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Betting on sports games is a hobby for many, and most people just consider it to be a fun and friendly past time. But there are ways to consistently make money on sports betting, and the tricks are understanding betting strategy and the different types of bets you can make, understanding the odds, making smart bets, and walking away from bad bets. It’s also important to remember that making money on sports betting is something that requires time and dedication: it’s not about making a single huge bet and winning lots of money in one shot. Instead, it’s all about making a series of small, smart bets that add up over the season to an overall gain.
To really make money on sports betting, you have to be dedicated, so it’s a good idea to have a special account that’s only for placing bets.
Create accounts with a few sports books. In order to place bets, you have to have an account with at least one sports book, though it’s ideal to have at least three, because then you can compare offerings and place smarter bets. Some sports books also offer signup bonuses, so be sure to shop around.
Learn to make smart bets. There are a number of rules that apply to this, and while some are about the numbers, others are about which teams you should and shouldn’t bet on.
For instance, while each bet should represent about one to two percent of your bankroll, you can reduce this to 0.5 percent if you aren't confident about a bet. Similarly, you can increase the bet if you're very confident, but never place a bet that exceeds four percent of your bankroll.
There are also some experts who say never to place a bet if you aren't confident, because it’s better to walk away and find a better bet that you feel good about.
Many experts recommend not betting on your home team in any sport, because your bias can cloud your judgement, and this can lead to great losses.
Create a betting schedule. Don’t just bet on every game: every week, look at the upcoming games and pick the ones you want to bet on based on your confidence in the potential bet.
Don’t chase bad bets. This refers to the practice of trying to recoup losses from a previous bet with more betting. It’s dangerous to do this because many people will set aside good judgement and place more bad bets in an attempt to win back what was lost, and this results in further losses. The opposite is also true: don’t chase a good bet (one where you won) with more bets in an attempt to win more or double your money. Have a betting schedule or routine and stick to it.
Many gamblers bet on the moneyline in hockey and baseball, because the scores are lower and point spread betting doesn’t make as much sense in these games. However, you can bet on the moneyline for almost every sport.
Learn about point spreads. Point spread betting is more popular in games where there's a larger gap between the final scores. In a point spread bet, you don’t just bet on whether a team will win, but also whether that team will win by a specific amount. For instance, if a point spread is Detroit Lions +4, New England Patriots -4, you would bet on whether you thought the Lions would win and if they'd win by more than four points. Again, the team associated with the minus is the favorite and the team associated with the plus is the underdog.
Make bets based on the odds. Betting with your head instead of your heart is all about making smart bets based on odds rather than emotions. Sometimes it’s a good idea to bet on the numbers rather than who you think will win, because this can represent a better value if the odds are in your favor.