Going into sports betting as a beginner bettor can be overwhelming and confusing. Creating a strategy before you start putting money down can ensure betting stays safe and fun.
Strategies can change over time, especially as you become better at knowing how and when to place bets, which sports work best for you, if you like live betting or not, and more. These pointers are more aimed to beginner bettors, but are good tips regardless of your experience.
For those who are starting out with betting, check out this post on the best resources for beginner bettors.
Here are few easy ways to start putting together your betting strategy:
Set Your Bankroll Limits
Many sportsbook apps will have methods to help you limit and control your spending. You can set wager limits, weekly spending limits, and more. Sports betting is supposed to be seen as an investment, but allowing yourself to make huge wagers right off the bat can lead to reckless spendings and losses.
If you go into your betting with these limitations already in place, your app will not allow you to change them, and therefore you will stick to these promises. Setting your expectations low to begin with can help you make your money last longer while you learn the basics.
Learn How Odds Work
It’s important to know how sports betting odds work before placing any wagers. While the basics are pretty simple to figure out, each sport has different odds that affect the game in different ways. This is because the scoring systems for each sport can be different.
For example, you would not bet on tennis the same way you would bet on hockey, basketball, or football. Doing some research can help you quickly learn what all the lines and odds mean as you browse through various sports/league odds.
Odds reflect the probability of the outcome you are betting on, and can change frequently depending on how the circumstances of the game or match change.
Below is an introductory video on How Odds Work:
For more tips and guides on the basic concepts of betting on sports, check out our Beginner’s Guide here>>>
Do Your Research
The best bettors will search for the odds and lines that will give them the best payout. Different sportsbooks have different oddsmakers, and they will make up different odds from other books.
Experienced bettors do their research on several different sportsbooks before deciding where to place their wagers. The same games and outcomes can produce different amounts of revenue for bettors depending on which book or line you bet on.
Below is a how-to video for placing bets:
It’s also important to do your research on the specific sports and games you are planning to bet on. Your gut will only take you so far in sports betting. It’s important to look at all the data available (these days, there is a lot out there) and place knowledgeable bets. Even if it goes against your feelings as a fan.
There is SO much analytical data out there for sports these days. You can truly track nearly every aspect of the game, and this goes into how odds are created as well. Find a stats website you can easily understand and use it to help you make decisions.
You can also research how to bet on certain leagues and sports. Read our guide on how to bet on various sports leagues online.
Avoid Parlays as a Beginner
While you are learning the basics, it is best to avoid complicated bets, including parlays. Parlays have a lower success rate because there are usually 2-3+ factors going into whether you win the bet or not.
Even the most experienced and successful bettors struggle with parlays, so it is advised to avoid them as a beginner. You’ll end up burning more money than you’re making as a beginner.
When you’re ready to start putting your toe into the waters of parlay bets, read this guide to parlay betting.
Even Out Your Wins and Losses
A concept sometimes called “Dutching” or “Hedging” in different scenarios – basically places multiple opposing bets in order to even out your losses.
For example, if you were betting on a basketball game, you could place one bet on the home team, but then place another bet on the visiting team. That way, you win no matter the outcome. You can make back some of the wager you placed on the losing bet.
Learn When to Cash Out
Depending on the sportsbook, type of game or event, and the timing, sometimes you can cash out of your bet at any time. This can help you avoid losses.
In some situations, you are able to cash out your bet before the game is done. If the team is doing particularly well at the moment and your payout is high, it may be better to cash out sooner to take advantage of the bigger win.
On the other hand, if you see your team is starting to slide into unwanted territory, you can cash out before your payout gets lower or you lose some money you could have made by cashing out early.
This strategy works best in live betting situations, especially when you are able to watch the game yourself. For more tips on live betting for beginners, we have a guide for that too!
Intermediate Strategizing
Once you feel like you’e learned the basics and want to up your sports betting game a little bit, there are more ways to do so. Getting into parlays, tracking trends, and getting deeper into statistics are all ways to develop your sports betting game.
If you understand the sport you’re betting on, and then begin to learn the ins and outs of odds, lines and sports betting, there are more strategies to help you make more money.
To learn more, we have a guide to intermediate betting as well.
Happy Betting!