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When first looking at sports betting, it’s a good idea to investigate various strategies and betting varieties, what they are and how they work. Some people will never stray from their usual betting pattern, while others use a wide range of approaches and place long bets, sometimes even within the same match. Below, we’ll give some simple tips on how to bet on sports, some of the betting types and some basic strategies to keep you prepared and informed.
Learn the sports betting types
There’s a wide variety of betting options and types in sports. Each offer something different, and some are more advanced than others to suit different preferences. Here’s a quick overview:
Moneyline bets
This is the basic and most common type of betting – choosing a side you believe will win. Nothing fancy, just a simple option.
Point spreads
When two teams face off and one is favorited, there are point spreads. These allow to people bet on the game with odds for one team to either win or lose based on a number of points. This margin is what people bet on; how close the final score is to the margin predicted by the oddsmaker.
Totals
Instead of betting on a result, this type of wager is on the over/under, or the number of points scored throughout any given match. The wager is placed on whether the sum of the two teams’ scores will exceed or fall short of the designated threshold.
Parlays
Parlays combine many bets into a single wager. The risk increases, as every bet has to be correct.
Proposition betting
More commonly known as a prop bet, this is made on specific game outcomes – for example, which player will score first.
Futures
Futures are a long-term bet that includes forecasting future events – for example, which team will top the table at the end of the season.
Regardless of the games you’re interested in, the first step is to understand what to gamble on and how. Next up is how to manage a bankroll.
Managing your bankroll is extremely important
It takes serious discipline to know when to stop. You should establish a budget first and foremost – then stick to it. It’s vital to only wager with funds you are willing and prepared to lose, as nothing is guaranteed. Another good habit to maintain is a log of your activities. You can learn a great deal about your habits and performance by keeping a record of your wagers, the results and any relevant remarks. This can help you gradually understand your approach.
It might be quite tempting to chase losses with bigger, riskier bets, especially after a run of bad luck. But this often results in more losses. Long-term success in sports betting requires sticking to a plan, budget and strategy, even when you lose. Stay focused and refine your approach as you gain experience.
Common strategies for sports betting
Here’s a look at several popular betting strategies and the situations where they could be useful:
Value betting: This means finding bets where the odds seem favorable to the likelihood that an event will occur in the way suggested by the bookie. When you have a thorough understanding of the sport and are able to identify differences in the odds, use this method.
Hedging: This strategy involves speculating on results in an effort to protect prospective losses or ensure a profit. It’s helpful when there are live events going on or when you’re on the verge of winning a parlay and want to make sure you make some money.
Fading the public: The general public is not always right. You might be able to find value by taking a stance against the crowd. This strategy works best in situations when there is a lot of public prejudice and the line has changed with it.
Lastly, do deep research. For example, making sure you’re up to date regarding injuries or any difficulties a star player might have could make a big difference to how you would bet. Stay current with news and rumors as best you can.
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