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How to Be Good at Sports Betting

How to Be Good at Sports Betting

Author: Steven D. Thompson

Updated: 11/10/2024 11:21 AM

Becoming a sports betting whizz is easier than you think. Our Betpack guide will teach you how to be good at sports betting in minutes. With advice from seasoned betting experts, you will learn the ins and outs of online sportsbooks, while our proven sports wagering strategies will help you place educated sports bets in no time.

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Table of Contents

Sports Betting Strategies Explained

Online sportsbooks have a fantastic range of sports betting markets that offer a myriad of opportunities for savvy bettors. The best way to profit from them is to use a sports betting strategy. But what are sports betting strategies? Well, a betting strategy is any systematized approach you implement into sports betting to improve your chances of winning. It allows bettors to place educated bets by utilizing an analytical approach. That approach usually involves adhering to a disciplined system or plan that helps punters maintain consistency in betting and make informed decisions.

For example, the Kelly Criterion provides a formula that you can use to calculate the optimal bet stake based on the odds you get and the probability of winning. It helps you make the most of your betting bankroll by giving you the tools for a methodical approach towards sports betting. By adhering to the Kelly Criterion, you reduce the risk of losing and boost your chances of making a profit. Something similar applies to all other sports betting strategies. At least that is what they try to help you achieve.

Sports Betting Strategies Examples

Sports bettors can benefit from a wide range of strategies. However, it is important to understand that each of the strategies we list below also has to be adapted to the sport, competition and market you are wagering on. For instance, an NHL betting strategy probably will have to be modified before you can use it to bet on the NFL. Similarly, point spread betting approaches will likely be different from moneyline bet strategies.

Fibonacci Sequence

The Fibonacci system can be adapted to be used by sports bettors. Basically, you follow the sequence (0, 1, 1, 2, 3, 5, 8, 13, 21, etc.) to determine the bet size. If you lose, you increase the stake progressively, from one number to the next in the sequence, while if you win, you go down two numbers. The goal is to recover losses with winning bets, but caution is advised for bettors on a limited budget.

Line Shopping

Many bettors focus on one thing only - finding value in each bet. In other words, they look at the real probability of an event happening and compare and contrast it with the odds given. If there is a discrepancy, they see that as value and try to capitalize on it. Value betting also includes analysing multiple sportsbooks to find the best odds possible or exploring betting offers to gain an edge over the sportsbook.

Martingale Approach

The Martingale betting strategy is pretty easy to understand, as you double your bet stake after each losing bet. When you win, you go back to your original bet size. As with the Fibonacci sequence, the Martingale system only works if you have a larger bankroll.

Kelly Criterion

As we mentioned above, the Kelly Criterion is all about managing risk and balancing it with the potential reward. The goal is to determine the optimal bet stake size using the Kelly Criterion formula (bp-q)/b, where b is the odds you get, p is the probability for the bet to come to fruition, and q is the probability the bet will lose.

How to Use Sports Betting Strategies

When you find a sports betting strategy that has worked for others, you might think it will do wonders for your betting success instantly. However, that's rarely the case. Just because a wagering approach is producing results for others, it doesn't automatically mean it will do the same for you. Here's what you need to do to ensure you make the most of betting systems.

Step 1

Learn More About the Strategy

Start by gathering all the info about the strategy you want to implement. Learn about what sports it is ideal for and which markets and odds it can be used on. Also, find out whether it can be adapted so that new bettors and not just experienced punters can use it.

Step 2

See If It Works for You

The most important thing about a betting strategy is not how well it has worked for other bettors but whether it will work for you. To establish that, check if the strategy is compatible with the sports and markets you are betting on.

Step 3

Find a Quality Bookie

Having found that perfect sports betting strategy, it is now time to locate a quality online sportsbook. At Betpack, we are on a similar mission and rate bookies from best to worst. So, instead of analyzing betting sites alone, we suggest you pick one of our expert-vetted bookmakers.

Step 4

Put the Strategy to Use

All of your hard work has been building towards this moment. Open an account with the best bookmaker and fund it. Then find sports betting selections compatible with the strategy and put everything you have learned to good use.

Sports Betting Strategies to Become a Pro Sports Bettor

You can make your online sports betting experience more sustainable by utilizing a betting approach that has worked for professional sports bettors. The great thing about advanced betting strategies is that they have been proven to work in specific sports betting markets and with specific odds. So if you adhere to the rules and guidelines that come with the strategy, you have a good chance to succeed. At Betpack, we have the same goal of helping sports bettors. To that end, we list top tips that will increase your chances of winning when betting online.

Set Goals

One of the first things you should do when betting on sports is to set clear goals. Knowing exactly what you expect from each bet and betting, in general, will help you establish a clear strategy going forward. For instance, if your goal is to minimise the amount of money you lose, you will employ betting strategies that reduce the risk of losing.

Similarly, if you start betting with the goal of achieving long-term success instead of short-term winnings, you will place low-risk bets that will result in smaller but frequent wins. Also, by setting goals, you will keep your betting behaviour in line with what the betting strategy you adhere to stipulates. That way, if you deviate from your chartered course, you will self-correct and return to the principles outlined in the strategy.

Keep Track of Your Betting Records

Setting goals is important but so is keeping track of your betting performance. When you know how much you have won and lost, it is much easier to decide what you will do next. If lots of your bets have won, you are doing something right and should continue doing what you have done so far. However, if you notice a trend of losing wagers, it might mean that you should reconsider your strategy or what types of bets and sports markets you choose.

Another significant benefit of recording your bets and spending habits is the chance to learn from the mistakes you have been making. If you see that you have wagered on sports and markets that have produced poor returns, maybe you should look at other options. Similarly, if you notice that you are spending more than you can afford, you can revisit your bankroll management rules and see if you can make some adjustments that will benefit your future bets and spending.

