Most punters are only interested in sports betting for the fun. They bet to make the sports they're watching more interesting and hope to make a bit of extra money for the weekend but if you are serious about your sports betting, here is some basic but necessary sports betting advice to give you as much of an edge as possible:
Do's and dont's for a successful Sports Bettor
Tip #1: Open an online account with multiple sportsbooks. There's a massive variety in the range of fixed odds from different compilers and why accept odds of 3/1 on your selection when it's on offer at 5/1 elsewhere? Don't underestimate the importance of a good odds comparison service such as Oddschecker; this will help you avoid missing out on the best price.
Tip #2: Don't stake more than you can afford on your betting selections. Only bet amounts you are comfortable with losing or your judgement will become clouded. Your unit stake should be in proportion to your bankroll to give you sufficient room to play with the rules of probability. The Kelly Criterion is an interesting staking plan. I'd recommend using a fraction of it.
Tip #3: Get in as early as you can on a good price. When the compilers make an obvious misjudgement in pricing, the more astute bettors out there will pick up on it immediately and get all over it, thus the bookmaker reducing the odds.
Tip #4: Keep spreadsheets of all your bets and categorise them into markets. This makes it easy to spot what markets you excel in and where improvement (or tinkering) is needed. It also confirms whether or not you have an edge in a specific betting market at all.
Tip #5: As a follow on from tip 2, learn how to manage your bankroll correctly. Bankroll management is key to successful betting. A good staking system is vital if you are to come out on top in the longrun. Finding value is not enough, minimising your risk is key to success.
Tip #6: DON'T chase your losses - Never chase your losses in sports betting or any type of betting. IE: If you have a bad week, don't double or treble up your stakes to try and recoup the money you lost. This is the worst thing you can do in betting. Bad weeks/months happen, they are part and parcel; the only thing that matters is that you were accurate in your probabilities. Same applies to a good week/month - Don't overly increase your stakes (out of proportion to your bankroll) if you've had a big win or you'll give that profit right back to the bookmakers.
Tip #7: Don't EVER bet on a 'hunch'. Betting on the grounds of 'he is due one' is a big no-no in the betting game. Probability doesn't work like that. The reality is that for example, a certain player hasn't scored in 5 games, his confidence will be low and he will most likely fire blanks again. ALWAYS go with form and confidence. As with roulette, many people believe that if eight blacks come out in a row, there is more of a chance that red will be next. There is not - the chances are exactly the same as the previous roll.
Tip #8: Always side with value. Don't succumb to the fallacy that backing numerous winners is the key to success; it is not. There is no point in backing winners if the price on offer does not represent value. This will lose you money in the longrun. Profits will come from backing value selections and if this means achieving a much lower strike rate, then so be it - "Find the value and the winners will look after themselves"
Tip #9: Follow these guidelines and advice if you want to be a more successful sports bettor.