There’s a reason why sports betting has become such a big business in recent years – if you’re a sports fan, it’s a great way of using your knowledge to earn extra cash. Here are some tips for Timeform bets (and other bookies) on how to make money from sports betting.
Skills and Attributes
One of the most important things to remember when sports betting is that you’re going head to head with the bookmaker, so it pays to be prepared. A strong ability to tackle the numbers will benefit you enormously when it comes to sports betting, since all games are about probability. You’ll need to be able to compete with statistical models that betting experts use, so the key is to find value in bets and spot where the bookies have priced something incorrectly. Obviously, a keen understanding of the sport you’re betting on will also increase your chances of success. Whether you’re betting on football, cricket or horse racing, you should always do your research and have a thorough understanding of how the sport works. Naturally, having an interest in it beyond just betting will also make it a more enjoyable experience for you and it will make it easier to learn the quirks of the sport if you’re watching it regularly.
Sports betting isn’t an easy task but it’s far from impossible to make money from it – the difference between professionals and amateurs is preparation. Before you start placing your bets, you need to do some prep work. The first task is to put your bankroll aside and set a budget that you’re happy to lose – never bet with money that you need for bills or expenses. The second task is to set up a staking plan that will allow you to take advantage of incorrect prices. The goal here is long-term profit, so your stakes need to be consistent for that to become a reality. A good plan means only betting between 2 to 5% of your bankroll, although the percentage you choose will vary depending on how confident you are of your bet. You also need to know what your strengths are so you know where you can find the edge, and which markets you perform best in. No-one can be a jack of all trades so the only way to earn good money from betting is to become an expert in a specific area, research it thoroughly and know all you can about that sport and its individual markets.
Tips and Tricks
When you’re betting regularly, it can be all too easy to get caught in the trap of chasing your losses. But this is one of the most difficult things to master in betting and it’s something that you need to quickly learn how to avoid – don’t allow your emotions to become the focus of your bets. It’s also important to remember that slow and steady wins the race – sports betting isn’t a quick fix or an easy way of making money, but it can be extremely lucrative if you pace yourself and forget the get rich quick mindset. Have faith in your strategy and the process, and you’ll soon find that the small wins accumulate.