5 ways to make more money from sports betting
Let’s get one thing out of the way first. To make money from sports betting you need to be smart, patient, calculated and lucky. If you are not all of these things, then stop reading now! Sports betting is gambling at the end of the day – and you are never guaranteed success.
But with a clear strategy, you can considerably increase your chances of winning a few extra bucks. Here are five key factors that the betting experts at BettingScanner have identified for those of you interested in becoming a successful bettor.
- Implement a unit system
There is no way around it. If you want to become a successful sports bettor then you are going to have to be prepared to do two things that you may not find enjoyable. Lose money and do some maths.
If you hope to make some quick money, by winning over and over again it is simply not going to happen. Eventually, you will lose. The real skill comes in being able to manage your losses.
The key is to think long term. Professionals will often think in terms of one year. They will look at their income at the beginning of the year and estimate exactly how much they can afford to lose in sports bets. You have to assume you will lose this money – don’t ever assume you are going to win money.
Once you have accumulated this amount you will deposit into a sportsbook of your choice and split the amount into units. Once you have it broken down into units you will have a much more proportionate perspective towards your money and will find it easier to weigh them against odds. So, for a wealthy professional gambler, who has put aside $1,000, one unit may be $10 whereas a unit for a young professional may be around $1.
Once you have your units it’s easier to weigh odds, so for example, you could decide to only ever bet one unit on high-risk odds. This might seem a bit rigid, but the reality is if you want to win in the long-term you need to be consistent. You need to be able to compare your performance over time and see what works for you. Over the years the amount you set aside for sports betting may increase, but you’ll always be able to see how you have performed year on year by looking at your unit system.
- Make sure you’re getting the right type of welcome bonus
American sports bettors are spoilt when it comes to welcome bonuses. Since the senate abolished the PASPA and legalized sports betting in the US, sportsbooks have been salivating at all the potential customers they’ll be able to pick up. The reality is once you are signed up to a sportsbook and get to know your way around, you are likely to stick with that one for many years. So, sportsbooks are offering ludicrous welcome bonuses right now, in order to pick up as much of the early market share as they can.
With sportsbooks eager to appear more generous than their competitors, some have resorted to offering huge bonuses to new customers – only to add sneaky clauses in the small print. One example of this is a turnover requirement, which means that you will be given free bets, but you will need to win with those bets a certain amount of times before they can be withdrawn as cash. It is not unheard of for sportsbooks to ask for an x8 turnover.
The majority of trustworthy US sportsbooks are not currently doing this, but we would also recommend that you read the small print.
- Use Cash Out (but not too often)
Cash Outs can be a great way to either secure a winning bet or cut your losses. The function allows you to cash-out a bet before an event is over at adjusted odds.
We would not make a habit of using cash-outs. If you have a long-term strategy then you should stick to that – knowing that you will always lose some bets.
- Avoid Parlays
Parlays, the source of frustration the world over. How many times has a parlay been going well, only for one result to throw everything? They may be great fun, but sport is sport, and you can never predict every game. The reality is a parlay of over 2 bets is very risky – however ‘sure’ the results are.
Next time you are thinking of placing a parlay. Open up a separate tab and work out how much you would win from placing all the bets you are placing in a parlay but as individual wagers. You will be surprised to find that more often than not, you actually stand to win more if all the individual bets come off. Add to this the fact that if some of you lose some of your individual bets you will still get something in return compared to a parlay where you stand to lose everything.
- Set a cap with your sportsbook
Perhaps the most crucial advice, however obvious it may sound, is to know when to stop. If you have a unit system in place then you should never add to the original sum. The majority of sportsbooks now offer a cap for how much you are allowing yourself to deposit.
If you are a beginner, looking for a trustworthy sportsbook with a great welcome offer then we highly recommend DraftKings. Many of you will know them for their daily sports offering, but since 2018 they have established themselves as one of the nation’s most reputable sportsbooks.
