If you watch TV for more than 20 minutes these days, chances are you’ve seen at least one ad for a sports betting app. That’s because sports gambling companies are rolling in money, making their ad buys look like chump change when compared to their massive profits. And while there’s no magic formula for winning at sports betting, there are a few things you can do to improve your odds of success.
First, focus on a sport that you really love from a rules perspective and have a deep understanding of the teams, players and trends. That’ll help you get a better feel for the game, which will lead to more informed bets. And be sure to keep a running tab of your bets (a standard spreadsheet will do) to track your progress and help you develop a strategy that works for you.
Another great way to improve your chances of winning is by learning how to handicap an event. This involves assessing the probability of an outcome, which allows you to bet on the side you think will win while ensuring that your sportsbook isn’t cheating you. To learn how to handicap an event, read up on how the sportsbooks set their odds and familiarize yourself with the different types of odds (decimal, American or fractional) and what they mean.
Also, remember that a bet on something with a higher probability of happening will pay out less than a bet on an event with a lower probability. This is known as value betting and it’s the key to being able to make big money with sports bets. To do this, you’ll need to be able to find bets where the sportsbook’s odds are higher than your own assessment of an outcome’s likelihood. This is often called line shopping, and it’s a skill that takes a lot of practice to master.
Another trick to beating the sportsbooks is by focusing on props, or proposition bets. These are wagers that don’t fit into a traditional point spread, moneyline or total. For example, if you want to bet on how many strikeouts Mad Max Scherzer will have against the Reds, you can place a bet on their over/under total. Just be aware that these wagers have a high house edge, and it’s best to stick to the safer bets (like moneylines and point spreads) when possible.
Finally, don’t be afraid to bet against the favorite. While the sportsbooks want you to believe that they’re fair, they make their money by slicing the odds of an event and stacking the deck against your bet. By focusing on risk assessment and doing your research, you can avoid the sportsbooks from draining your wallet while having fun with your friends. But, remember that sports betting is supposed to be fun, not a job, so be sure to set a bankroll and stick to it. If you follow these tips, you’ll be well on your way to sports betting success!