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Betting is one of the most popular pastimes in the United States. It adds a spirit of competition and sportsmanship a wager. Of course, I’m not talking about the bets my son makes, like betting on his Cox internet speeds being higher than any of his friends. No, I’m talking about serious sports betting. This blog explores how you can become a serious sports bettor in 4 simple steps. Read on to find out more.
4 Keys to Becoming Successful at Sports Betting
There’s one thing that we need to get clear straight off the bat. If you want to become a successful sports bettor and actually make some money instead of losing it, you need to discipline yourself. Discipline is at the core of all the tips I am going to give you in this blog. You need to have a disciplined approach to build your sports investment winnings. If you think you have the discipline it takes to become successful at sports betting, then follow these 4 key steps:
- Establish a Bank Roll
- Define a Unit
- Work on Your Investor Profile
- Find and Stick to a Betting System
Does that sound too simple? It may sound easy, but following these 4 steps can involve a lot of thinking, research, and of course, discipline. Keep reading for more information on each of these steps.
Establish a Bankroll
When people invest in the stock market, they define a specific amount of money they are willing to use in their investments. This same principle applies to wagering, and is known as what we call a bankroll. The size of a bankroll varies from player to player, depending on the following factors:
- The length of time you plan to bet.
- The amount of money you can stand to lose.
- The amount you like to bet on an individual sports game.
If you intend to wager or invest in sports betting for a longer period of time, your bankroll should be correspondingly larger. Similarly, if you can’t afford to lose more than a certain amount of money on betting, your bankroll should reflect that amount. Determining how much you want to bet on a single game can be more tricky, so let’s discuss that next.
Define a Unit
Determining the amount you like to bet on a single game is also known as defining a unit in betting circles. Your unit is the fixed amount of money you will allow yourself to bet on each game. To help determine the size of your bankroll, it is a good idea to keep enough money to make 20 unit bets from your allocated funds. You also need to factor in for the vig. When making a straight bet, you need to account for the vig, which you need to pay in case you lose the bet. You can define your unit by dividing your bankroll by the number of bets and vig you want to make.
Work on Your Investor Profile
Sports betting these days is more like investing than simply wagering. That means you need to start thinking of yourself as an investor rather than a bettor. An investor needs to understand the impact of making or losing a significant amount of money. As a sports investor, you need to work on your investor profile in order to be successful.
Sports betting offers different opportunities to suit different types of investors. There are people who lay the points, betting on more secure outcomes such as a favorite for a race. On the other hand, people who take the points focus more on a larger payoff from betting on an underdog. No matter if you prefer volatility, safety, or direct spreading, know what you can stomach.
Find and Stick to a Betting System
Of course, there is no such thing as a sure bet. But you can get close. Wagering on sports can lead to wins, but sports bets are not as easy to win. Otherwise, the betting industry would be bankrupt. In order to just break even betting straight, you need to win just over 50% of all your straight bets. To do that, you need to find a betting system that works for you and stick to it.
A long sample is your best guard against variance. A system you create yourself brings in a stronger sample size. You may even need to learn how to analyze betting trends on popular sports betting sites. Identify and capitalize on profitable trends that you can convert into your own betting system.
Making a winning bet is far from a sure thing. After all, it’s not like you’re doing a Google search for something concrete, like a Cox store near me. Betting will always have an element of risk and chance. How well you discipline yourself in your betting process and how well you stick to that process is what ultimately defines a successful sports bettor. Share any tips you have to add to this blog in the comments below.