Before you start looking for sports betting tricks and strategies that you think will help you win your bets, you need to be aware of some of the tips that will stop you from losing money.
I wish I was aware of some of these tips before I lost thousands of dollars when I started sports betting, but you don’t have to make the mistakes I did.
Here’s the thing, the idea of winning thousands of dollars from a $1 or $10 bet is very appealing to me and many others as well, especially for beginners.
But the truth is nothing is ever guaranteed in sports betting and not many people really sit down to think about that.
I can’t tell you how many times I have made combinations of bets to win a few thousand dollars, only to lose by one or two of my bets.
It’s because of these very reasons why betting responsibly and with discipline is such an important part of sports betting.
Here are some of the tips and tricks I follow to make sure I am always betting on sports in a safe and right way:
1. Set a Budget Before You Start Betting
Before you start betting on sports you need to set a budget for your betting activities. Money you can comfortably afford to lose – this is known as your bankroll.
This will help you bet safely and manage your finances properly while enjoying the thrill of gambling.
Sports betting carries a degree of risk so you should never do anything that negatively impacts your financial stability, which is why it’s important to never bet more than you can afford to lose.
When you understand the concept of bankroll management you’ll realize how it can help you avoid losing all your money.
2. Don’t Use Betting as a Source of Income
Sports betting should be treated as a form of entertainment, not as a reliable source of income.
While there is potential to earn some money, it’s important to keep a realistic mindset, focusing on having fun and staying within your budget.
When you bet on sports, the odds will constantly fluctuate, and no guarantees can be made on winning your bet.
It can be enticing to chase after higher earnings, but this often leads to risky decisions, which may result in losses.
Here are some tips to stay disciplined:
- Divide your bankroll into units (e.g., 1-5% per bet) to have more control of your wagers.
- If you only have $100 to bet, bet only $1 to $5 on each of your bets.
- Stick to a predetermined unit size and avoid impulsive betting decisions.
- Analyze and track your bet history to better understand your success rate based on sports or betting strategies.
3. Use reputable and trustworthy sportsbooks
Learn about the laws and regulations surrounding sports betting in your area and what sportsbooks are available where you live.
Don’t be tempted to use sportsbooks that are not legal and regulated in the USA.
Using reputable and trustworthy sportsbooks is important because it ensures that your personal and financial information is secure and that you will receive a fair and timely payout if you win your bets.
Reputable sportsbooks are licensed and regulated by reputable authorities, which means that they are held to high standards of fairness, transparency, and security.
They use advanced encryption technology to protect your personal and financial information, and they have a track record of paying out winnings promptly and without issue.
On the other hand, using an untrustworthy sportsbook can lead to a host of problems, such as delayed or withheld payouts, unfair betting practices, or even fraud.
4. Take Advantage of Sportsbook Deposit Bonuses
Deposit bonuses are a type of promotion offered by sportsbooks to attract new customers and incentivize existing ones.
As the name suggests, these bonuses are tied to the first deposit you make into your betting account.
Commonly, a sportsbook will match a percentage of the first deposit you make as a new customer, effectively giving you extra betting funds.
For example, if a sportsbook offers a 100% deposit bonus up to $1,000, it means the sportsbook will match your initial deposit dollar-for-dollar up to a maximum of $1,000.
If you deposit $500, you’ll have $1,000 in your account to use for placing bets (your $500 + an additional $500 from the sportsbook).
I think this is an easy way to get some free money before you start betting.
5. Set Time Limits For Your Betting
Setting time limits can help you maintain a healthy balance between your betting and other aspects of your life. Here are a few tips on how to effectively set time limits for your betting.
Setting Timeframe
Determine a specific timeframe for your betting activities. This could be a daily or a weekly limit, depending on your preferences.
For example, if you’re a fan of soccer, cricket, or tennis, you might allow a certain number of hours per week specifically for these sports.
Allocate time for researching strategies, checking news related to teams, and placing bets on platforms like BetMGM, DraftKings, or Fanduel.
Take Breaks During Live Betting Sessions
Another important aspect is to schedule breaks during your betting sessions.
This will help you avoid getting too absorbed in the process and prevent impulsive betting decisions. You can use tools like timers or alarms on your phone to remind you to take a break.
When following live betting events, be mindful of your time limits.
Live betting can be an exciting way to engage in sports like basketball (NBA) or football (NFL), but it can also lead to excessive time spent on betting platforms. To avoid this, set a maximum duration for live betting sessions and stick to it.
