Many sports fans believe that sports betting will automatically lead to success. But applying your sports knowledge to the betting line isn't as easy as it sounds.
If you're one of those secondary fans eager to get in and put your money where your mouth is, you might want to read this article first.
Here are three important things to know if you're just starting out and want to start off on the right foot. Welcome to Sports Betting for Dummies.
Understanding Betting Lines
The first step for sports betting dummies is to understand the betting lines.
Of course, you know basketball inside and out and always know what's going on in the NFL. Generally, you have a good idea of who is going to win on any given night. However, betting on the same games requires a different kind of knowledge that requires you to think deeply about odds and probabilities.
Stick to What You Know
The next thing you want to do is stick with what you know.
When you log into your sports betting account, you will find a variety of bets from basketball to football, hockey to baseball and much more. You can bet on anything you can think of, from the Oscars to horse racing to the Little League World Series.
It's a great buffet, but you have to be careful what you eat.
Ideally, you start with what you know. If you've been a lifelong UFC fan and know the fighters, how they match up and where to research fights, it makes sense to bet on UFC to begin with.
The last thing you want is to be distracted by sports you know nothing about. Don't start throwing away money hoping and praying you'll win. Some gamblers get bored during the week, turn on the TV to see what's on ESPN, and place a bet just because there's a game on. Don't be one of them.
Manage Your Money
Proper bankroll management is one of the main factors that separates winning bettors from losers.
When you start sports betting, you need to develop a basic money management strategy to manage your bankroll. You can't go past the seat of your pants.
Let's say you start with a deposit of $1,000 and lose $300 on an NFL first game, then double down on an afternoon game to $600, then place various live bets of $25, $100 and $200. You are everywhere. With no rhyme or reason to your betting pattern, you stand to lose in the long run.
The best guides suggest betting between 1% and 5% of your bankroll on each game. If you started with $1,000, that means you're betting between $10 and $50 per game.
The rationale is very simple. You need to be able to withstand losing streaks and survive for the long haul. Develop a simple strategy for managing your money and stick to that structure.
Now You Know
After reading this article, you are no longer a sports betting dummy.
Now that you've at least understood the basics, it's a good time to look at some of the other topics in our 101 sports betting guides. From there, the next step is to open a sports betting account, which is free, and get a feel for the betting lines.
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