Sports betting has changed and changed for the good. No longer is it just a Las Vegas sideline where old men move into dingy smoke filled bars, hand over wads of cash, and hope that not only their bet wins but the bookie pays.
It is now an entertainment loaded, technology friendly social exercise that can spice up a game and possibly win you some money. Best of all, it is soon to be legal in your state (or already is) and completely mobile!
If you have an interest in sports, a basic knowledge of some common sports, or are simply looking for a new challenge to add zest to your life, then sports betting may be your thing.
Getting that first taste of action is easier than you think. Let’s check out the 5 simple steps to get you started as a sports bettor.
Steps to Getting Started as a Sports Bettor
1. Find a Quality Mobile Sportsbook
The first step in taking charge of your sports betting destiny is to choose your chariot. Picking a sportsbook that suits your needs and gives you a first class user experience is essential. The sports betting industry is ultra competitive and make no mistake, the sportsbooks want your business. You have leverage.
There are numerous factors you need to consider when making your choice. These include (among other things) reliable and fast deposit and withdrawal options, competitive odds, wide variety of markets, plenty of promotions, easy to use live betting platform, loyalty rewards and more.
Regardless of features the absolute non-negotiable is your sportsbook must be mobile. Retail bricks and mortar sportsbooks fail to cater for the modern sports bettor and represent the short sightedness of the traditional sports betting community. Think Netflix vs Blockbuster video. Get mobile.
School Of Bets has developed a comprehensive list of all the features you should be looking for in a top choice sportsbook. Read the article here.
Don’t for one minute think you should restrict yourself to just one sportsbook. Of course you may do the majority of your betting at a preferred book but it is advantageous to own accounts at others as well. This way you are able to take advantage of their specific promotions, compare odds and access a wider variety of markets.
School Of Bets has a must read list of pros and cons of using accounts at multiple sportsbooks. Read more!
2. Decide on a Starting Bankroll
There really is no minimum dollar amount required to get started as a sports bettor. The minimum bet accepted by mobile and online sportsbooks is generally very low. It makes no sense however to begin with a bankroll so small that a handful of losing bets would see your balance exhausted.
As a bettor you need enough funds in your account to weather a bad run. This amount is really up to you and what you are comfortable to put at risk but always remember when betting on sport putting more than 1% – 2% of your bankroll at risk on any one bet is taking on too much risk.
Before taking the big dive into sports betting, a bettor also needs to weigh up where their betting bankroll will come from. The first rule of betting is to bet with money that you can afford to lose. Therefore avoid using credit to fund your account and ensure the money you deposit is not needed for other household expenses.
To get more bang for your buck when making that initial deposit look out for sign up bonuses. There are great deals out there in the shape of first bet matched offers and free bets. Make the most of these and begin your life as a better in a profitable manner.
3. Learn to Read Odds
The art of betting on sport is all about the odds. It is one thing to predict the outcome of an event but it’s a whole other thing to be paid and paid well. The first step to understanding odds is to get your head around the differences in the way odds are displayed. Sportsbooks will present odds in one of three ways: American, Fractional and Decimal.
For an in depth breakdown on how each of these odds work check out our article.
The big mistake that many beginning bettors make is to falsely believe that the odds they are being offered by their preferred sportsbook are the best odds in the market. While many times they will be close to the best price (due to the efficiency of sports betting markets) they are not always. Grabbing the best price is critical to maximising profit and staying profitable long term.
In order to give yourself the opportunity to shop around for the best price, you should have accounts open at more than one sportsbook. While searching across the books for the best price may take a little more time, the benefit gained by best price far outweighs the time cost.
An example of odds variance in a single event is as simple as a moneyline market where a +120 underdog at one book may be offered at +125 at another book. Taking the slightly longer odds actually returns an extra 5% on your initial investment. That 5% sustained over a period of time makes an enormous difference.
