Effective Tips for Sports Betting
Are you an amateur sports bettor who just wants to stop losing money and start winning like the pros? Do you have to practice some magic trick? Not actually, but below are five tested tips that you can try as you place your next bet:
Knowing the Odds
If you ask a professional punter who they’re betting on, you might be surprised to learn that it’s not always the one they think will win. It’s an important point because winning punters usually just place their money on results which they think are likely, instead of what the odds suggest. These pros stack up their wins over time by looking out for results underestimated by bookmakers. They could bet on the favorite or on the underdog, but always when the odds are positive.
Mind Before Heart
Many people base their bets on emotions rather than on an objective appraisal of the likely results. They may bet for their sports idol or maybe for their city or country. In these scenarios, bookmakers will naturally respond by adjusting their odds accordingly. What this means is that the odds-on favorite to win could be chosen simply because they are popular rather than how the bookmaker assesses their odds of winning. So you’re so impassioned by your favorite team, forget them and be cautious when you bet on whatever outcome.
Knowledge Is Power
As you may know, Warren Buffet, one of the most successful stock market investors ever, advises against investing in something you don’t understand. This is true even for sports bettors. You want results that are more likely that what the odds tell you, so you have to be knowledgeable enough in your chosen games before that happens.
The Big Picture
Sometimes, people get too serious about sports betting that they start obsessing about researching stats and analyzing them before deciding which teams or plays to bet on. According to a study by the Journal of the Association for Psychological Science (APS), you can actually harm your chances of winning if you do that. Not that you should disregard data, but try looking at the bigger picture instead of fussing about the tinier and usually insignificant details.
Finally, no matter how great you become as a sport bettor, accept the reality that you will lose many games. Everyone hates to lose, but being consumed by your losses can put you at the center of a psychological phenomenon known as the sunk cost fallacy. It’s when you feel so bad about losing money that you start to behave irrationally, making you lose even more. In other words, like the pros do it, accept that there will be good days and bad days.