It is fair to say that the industry of sports betting is one that is very lucrative, billions of pounds are spent each year as professional punters and weekend tipsters do their best to get one over the bookmakers.
Whether it be betting on the outcome of the Superbowl or the winner of the Grand National, one of the most important horse race in the world, the desired outcome is always the same and that is to make some money when the final outcome has been revealed.
We can’t all be winners, but what we can do is give ourselves the best possible chance of coming out on top. So, with that mind here are five tips on how to make money from sports betting.
IF IT DOESN’T FEEL RIGHT, DON’T PLACE THE BET
Many people will say that they have a sixth sense when it comes to gambling, especially when it comes to sports betting. Some might even be telling the truth, but at the same time we can’t all use our gut instinct when it comes to picking a winner.
If there is any doubt that creeps into your mind, then it is best to hold fire on your potential bet and leave it for another day. You rarely see a person who rushes into a bet ending up a winner, sometimes it pays to be cautious.
LOOK FOR VALUE
As tempting as an outright bet can be, sometimes it makes more sense to cast your net further afield. For example, when betting on sports such as Golf, Horse Racing or Formula 1 you don’t necessarily have to bet on the winner.
Instead you can bet on an Each Way market (E/W), here you can usually bet on anywhere up to the first four places in say the PGA Open or the Derby. It might not pay out as much as the winner, but it offers more of a guarantee for the less risk averse.
Another way to start good in the betting game, is to benefit from the different offers the bookmakers provide the new players with. For example, if you use a bet365 bonus code, you’ll be able to get the most out of your subscription and limit your loss if your bets don’t win.
SET UP A BANKROLL
One way to maximise your profits especially if you are fortunate enough to be a repeat winner is to set up a bankroll and only utilise a percentage of that each time. In doing so, it stops you betting on all or nothing scenarios.
For example, if you have a pot of winnings to hand why not bet 30% of those while leaving 70% banked for future bets. That way the risk on a particular outcome is lessened and you don’t face being wiped out should your luck go against you.
As mentioned above, a bonus as the one from mybookie promo code is also a good way to optimize your bankroll.
DO YOUR RESEARCH
When it comes to betting, knowledge is most definitely power and more you have at your disposal the greater chance you have of picking a winner. They say a fool and his money are easily parted and that is exactly what will happen if you don’t do your research beforehand.
No matter what the event is that you are betting on, take the time to study the form guides and odds being offered. In doing so you can make more informed choices when placing your bet, something that will help tip the likelihood of a win in your favour.
NEVER BET MORE THAN YOU CAN AFFORD
Even with the knowledge that research will bring, there is definitely another piece of advice that needs to be considered when looking into sports betting. This one is a maxim that can also be considered in all walks of life.
Quite simply don’t spend more than you can afford. Betting is an incredibly fun pursuit, even if you lose according to studies, but at the same time please sure to bet only sensible amounts, that way even if you do lose it is not something that will cost you too much money.