Sports betting has seen a massive rise over the years, and it is only expected to get more popular in the United States. The US sports betting market was valued at around $11.5 billion in 2021. Up until 2030, this is expected to increase by 10% annually.
If you are someone that is looking to get in on the action, you may be wondering how you can increase your chances of winning these bets. Read on for five sports betting tips that could help you do just that.
1. Determine Your Bankroll
Before you place your first bet, it is important that you determine what your bankroll is going to be. The reason for this is that this will force you to stick to a strict budget when it comes to sports betting.
Also, there is a small percentage of gamblers that will turn into addicts. Having a budget allows you to only bet with money that you can afford to lose. Going this route can help you avoid putting yourself in a bad financial position.
So, what you want to do here is see how much money you have in your savings and other assets. Then, the idea here would be to take a portion of that money and put it to the side. That is the money that you will use exclusively for sports betting and it will act as your bankroll.
From there, you will know exactly how much money you have to work with. Then, you can decide how much you are going to bet based around that bankroll.
2. Know What Units Are
Once you determine what your bankroll is, you can switch your focus towards units when it comes to sports bets. Units are a term that bettors use to describe what percentage of their bankroll they are going to place on one bet.
Typically, one unit represents 1% of their total bankroll. For the average bet, that is what a bettor will place on any given bet. On less common occasions, bettors may put an extra unit on something they are particularly confident about or only place half a unit on something they are not as confident about.
The idea here is to only bet a small portion of your bankroll at any given time. Knowing your units allows you to do this because it protects you from a cold streak.
If you happen to lose 10 bets in a row, you only lose 10% of your bankroll rather than losing your entire bankroll if you panic and try to get all of that money back at one time. You can adjust how much value each unit is depending on how often you win and lose with sports bets.
3. Shop for Odds
Another thing that you will want to do as a sports bettor is shop around for odds. Luckily for you, this has been made much easier for sports bettors to do in decent years.
You should have plenty of sportsbooks that operate legally in your state, so check all of them and see what the best line that you can get in a game is.
Maybe you would rather get the Kansas City Chiefs at -7 than -7.5. Maybe you would rather get those same Chiefs at +200 to win the Super Bowl than +180.
These may not seem like a big difference for one small bet. However, in the long-term, decisions like this could add up.
As a bettor, it is your job to give yourself any competitive advantage that you can get over a sportsbook. Take the time to research what sportsbook gives you the best chance at winning a spread or the chance to maximize your profit on future odds.
4. Fade the Public
When it comes to sportsbooks, one thing you want to know is that lines are designed to get slightly more than half of the handle on one side. What that means is that if you see a large majority of the betting public betting on one side of the line, you may want to consider going the opposite way.
One big example of this was the 2021 SEC Championship. Here, Georgia was the favorite by 6.5 points against Alabama. Almost the entire betting public believed Georgia would cover this spread, with 94% of the handle going toward them.
Well, not only did Georgia fail to cover the spread, they lost the game outright. Sportsbooks made a lot of money off of this game, and it is a window you can take advantage of too if you know when to fade the public.
5. Study One Sport
Finally, if you want to increase your chances of making a profit, you are going to want to focus more of your betting knowledge on one sport. The reason why you want to do this is because becoming an expert in one sport can increase the success that you have overall.
Instead of trying to know a little bit about every sport, you can try and figure out every single betting pattern and betting trend that one specific sport has. Then, you can pick up on those little details that tell you that this is the right time to strike.
Get More Sports Betting Tips
These are just five sports betting tips that you can use to increase your chances of winning. You need to determine your bankroll, know what units are, shop for odds, fade the public, and focus your energy on one sport.
Do you want more tips for sports betting? Click here to get free sports picks and free sports betting tips from us today.
