Sports betting is a form of gambling where people bet on a specific outcome of a sporting event. It’s an exciting way to make money, but it also requires a certain amount of skill and knowledge.
Sports bettors often make a lot of money, especially when it comes to the NFL, but sports betting can be risky and take a toll on your bankroll. Luckily, there are several ways to protect yourself from losses and maximize your profits.
1. Protect Your Bankroll
The first thing you should do is set a budget for sports betting. This will help you limit your losses and allow for your bankroll to grow as you win more bets.
2. Diversify Your Bets
If you only bet on the biggest wagers, you’re going to quickly burn through your bankroll. The best bettors in the world make a variety of smaller bets and slowly build up their bankroll.
3. Keep Your Unit Size Consistent
The best bettors in the world use a consistent unit size for their bets, usually somewhere between 1-2% of their bankroll per play. This way, they can ensure their variance won’t cause them to go broke when cold streaks hit.
4. Understand Your Terms
There are a few common terms you’ll hear when it comes to sports betting, and you’re going to want to know what they mean so you can make the right bets. The good news is that VSiN, the Sports Betting Network, has put together a handy list of sports betting terms to help you understand what your bets are doing.
5. Learn Your Bet Types
There’s a huge range of bet types, and learning about them can help you make better wagers. Some of the most popular bets include straight bets, teasers, team totals, and underdog wagers.
6. Choose Your Bets Wisely
The sports betting industry is a very competitive one, and many bettors will be looking for the best value in every game. There’s nothing wrong with diversifying your bets, but it’s important to be careful when putting together a winning combination.
7. Avoid Overspending
As with any other type of gambling, it’s a good idea to set limits on how much you can spend on each bet. If you’re spending more than you can afford to lose, it’s time to consider reducing your bet amounts or finding another betting venue.
8. Become A Winner
The number one goal of sports bettors is to win. But this isn’t always easy, and you may experience cold streaks now and then that will drain your bankroll. This is where stop-win limits come in handy.
Creating stop-win limits can also prevent you from putting too much on your bets and causing a bad run of luck. Whenever you start losing, stop making new bets and focus on your winnings until you get back on track.
10. Identify Your Bet Types
As you can see, there are a wide range of bet types, but the most common ones are straight bets, teasers, and team totals. The good news is that these types of bets are often easy to understand and can help you make more profitable wagers.