6. Don’t Chase Your Losses
Nobody wins all of their bets. Even professional bettors encounter losses along the way. To bet safely, you need to develop a mindset that prevents you from chasing your losses.
You may be tempted to increase your betting action after a loss, especially if you think the odds are in your favor, but this is often a risky and emotionally driven decision.
Instead, analyze your previous bets to understand what went wrong and try to make better decisions moving forward.
To analyze your bets you need the data that shows you what you’re betting on. A great bet tracker that can help you track your bets is Pikkit.
7. Avoid Betting When Under The Influence
In sports betting, it is important to keep a clear mind, especially when betting on popular leagues like the NFL or NBA.
When you’re under the influence, your decision-making abilities are impaired, which can lead to making irrational or risky bets.
This includes wagering on challenging markets like over/under bets, prop bets, or total bets, where your ability to analyze betting odds requires great analytical skills and attention to detail.
While under the influence, you may make bets with unfavorable odds, which can lead to losses in the long run.
Always bet sober!
8. Find A Balance
When you’re new to sports betting, it’s easy to get caught up in the excitement of researching and strategizing for different sports and events.
However, we all need to try to maintain a healthy balance between our sports betting activities and the other aspects of our lives.
To bet safely, be sure to set aside a specific amount of time for research and placing bets. This may include choosing the right online sportsbooks, developing betting strategies, and following professional advice.
Dedicating too much time to sports betting can negatively impact your relationships, work, and overall well-being.
One way to keep sports betting from consuming all of your attention is to participate in other activities outside of betting.
Engage in hobbies or social events that have nothing to do with sports betting. This can help you avoid becoming overly engrossed in your betting and help you maintain a well-rounded lifestyle.
9. Don’t Bet As A Solution For Problems
Sports betting is not a solution to any emotional or physical distress you might be experiencing. In fact, using betting as a way to cope could potentially lead to a gambling problem.
If you find yourself relying on sports betting to deal with emotional or physical distress, take a step back and try to find some help and support.
This can come from friends, family members, or professional support like therapists and helplines, such as the National Council on Problem Gambling, which has found that the rate of gambling problems among sports bettors is at least twice as high as among gamblers in general.
To ensure that you’re enjoying sports betting safely and responsibly, always set limits for yourself and stick to them.
And stay disciplined and consistent with the rules you have for how you plan to bet.
10. Educate Yourself About Sports Betting
If you’re new to sports betting, you must learn the difference between an underdog and a favorite, try to educate yourself about the different types of bets you can make and how they work.
Over time, you’ll become familiar with moneylines, point spreads, over/under bets, and other betting options.
As a beginner, you want to keep things simple when betting on your favorite NFL, NBA teams, or any other sports events.
Stick to single wagers like moneylines (picking the winner) or point spreads (the margin of victory), and avoid complex bets such as parlays (multiple bets combined) and futures (long-term bets).
While it’s exciting to predict your favorite team’s performance and potentially win money, it’s also important to understand the risks involved in sports betting.
Just like any other form of gambling, there’s a chance you’ll lose your bet, so make sure you only bet money you can afford to lose and never chase your losses.
11. Know the difference between an underdog and a favorite
In sports betting, the favorite is the team or player that is expected to win the game or match, while the underdog is the team or player that is expected to lose. Bookmakers assign odds to each side to reflect their likelihood of winning.
Just because a team is expected to win that doesn’t mean they always win, and just because a team is expected to lose that doesn’t mean they will lose.
It’s important to understand the difference between the two because it can affect the potential payout and the strategy you use for placing bets.
For example, betting on the favorite may have a lower payout, but it may be a safer bet, while betting on the underdog may have a higher payout, but it may be riskier.
Knowing the differences between the two can help you make better decisions that can help you develop a successful betting strategy.
12. Be Aware of the Odds
Sports betting odds are designed to favor the house, this simply means that while you’ll win you probably won’t win as often as you think you’ll do.
This is the case for most sports bettors and is even more true for bettors who do not use any sports betting tools or algorithms of any kind.
13. Look for value bets and don’t just bet on the favorite every time
Looking for value bets means searching for opportunities where the odds offered by the sportsbook are higher than the true probability of an event occurring.
It’s important to look for value bets because they offer a higher potential payout than simply betting on the favorite every time.
Betting on the favorite every time may seem like a safe strategy, but it often leads to lower payouts and can be less profitable in the long run.
