Sports Betting Tips
Whether you’re betting for fun, as a way to enhance your sports viewing experience or as a way to make money, there are some things that every serious bettor should know. Those tips include understanding the terms, knowing your bankroll and learning how to avoid common mistakes.
Betting on sports can be a great way to add excitement to your game day experience, but it isn’t a way to win money on a consistent basis. In fact, after accounting for vig or juice, only about 5% of long-running betting accounts are profitable. That’s why it’s important to bet with your head, not your heart. Keep in mind that you’ll lose some bets — some will be upsets and others will be from calculated risks or simply bad luck. It’s also important to remember that you’re not smarter than the betting market, so don’t try to “beat” the bookmakers.
The term “cover” in sports betting refers to a team beating the point spread attached to their bet. This translates into a positive return for bettors who made that bet. For example, if the Green Bay Packers were -4 favorites and won by 5, they covered the bet and turned a profit for those who placed that wager.
A bettor can bet on any number of different events during a fixture, including the outcome of the match, a specific player’s performance or the total points scored in the game. Typically, the odds on each event are set by an entity called a bookmaker, bookie or sportsbook. These odds are often adjusted as the action comes in or other factors impact the event, such as injuries or weather.
During the game, you can also place bets on props or propositions, which are odds on events that may occur during a fixture. Generally, props are more difficult to predict than standard bets, but can offer higher payouts and have the potential to add excitement to your game day experience.
It’s best to have a separate account for placing sports bets, so you don’t deplete your regular bankroll if you have a bad day. Some recommend risking 1 to 2 percent of your bankroll on each bet, but the amount you wager should ultimately be based on your personal financial situation and betting strategy.