is crucial to help you make informed betting decisions. Your strategy should include the types of bets you’ll make, the markets you’ll focus on, and the research you’ll do before placing a bet. You should also determine how much you’ll bet on each game and how often you’ll bet.
Develop Betting Units
Betting units are a way to manage your bankroll in sports betting. A betting unit is a set amount of money that you’re willing to risk on a single bet. The size of your betting unit is determined by your bankroll and your personal risk tolerance.
For example, if you have a bankroll of $1,000 and decide to use a betting unit of 1%, then your betting unit would be $10. This means that you would risk $10 on each bet. Using betting units helps you to manage your bankroll and avoid making risky bets that could put you in financial trouble. It also helps to keep your betting consistent, allowing you to track your progress over time and make adjustments to your strategy.
By using betting units, you can ensure that you’re betting responsibly and maximizing your chances of long-term success in sports betting.
Research Your Bets
Before placing a bet, it’s essential to do your research. This includes looking at past performance, analyzing the team’s form, and considering any injuries or suspensions. It’s important to look at the odds and compare them to other bookmakers to ensure you’re getting the best value for your bet.
On top of that, don’t buy into what “experts” who you’ve never heard of are saying. There are many “pro handicappers” on the internet that will tell you to buy their picks when they in fact don’t do any research themselves. Make sure you are making smart decisions and betting from a place of knowledge and not just some schmuck who is living in his mom’s basement making best.
Keep a Record
Keeping a record of your bets is crucial to help you track your progress and identify areas for improvement. Your record should include the bets you’ve made, the amount you’ve bet, the odds, and the outcome of the bet. This will help you see which bets are profitable and which are not. Keeping a journal and writing it all down is a key way to make sure you can go back and learn what works and what doesn’t work.
Manage Your Emotions
Managing your emotions is crucial in sports betting. It’s easy to get caught up in the excitement of a game, but it’s important to stay calm and make rational betting decisions. Additionally, it’s crucial to avoid chasing losses and to stick to your betting plan. I always say not to bet on teams that you root for because it makes it harder to differentiate your feelings.
If you are a diehard Dallas Cowboys fan, walk away from the sportsbook on Sunday with your Cowboys ticket in hand. You may think you are an expert on the team, but what you really are is clouded in the head about what will happen in the game because of your own personal rooting interests.
Use Bonuses and Promotions
Many bookmakers offer bonuses and promotions to attract new customers and reward loyal customers. If you see free cashback options or free bets or even boosted odds, shape your bets around those promotions and try to capitalize on your winnings. It’s important to take advantage of these offers, but it’s essential to read the terms and conditions carefully to ensure you meet the requirements to claim the bonus.
Taking breaks is essential to avoid burnout and to help you maintain a healthy relationship with sports betting. It’s important to take breaks regularly and to never bet more than you can afford to lose.
Creating a sports betting plan is important as it can help you make informed betting decisions, manage your bankroll, and stay motivated. By setting goals, choosing your sport and betting market, determining your bankroll, developing a betting strategy, researching your bets, keeping a record, managing your emotions, utilizing bonuses and promotions, and taking breaks, you’ll be well on your way to creating a successful sports betting plan. Remember to always bet responsibly and to never bet more than you can afford to lose.