There’s much more to sports betting than simply picking a team that you think has the best chance of success. If you really want to succeed, you should know and be comfortable employing different strategies to try and gain an edge. Whether you’re a complete beginner or somebody wanting to take their game up a notch, these strategies should help yield stronger results and provide much more peace of mind, giving you plenty of different options to choose from.
In this article, we’ll take a look at these sports betting strategies in greater detail, including how to conduct statistical analysis and whether you can better manage your funds, which is known as bankroll management.
Understanding the basics of sports betting
While much of sports betting can be attributed to luck, a successful bettor will often treat their funds like an investment. To succeed in the world of sports betting, strategy, discipline and analysis are absolutely essential and are real factors that separate the lucky from the skilled.
Here are a few different things that beginners should aim to master before progressing to riskier or high-stakes sports betting:
- How to protect your funds and what responsible betting looks like.
- How to identify opportunities in different betting markets.
- How to control your emotions and avoid any reckless wagers.
By first mastering these simple tips, bettors can ensure that they find their feet at a comfortable pace and don’t overwhelm themselves too soon. This way, bettors can ensure their approach is calculated and sensible.
How to spot the best sports betting opportunities
While knowing how to place a bet is one thing, the real skill comes in knowing which opportunities are best and how you can maximize any potential value. A key part of this is identifying which odds are higher than they should be, allowing for the best possible returns – this is similar to how the Moneyball method works in professional baseball.
To help contextualize this idea, think of flipping a coin and betting on either heads or tails. In a normal world, the odds would be as you’d expect, as both outcomes have a 50% chance of happening and there are no outside factors at play. However, in this instance, the bookmaker offers +110 odds on tails instead of +100, meaning that there’s an opportunity for better than usual returns.
To help find these bets, we’d recommend comparing odds across multiple sites to find any irregularities – or use a comparison site to easily compare the odds without needing to do too much work. It’s important to remember that professional sports bettors are careful when selecting their bets and don’t just jump on every tempting opportunity that comes their way.
Method 1: the Martingale System
The Martingale System is a betting strategy used by bettors to try and recover losses. The idea is simple: when a bet loses, the bettor doubles their wager on the following bet to try and make a greater profit.
This method can be risky as it requires bettors to have a decent amount of money available to sustain multiple losses in a row. This also comes with the risk of bettors getting stuck in a cycle of chasing their tails to try and balance things out, which can encourage unhealthy betting habits.
In theory, this can be an effective way to manage wagers and try to minimize losses, but it also relies on the bettor choosing their bets widely and not consistently choosing results that have high potential yields but slim chances of coming through.
Method 2: the Kelly Criterion
Unlike the Martingale System, the Kelly Criterion is much more reliant on real math, which can be reassuring to those trying it for the first time. It’s a proven way that bettors can maximize their profits while minimizing the risk, although it’s important to still remember that risk is always present when betting on sports.
For those wanting to give it a try, here’s the formula for the Kelly Criterion:
(BP – Q) / B
B = the decimal odds -1
P = the probability of success
Q = the probability of failure (i.e. 1-p)
This method can be incredibly effective because it follows a common sense approach that, in simple terms, encourages bettors to wager more if the odds are in their favor and then reduce this amount should the odds turn against them. If done correctly, this minimizes the risk of large losses while increasing the likelihood of predictable returns.
The power of hedging your bets
“Hedging your bets” is a phrase that you hear fairly often – but have you ever stopped to think about what it means? In short, it’s used to describe how bettors will place a second bet as a way to reduce the chances of losing, and potentially increase the chances of ending up with a profit.
Instead of only betting on your favorite team just to win, you would instead place two bets – one on them to win and the other for them to draw. As long as the most likely outcome has a payout that exceeds your total wagered amount, you are likely to make a profit, as the amount spent will be lower than the amount you’ll receive. It’s a very simple balancing act.
Try to specialize in a single sport
Most experienced bettors will settle on a single sport where they have most of their best results, although it’s not unusual for them to switch depending on the time of year.
During the soccer season, they may stick to Italian football, as this is what they are most familiar with, resulting in them wanting to learn everything there is to know about each team, which will involve researching what to expect from Juventus vs. Milan, Napoli vs. Inter and Roma vs. Lazio, as well as any other notable fixtures.
At other times of the year, such as during the summer, they may pivot toward tennis and completely immerse themselves in the world of racket sports. Each bettor is different and will have their own preferences, although the very best will only focus on a single sport or market at any one time.
Finding the right sports betting approach for you
There’s much more to sports betting than just guessing which team you think will win. Experienced sports bettors will tell you how a strong level of discipline, thorough research and smart decision-making are key to success. By understanding the many different strategies available, bettors can give themselves the best chance of success while minimizing their risk as much as possible.