Sometimes the variance is not in the odds but in the handicap line being offered next to those odds. In Point Spread betting sportsbooks will often vary the line but keep the odds relatively stable. For example an NFL team may be a -110 2.5 point favorite at one sportsbook and yet at another they may be a 3 point favorite. Being able to get the 2.5 number means that if the team wins by 3 you get paid. Taking the offering at the second book, the 3 points, would mean a 3 point win is a push and you don’t paid. A costly difference.
The final component to understanding odds is grasping the concept of value. When a bettor is able to get a price on a team that is higher than the teams true chance of winning, they are said to have value. Theoretically if you continually bet on markets at a value price, you will finish in front and make money.
The point of contention here is how you as a bettor arrive at the figure you deem as the true probability of a team winning. Bettors will argue till they are blue in the face about these decisions but at the end of the day developing an eye for a team’s true chance of winning is what makes sports betting a challenge.
4. Specialise in One Sport
As a beginner at anything in life, having a narrow focus, free of distractions will always help you perform better and improve quicker. Sports betting is no different. If you bet on a wide variety of markets simply because your sportsbooks offers them it will be nearly impossible to guarantee you have done due diligence on each of them.
Selecting one sport to specialise in as you start your betting journey, allows you to develop a deeper understanding of the markets offered on the sport, the indicators to look for in winning (and losing) teams, developing trends, and the way to judge value on prices. After bets are settled, a more streamlined method of reflecting on your strategies is also a bonus of a narrow focus.
Essentially sticking to a single sport allows bettors to get in step with the market. At that point spotting the value will become much easier.
Once you have developed some success, then you can look to expand to other sports.
From little things big things grow.
5. Place a Bet and Hold on
The act of placing a bet is quite simple. All of the major mobile and online sportsbooks have reasonable user interfaces which have the bet slip highly visible, very readable and always offer a second tier pop up confirmation before a bet goes live. Ensure you check and double check the actual bet you are confirming to ensure you get why you intended.
Collecting winnings from an online bet is simple. The winnings will be credited to your sportsbook account very quickly after the result of the event is confirmed. As long as you have met the turnover requirements of the sportsbook, you will be able to withdraw those winnings immediately or leave them in the account to be reinvested at a later date.
If you are able to intently watch the event you have action on, then be aware of the live odds as they fluctuate. These can be followed at the live betting platform of your sportsbook. At times opportunities to hedge your bet, cash it out or, for more risk tolerant bettors, double down. These strategies take time to perfect and it may be worth holding off from this until you become more experienced.
Should your bet lose, do not be too disheartened. When betting on -110 markets (coin flips minus bookmaker juice) a win rate of 52.38% is the Break Even threshold. Anything above this produces profit. Therefore it is possible (and likely) to lose a large portion of your bets and still end up in front. Stay the course and continue to manage your bet sizing.
Additional Advice for Beginning Sports Bettors
Continue to Learn
Sports betting is a fickle beast and continues to dynamically change. As a beginner keep learning the craft. No bettor on earth could legitimately profess to know it all. Therefore we are all on a learning journey. One of the best ways to learn sports betting is to actually DO sports betting. Continue to reflect on your performance, refine you methods and you will improve.
Seek advice from knowledgeable and experienced bettors. Pick a few proven performers and absorb their teachings, which are often shared for free on social media, via podcasts or even through the sportsbooks themselves.
Keep Emotions in Check
As you bet on sports , the nature of the pastime will test your emotions. Work on staying in control of these. If emotion enters you betting game then invariably your judgement will be clouded and you will end up taking a beating.
Of course on the flipside, sports betting is about entertainment and while you should be controlling emotions, always ensure you are getting true enjoyment from it. If this element is gone then perhaps at that point you should cease betting.
The Game Starts Now!
Sports betting is something that anyone can begin. The concept is quite simple, while mastery is more difficult. Should that stop you from trying? Of course not. Set your mind to it and have a go!
