The global sports betting industry is massive. Punters worldwide wagered more than $203 billion in 2020 alone, which is larger the size of the entire video game industry. Sports fans around the world take on bookmakers hoping to beat them at their own game. It is a difficult task, but with the correct preparation, you too can become a profitable sports bettor.
Start by choosing the best online sportsbook for your needs. There are dozens of online bookmakers to choose from, so you do not need to join the first one that pops up in your search engine. Each bookmaker has positives and negatives, and it is worthwhile shopping around for the site that works best for you.
Look into which sports and markets each sportsbook offers. There is no point in signing up for an account if the sportsbook does not have markets for your preferred sports and games. You will find some bookmakers only allow you to place wagers on the world’s biggest, most popular sports. Others have markets for more obscure sports, events, and even eSports.
Staying with choosing the correct sportsbook for you, see what customer support options are offered. It is rare that you need additional help, but you will save plenty of time and anguish if the site’s customer support team is easily contactable.
Now it is time to look at welcome bonuses and ongoing promotions. This is an area where there are substantial differences between sportsbooks. Some offer enormous bonuses, other small but frequent bonuses. Check the terms and conditions before selecting a bonus to ensure there are not too many restrictions attached.
Specialize in one or two sports
It is crucial to your profitability that you specialize in one or two sports rather than dabbling with several. Furthermore, it is worth considering going one step more and focussing your attention on specific markets for your chosen sport. You do not want to be a jack of all trades and master of none.
Devoting your time to one or two sports and their betting markets is highly recommended. Become an expert in your chosen field, whatever that field may be. Only bet on the English Premier League fixtures if that is where you have the best knowledge. Consider delving a little deeper and focusing on the over/under 2.5 goals market for Premier League games.
Study all the available statistics until you have comprehensive knowledge of your chosen sport. Then and only then can you be confident of beating the bookies at their own game.
Think Outside The Box
Most sports bettors place wagers on sports they enjoy watching, including betting on their own teams. Betting on your favorite sport can add an element of excitement to the game because you have money riding on the outcome.
Bookmakers employ teams of researchers who spend all day scouring the internet for the latest team news and injuries. The best researchers even look into the weather forecast and how teams performed in the cold or rain.
Those researchers do this for the majority of sports but tend to focus on the major league and most popular betting markets. Doing so does not leave a lot of time for more obscure sports or events.
For example, during the first round of COVID-19 related lockdowns, all major sports were postponed. The Belarusian soccer league continued, however, and some sportsbooks offered bets on those games. Everyone knows a thing or two about Lionel Messi and his Barcelona team. Still, even the most hardened researcher will struggle to devote time to finding if the goalkeeper for Lokomotiv Gomel of the Belarusian First League is injured or suspended!
Always look for an edge and if that edge happens to be your chosen sportsbook not being up-to-date with minor league hockey games, then so be it.
Keep Your Cool
Having money at stake often leads to emotions running high. It is difficult, sometimes impossible, to make rational decisions when your emotions take over. You can help keep your emotions in check by only ever betting what you can afford to lose. Do not punt all your available bankroll on the outcome of one game; bet a maximum of 2% of your available balance at any one time. This not only keeps you in the game longer but sees your bet sizes increase and decrease based on your available cash.