Here are important rules every bettor must be familiar with before they start placing bets. Learn the rules of sports betting as you are getting prepared to place your first bet.
Sports betting is a very popular form of betting, and like any other type of betting, there are necessary rules to follow when playing. Making money from bookmakers is not as easy as they make it seem. Forget the glossy campaigns and ads that promise to make you a millionaire by placing a lucky bet, the odds are almost not in your favour. To better your chances while betting on sporting events, you must adhere to certain guidelines. Here and the 7 most important rules to remember when betting on sports.
UNDERSTAND THE CONCEPT OF VALUE
This is the most important rule! Unless you are planning on placing blind bets, which isn’t good for your bankroll, you must understand the concept of value and know the value of each bet before you place them. It might sound like fun, but expert gamblers don’t just bet based on their guts without taking their time to study the odds being offered and knowing the value. Sometimes what the bookmaker displays as odds is not the same when compared to actual probabilities Sometimes, odds are overpriced!
As simple as the value is in sports betting, not many gamblers recognize it. Which leaves the great opportunities for the few gamblers who know how to recognize value and compare the lines to know which is in their favour. Value also applies to bet on casino games. Whether you are playing your favourite slot or table game, you have to know what your expected returns are. Checking the game RTP or the casino’s payout rate can help you estimate how much to expect. Asa rule, you should also opt for Online Casino UK with high payout percentage and healthy bonuses, if you want to increase your chances of winning. Many U.K casinos offer decent house edge on the games they list.
Always have the LONG TERM in Mind
Bookmakers will try to convince you that you can become an instant millionaire by betting with them. But we all know that’s very unlikely to happen. However, you can make a lot from sports betting, you just need to possess a long-term mindset. The bookmaker’s system is designed to prevent you from making huge winnings, but you can achieve this little by little. Build a decent bankroll and steadily increase the amount you place as wagers, and you are bound to make some profit. Prepare to lose some bets, but you can also hedge when in doubt.
Know Your MATHS
Sports betting is a numbers game and if you are not down to do some calculations, then you should probably not be placing bets. Once in awhile, bettors can make sizable winnings from betting on instincts and gut feeling, however, they have probably lost more than that to the bookmaker while having fun with Lady Luck in the past. To increase your chances of winning in the long term, a reliable betting plan which involves knowing how to calculate expected returns.
In essence, sports betting is pure maths and strategy. At least, you need to be very familiar with division and multiplication. For those who don’t trust their maths skills, a detailed spreadsheet with equations that automate odds equations can help a great deal. This does not only save time but also makes it much easier.
LEARN NOT TO GO FOR THE BIG SCORE
Bookmakers know how to lure bettors to spend more money to the advantage of the house. Parlays, Multi-bets or accumulators are a good example. If you are not planning on losing a lot of money to the bookmaker, then you should avoid betting on them. Yes, the thrill and the possibility of winning such a huge prize is tempting. However, if you take your time to access the risk, it is almost always not worth putting your money on. Minimize the risks by sticking with single bets.
LEARN HOW THE BOOKMAKERS SET THE ODDS
In most cases, the bookmaker’s odds reflect what they expect the public to play, instead of the actual probabilities of all outcomes listed. Odds reflected by the bookmaker also depends on the popularity of the event. Most times the odds displayed by bookmakers are to attract bets on either side of the odds. This is to balance their books and ensure they make their commissions.
For gamblers who are intentional about each bet the place, finding the real value means unveiling loopholes in the bookmaker’s odds spread. Popular events like Cup Finals, Super Bowl and major horse racing events are the perfect avenue for this type of opportunity.
LEARN TO FORGET THE PAST AND KEEP CELEBRATIONS SHORT
Unless you are chasing loses or continue betting because you have lost so much and you are willing to do what it takes to win back your money, you shouldn’t let recent loses discourage you. You must have had a plan before you start placing your wagers, trust your plan and stick with it. Also, don’t let recent winnings give you false courage as you run a risk of making mistakes that might favour the bookmaker. Stick to your plan but don’t go over your budget. When you have taken more than enough loses, take a break and revise your strategy.
BUILD A REASONABLE BANKROLL
Finally, before you dive in headfirst and start betting, you must keep a bankroll that can absorb potential losses. The goal is to stretch out your bankroll to allow you to play more games. Therefore, you want to stretch out your bankroll as much as possible to accommodate possible losses.