Learn to Manage Your Money Efficiently

Before you even join a sports betting site, you should allocate an online gambling bankroll that you will lose solely for betting on sports and nothing else. By doing this, you will protect yourself from incurring losses that might result in financial troubles outside betting. Your goal should be to set an online betting bankroll that will be comprised of money that you can afford to lose. That will ensure sustainability, as it will allow you to continue betting online even if you have to endure long losing streaks. After all, if the money in your betting budget is money you can afford to lose, even the most torrid losing runs won't interfere and interrupt your betting adventure.

Never Let Your Emotions Take Over

Emotions are your worst enemy when betting online. They can cloud your decision-making and can prompt you to place impulse bets. Have you ever felt the temptation to back your favoured team? That's the very definition of sports bettors not being able to keep their emotions in check. Another example of letting emotions take over is chasing losses. Many bettors try to get themselves out of a losing run by betting even more money on the same bets that have failed them before. That is a recipe for disaster fueled by emotional decisions.

Interestingly, many bettors are not aware that by minimizing emotional involvement, they also reduce the stress that may arise from nerve-racking matches or last-minute disappointments. By keeping emotions in check, you maintain a more detached approach to sports betting and even when you lose in the last second of a match, you are not experiencing that situation as a stressful occurrence. Instead, you are focusing on continuing to objectively analyze matches and bet on them with no to minimal emotional involvement.

Practice Discipline

The key to any strategy in betting is to remain disciplined, even when things don't seem to go your way. So, it is no wonder that practising discipline is one of the most important things you can do when betting online. Another perk of having a disciplined approach is related to risk management. When you adopt a disciplined attitude, you can manage risks better and know that you need to stop when the risk of losing larger amounts becomes real.

When you are disciplined in your sports betting practices, you also make better decisions, as instead of emotion, you are guided by reason and research. Patience is crucial in betting on sports too, and it is intrinsically linked to discipline, as it is the only thing that stops you from acting on your impulses and placing desire-driven bets that don't make much sense. So, it is not surprising that the most successful bettors are both patient and disciplined.

Be Confident and Realistic

Finding the right balance between confidence and realism is key in sports betting. By being confident in your decisions you reduce stress. It has also been proven that more confident bettors adapt more easily to changing circumstances. For instance, if an underdog scores when nobody expected, those bettors who are confident in their abilities will be the first to recover from the shock and place bets that reflect the new reality.

The other element of that balancing act, realism, is very important too. Only realistic bettors can make objective predictions and informed decisions. They are immune to swings in emotions and urges to back favoured teams. Realistic bettors are also unrivalled in setting realistic goals. So, while an overconfident punter might want to break the bank in a week, a realistic bettor will know that patience is a virtue and will aim for long-term profits.

Online Betting Strategy Mistakes to Avoid

Sometimes, wagering without a particular strategy is better than using one in the wrong way. One of the worst things you can do when betting on sports is to misinterpret what a strategy requires you to do. So, if you are thinking about adopting a sports betting approach make sure you are disciplined with it and follow the instructions properly.

Not Sticking to Bankroll Plans

Not Checking Your Betting Slips

Losing Value on Parlays

Using Inaccurate Stats

Putting Too Much Trust in Systems

Having Unrealistic Expectations

Setting aside a betting budget, picking the betting payment methods you will use, and determining your limits is Betting 101. However, despite knowing the importance of adhering to original bankroll plans, many bettors abandon them later. That's a big mistake, as not sticking to your initial budget will inevitably result in financial losses, put you under a lot of stress, and chances are you will go down the spiral of chasing losses and deviating from your original bankroll even further.

Conclusion

You cannot become a pro bettor overnight, but you can do your best to get a head start and speed up that learning curve. That's exactly what we at Betpack aim to achieve. The sports betting strategies we have listed are all worth your time and warrant a closer inspection. However, at the end of the day, you have to decide which of those approaches you think will produce the desired results and roll with it.

An integral part of that sports betting experience is the online sportsbook you will choose. So, it is best if you go with a reliable online bookmaker that has the markets and odds you need to make the most of any betting strategy you pick. The top-rated sportsbooks at Betpack tick all those boxes. Go through our reviews and register with a top-quality new betting site verified by experienced industry experts.

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Frequently Asked Questions

How to Place Value Bets When Betting on Sports?

A value bet is one that comes with good odds and the potential of decent winnings. To find value bets, you need to do two things. First, do your research and place educated bets. Second, place those bets at bookmakers that work with small profit margins and offer competitive odds.

Can You Get Consistent Success in Sports Betting?

If you use a proven sports betting strategy and adhere to a disciplined wagering approach, you will increase your chances of getting consistent success when betting on sports. Of course, you will also need to get lucky, but a methodical betting system will help too.

How Can I Find the Best Odds?

To find the best odds, you need to do some line shopping and locate bookmakers that work with small house edges. However, since the house edge may be difficult to calculate for a beginner bettor, we suggest you read our Betpack reviews, where we analyze in detail the odds bookies offer.

What is the Best NBA Betting Strategy?

While there is no strategy that guarantees NBA betting success, researching match info and analyzing results and head-to-head stats can go a long way. Similarly, you may want to keep an eye on changes in betting odds and wager against the betting public i.e. what other bettors are wagering on, to get the best odds.

How Can I Improve My Betting Skills and Bet Like a Pro?

By staying ahead of the game and dedicating a lot of your time to learning and implementing proven betting techniques. Professional bettors work on their skills even when it may seem to you like they are at the top of their game. So, if you are willing to spend hours doing sports betting research and line shopping, you are already on the right track to becoming a professional bettor.