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How to Turn Sports Betting into a Lucrative Practice

Posted by: Hilbert Mayer
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You have funds in your online account, and you’re thinking of spending it on something exciting and worthwhile- sports betting! Sure, there are other options available, like investing in promising stocks, building up mutual funds, or buying real estate. But let’s face it, these options won’t give you the rush of seeing your chosen sports team or athlete defy the odds and give you a huge return on an unlike win or loss. So how do you jumpstart your sport betting career? Unlike other hobbies in which you can jump right into the fray and bank on beginner’s luck, sports betting needs a solid knowledge base in order for you to make educated bets. If you randomly make sports bets based on your intuition or “gut feel,” you’ll quickly burn out your finances. Instead of relying on extreme luck, you should spend time and effort learning about the science of betting. That’s right- there’s actually a method to the madness of sports betting!

 

Sports Betting : Review of Literature

Just like preparing for a formal research paper, you should first do a review of related literature. Here are the basic data that you should have compiled even before clicking on the sports bet button:

  • Look up the history of your chosen sport. Where did it originate? What was its original venue and rules? How and why did it evolve? When was the sport first endorsed for betting? You should have a working knowledge of these data.
  • Take time to read about significant athletes and their contributions to the sport. Connect the past and present play styles of athletes. If your chosen sport is focused on individual play, learn about the top-ranking athlete’s regimen so that you’ll have an idea what it takes to reach the pinnacle of that sport. If your chosen sport is team-based, research on the top-ranking coaches, their famous tactics, and their team training regimen. This will prove important when you’re betting on an underdog athlete or team. By becoming familiar with these data, you’ll learn how to discern between potential winners and losers.
  • Check the current leaderboards and the stats. How did the current leaders get there, and how are they managing to stay? 

 

Science of Betting

Once you’ve managed to digest the previous data, it’s time for you to move on to the nitty-gritty aspect of sports betting terminologies. Head over to sports betting beginners’ glossary- there are several available on the Internet- and carefully acquaint yourself with the lingo. Once you’ve gone over the terms, look up sports betting news articles. Observe how sports writers and analysts use the terms in order for you to have a working knowledge of when and how to use them. 

Once you’ve mastered the terms, you move on to the actual science. For this part, you’ll need videos, articles, and statistics- all of which can be gleaned on the Internet- for you to be able to determine and analyze the sports betting trends in your chosen sport. Check out the leading sport betting personalities and try to review their profile (if available) plus their last five bets. Focus on the following indicators:

  • What is their rationale in sports betting? Is it a hobby for them, or is it currently their main source of income? Does their academic or work background contribute to their sports betting potency?
  • Is there a common trend for the team/athlete that they chose?
  • Are there certain types of bets that they favor? If they bet against the spread (ATS) do they always manage to cover the spread? 

 

Once you’ve gathered a respectable sample size of responses to these questions, you can decide on your general sports betting outlook. Every bettor has a certain style which makes or breaks their betting game. Are you the silent fellow just lurking around in sports betting portals then suddenly scores it big during a high-profile match? Or are you that guy who’s a whispered legend among sports betting circle due to your consistent attendance and ownage of all sports betting events? Shape your personality early on, because if you make it big in sports betting circles, you’re likely to be noticed.

 

sport betting

The Bookmaker and Financial Management

The bookmaker is your portal to the world of sports betting. While beginners can choose to focus on only one bookmaker, you should explore placing bets on multiple bookmakers. Bookmakers usually penalize or outright ban players who are on a suspicious win streak. Just like in the real-world gambling arena, the organizers of a betting event don’t want one person getting all the fun! Joining different sports betting bookmakers ensures that you spread out your wins. You’ll also add in a lot of sports betting experience to your cap as you go through the betting process of different bookmakers.

Even if you’re a constant winner in all your sports betting endeavors, all may come to naught if you don’t have a financial management strategy. It’s common in high stakes gambling for trailblazers to lose their hard-earned money quickly because they didn’t observe sound financial management. Here are some tips to help you manage your finances. Whether you’re the high-stakes or the play-safe type, these will prove highly useful to you in the long run:

  • Reserve a portion of each winning as savings. This allotment should not be used for future bets; rather, this allotment will be your money outside of sports betting (to be used for personal expenses).
  • Plot your financial status before you make a bet. Most players who crash and burn early are forced out of the game because they’ve unwittingly consumed their starting capital. Before entering your very first sports betting bet, take stock of your starting capital. What do you stand to lose? 
  • Craft a sound sports betting protocol. If you are on a winning streak, do you start to bet higher? Should you increase your ‘savings’ allotment when you have a big offline purchase coming up? How much capital should you allot for each bookmaker? You should always ask yourself these questions to make sure you keep your feet on the ground.
  • Observe the bets of other players in your current game (only if possible). On whom are they placing their money on? How much are they betting? Does it look like they are confident on winning? Are there any known hotshots among the players? Take note of these details so that you can also establish sports betting trends as you sift through the highly differentiated crowd of sports betting aficionados.
  • Sound financial management also involves account security. Since sports betting occurs online, make sure that you have up-to-date antivirus and anti-malware apps running in the background. Don’t let hackers intrude into your online accounts and make short work of your hard-earned winnings! 
  • What is your long-term plan for your winnings? Can you just keep on making larger and larger bets until one big mistake makes you lose everything, or will you consistently allot savings and one day use all these up for a significant investment? 

Sound financial management will ensure that you always have enough juice to fuel your sports betting addiction (yes, it eventually becomes an addiction). Just like any other form of gambling, sports betting can be very addictive, especially to certain personalities. You’ll be fine as long as you practice appropriate financial management- only through this can you make your addiction sustainable and profit-generating!

 

Trust only the Best Sport Betting site in the market

Feel free to go through this article again to help you stay on track. If you want the best betting experience, place your bets at BetNow. We feature Live Betting, Casino, Sportsbook, and Horses categories. Remember, sports betting is not just a science, a career, or a hobby- it’s also a game, and you’re meant to have fun! Winning (or losing) and making money is just part of the bonus. Good luck on your sports betting venture- study and play hard, future hotshot!