Many of us love sports betting. It is super fun, simple and also gives us an opportunity to make easy money. Although a recreational activity, it is also tricky. You can go wrong if you rush to place wagers.
We understand that it is not always easy to get everything right. This is why we have created this guide to help you realise the most important things about sports betting. Read ahead to know more.
1. Learn to manage your bankroll
Before you get started on sports betting, it is extremely important to get acquainted with managing your bankroll. While each person’s numbers are different, a general rule of thumb is that you should never have a figure that is higher than what you can afford to lose.
In addition, you also need to choose the right ‘unit size’. The unit size is the percentage of your money you’d bet on any one sporting event. Ideally, it should be between 1 percent and 5 percent. You also have to schedule periodic reviews of your bankroll management strategy.
2. Do not worry about losing
Did you know that professional gamblers seldom bet on more than 1 percent of their bankroll on one sporting event? This is probably so because they know the likelihood of their wins. Highly experienced bettors also hope to win about 60 percent of the time which indicates that they lose 4 times out of 10. This implies that frequent losses are a part and parcel of sports betting.
3. Not all sports betting sites are accurate
There are several apps and websites devoted to sports betting and gambling in general. However, it is essential to understand they all come with different experiences. Before you rely on a bookmaker website, you need to verify the company’s reputation and history.
Also keep an eye on the competitiveness of odds and lines as well as the betting options and customer service formats they provide. Different websites offer differ speeds and methods of money transactions. If you are a beginner, we suggest you rely on popular and reputable websites to get started on your betting journey. Great way to start is to check out free bet offers from William Hill, which can be used on any sport!
4. Learn the language of sports betting
Did you know that the word ‘action’ implies a wager? Yes. It is certainly necessary for you to learn the exclusive language of sports betting to adapt quickly and earn money. Exactly similar to doctors, engineers, lawyers and mechanics, sports gamblers use their own language that sounds alien to others. However, if you want to get a piece of the action, you definitely need to learn the jargon.
Here are some of the words you need to know beforehand:
- A ‘handle’ indicates the number of bets taken.
- ‘Hold’ is indicative of the percentage that goes to the house.
- If a particular game is ‘off the board’, you cannot bet on it. The 2 opposing teams are termed as ‘sides.
- A ‘dime’ is nothing but a $1,000 bet.
- When the underdog maintains the score within the line, it means that they have ‘covered the spread’.
5. Parlay bets are all or nothing
Parlay bets help you to increase the chances of a big payout by joining multiple bets into one wager. The odds get larger with an increased number of bets included. However, there is a catch. In order for you to win a parlay bet, you need to win all the bets contained within. Even if you lose a single bet, you will lose the entire pay along with those bets you won individually.
6. -110 indicates the Vig
Vig or juice is represented by -110 and this is the magic number for sportsbooks. To make profits on even wagers, books need bettors to pay $110 to win $100. If a bettor loses $100 and another wins $110, the book earns $10 in vig. If there was no such concept of -$110, it would definitely be virtually impossible for sportsbooks to stay in business.
If you approach sports betting carelessly, it is highly unlikely that you will find the process enjoyable. You will definitely be off the right path and will not make great profits. That is why, we recommend you take caution and be prepared so as to have the best chance at making money.