WHAT ARE SOME STRATEGIES AND TACTICS FOR SPORTS BETTORS?
As you take that journey into how to bet on sports successfully, you are going to be best served if you have some useful strategies for doing so. Some of these may come in the form of simple philosophies that you can adhere to in order to find the best sport to bet on to make money.
One system some have advocated is called the “Martingale Strategy,” which essentially demands that you double your bets after losing. If you implemented this strategy, you would be operating on the assumption that eventually, you are going to win a bet, which would, when that bet won, afford you a profit that is equal to the original bet.
So if you are seeking out how to bet on sports and make money, this may be one road to take…. theoretically, that is. That’s an examination of the Martingale Betting System is rather simple terms.
When you explore it a little further, there’s something of a caution that has to be considered; that is if you endeavor to make your most profitable football bets or basketball wagers.
Advocates of the Martingale assume that there is a theoretical bankroll that is unlimited. But you must understand that when you engage in sports betting online, those with whom you are placing the wager which has limits. And if you keep doubling up after every wager, you are going to reach those limits quicker than you think.
In case you don’t know how sports betting works (link to how does sports betting works), you are going to, from time to time, go on losing streaks. And if that happens to the extent that you have doubled yourself over the limit, your venture into the Martingale will have, for lack of a better term, “blown up.” Then it is back to Square One, with a deficit that would be hard to make up.
When it comes to how to bet on sports and win, the wiser course of action may be to wager according to the “Kelly Criterion.” This method not only significantly reduces your chances of losing your bankroll by putting a limit on your highest wagers, relative to that bankroll (generally around 4%), it also encourages you to place your sports bets in proportion to the advantage you have (or at least perceive you have) on those games. This is designed to be the most efficient way to learn how to bet on sports and make money.
As far as an overall philosophy is concerned, it may be best for you to embrace the concept of “selectivity.” What that means is that you don’t need to put a wager on every game to bet on sports successfully. You should pick and choose which games where you feel you have an edge and bet on those. If you feel you have a formula by which to determine an advantage in every game, that’s fine. But it had better work, or else the “vig” the house takes on every football bet and basketball bet (generally requiring you to lay -110, and different in other sports) is going to eat you up over the long term.
Having the willpower to limit the number of games you bet on takes strength from a mental standpoint, but overcoming that which may set you back mentally (including withstanding bad days or bad weeks) is part of what goes into how to bet on sports and win.