The American Gaming Association found that Americans spent more than $150 billion on sports betting every year through offshore betting sites and illegal bookmakers when sports betting was illegal in the United States. This resulted in a considerable revenue loss for the American economy. Hence, to grab their fair share of the market, the Supreme Court struck down the PASPA act in 2018, paving the way for legalized sports betting in most states.
The influx of new sportsbooks and casinos resulted in an increase in the number of new bettors. And beginner bettors are typically bound to make mistakes that help keep sportsbooks in the money.
If you are just getting started in the sports betting arena, you might want to ensure that you are not always on the losing end. To help you out, we have put together this article with the best tips you can get as you begin your journey as a bettor.
- 1. Research, Research, and Research
Sports betting is a practice that helps sportsbooks, casinos, and the government entities themselves earn big money. After all, these businesses are in it to win it. They spend countless hours and money so they can succeed as often as possible. However, don’t let this intimidate you. You can always do your research and learn everything you can about a specific team and sport before you wager on an event.
As a rule of thumb, you should constantly read news about the sports you prefer to wager on. Additionally, reading expert opinions on a specific team and player will help you further with decision-making. Furthermore, you can leverage Twitter to gain insights into lines and odds.
However, you should also be able to understand the stats on your own, for instance, the winning percentage, units, and ROI. While this might appear a bit overwhelming at first, with proper research, you will be able to secure your bankroll.
- 2. Set Realistic Goals
If you plan to quit your day job just because you think you will make it big with sports betting, let us tell you that you are setting yourself up for trouble. The truth might hurt you, but it is the truth after all. Your chances of making a living with sports betting are super low.
We aren’t saying you won’t be able to make money off wagering on sports. However, you will have a hard time making enough to be able to make ends meet with your betting earnings. In fact, there are professional sports bettors out there who do nothing else than gambling to make their living. But even they lose to earn huge profits sometimes.
To put it short, you will have to set the right goals and expectations from the beginning. Betting on sports is fun and can sometimes be profitable. However, you will have to be knowledgeable about the various sports, events, and players to earn money consistently with this practice.
- 3. Bet on Sports You Know Well
When you are a beginner sports bettor, it is always ideal to stick to the sports you have already been following. By doing so, you will more likely be able to make the right betting decision than when you wager on sports you know little about. Better choices will help you win more wagers.
You might feel tempted to bet on various sports when you are a beginner. After all, online sportsbooks are designed to lure you into placing a lot of wagers. However, it isn’t ideal to do so unless you have a good grip of sports betting. So, hold off on wagering on sports you aren’t familiar with until a later date.
- 4. Set a Limit and Stick to It
Now, this is just common sense. Unfortunately, when sports betting, you can easily get swept up in the heat of the moment. So, before you begin, know your limits and stick to them. With a few reputable sportsbooks, you will get to set your daily spending limits, limit the time you spend on the website, and even temporarily suspend your account.
Such sites also make it harder for users to increase the limits once they have been set. You should also know to quit when you are ahead to decrease your chances of minimizing losses.
Lastly, when you are betting, you will have to withdraw your earnings regularly. For this, ensure the online casinos offer withdrawal options like PayPal, wire transfer, etc. You can then choose the right choice for you and change it later if you find it inconvenient.