By identifying and playing value bets, you can increase your potential payout while still making strategic bets that are more likely to make you profitable long term.
14. Use Sport Betting Tools
Sports betting tools can be very helpful for many reasons, aside from improving your odds of winning, they can help you bet smarter as opposed to other people who just bet on the teams they like.
Here are some reasons why you should use sports betting tools:
- Data Analysis: Sports betting tools often provide sophisticated data analysis, which can help you make better decisions.
- Odds Comparison: These tools allow you to compare odds from different sportsbooks, ensuring you get the best value for your bet.
- Betting Simulators: Some tools offer betting simulators, which allow you to test your betting strategies without risking real money.
- Live Scores and Updates: Keeping track of live scores and game updates is crucial in sports betting, especially if you’re into live or in-play betting. Sports betting tools can provide real-time updates.
- Bankroll Management: Some betting tools offer features that help you manage your betting budget efficiently, helping you to bet within your limits and avoid overspending.
One of the best sports betting tools that I use is OddsJam, and these are some of its features that I use:
- Sportsbooks Screen
- Positive EV tool
- Parlay Builder
- Middles Betting
- Sportsbooks Picks Service
While these tools can help you become a more profitable bettor, they do not guarantee success and should be used as part of a well-researched and responsible betting strategy.
15. Don’t Borrow Money to Bet
This one resonates with me so much because once upon a time I was the person doing exactly this and truthfully it never made my situation any better.
Things got worse. If there is one piece of advice you can take from this, it’s this one. Don’t bet more money than you can afford to lose.
To avoid this trap set aside some money to use only for sports betting. This will be the amount of money you’re willing to risk on your bets.
When setting this money aside, make sure you’re using your own funds rather than borrowing from someone else.
Even with the best sports betting strategy, there will always be a chance of losing, and you don’t want to be in a situation where you’re paying back a loan with high interest rates because of your betting activities.
16. Don’t share your betting account information with anyone else
Sharing your betting account information with someone else is not recommended as it can lead to several risks.
For example, the person you share your account information with may place bets without your permission or may use your funds for their own purposes.
If any fraudulent activity occurs on your account, you may be held responsible for it, even if you did not initiate it.
Therefore, it’s important to keep your account information confidential and secure to ensure that your funds, your account, and personal information are protected.
17. Replace The Habit
Because of the idea and desire to win big, it’s easy to get caught up in sports betting.
Did you know that engaging in a new hobby can help reduce stress and improve your well-being?
Instead of spending hours analyzing NBA and NFL picks or MMA fights, why not explore something different?
You never know what passions or talents you might discover!
Whatever it is that distracts you from your desire for sports betting is a great alternative.
Maybe it’s watching a very anticipated matchup between two teams or catching up on one of your favorite TV series.
18. Use Self-Exclusion Tools
If you ever feel that your betting habits are getting out of control, consider using self-exclusion tools to take a break from gambling.
Self-exclusion is a voluntary agreement you make with operators, both online and land-based, to not gamble for a chosen period.
This can be an important step in helping you regain control of your gambling habits. Many popular sports betting platforms, such as BetMGM, FanDuel, and DraftKings, offer self-exclusion options.
When you self-exclude, you are effectively banning yourself from the gambling venue or website.
The sportsbooks must respect your decision and will not send you any promotional materials during this time.
Self-exclusion periods can vary from 6 months to 5 years, depending on the platform and your preference.
19. Seek Support and Know When to Quit
Getting into sports betting can be exciting, but it’s important to remember that betting should be a fun activity and not a source of stress, anxiety, or financial strain.
Recognize when you’re struggling with your betting habits, be honest with yourself, and know when to quit and seek help.
As you learn the ropes and immerse yourself in the sports betting scene, please be aware of the potential for developing a gambling addiction. There are a few key signs to watch out for:
- Constantly chasing your losses
- Lying about your betting activity
- Ignoring personal responsibilities, career, or relationships in favor of more gambling
If you begin to notice these concerning behaviors in yourself or someone close to you, don’t hesitate to seek help from professionals or support groups.
You can also visit The National Council on Problem Gambling for more help or call 1-800-GAMBLER.
There are other resources available to help individuals struggling with gambling addiction, such as therapy and cognitive behavioral therapy, which specifically focus on helping you control your betting urges.
Know when to stop and don’t be afraid to take breaks from betting or step away if you’re not having fun anymore.
You’ll be happy you did.
Frequently Asked Questions
What are the best betting strategies for a beginner?
As a beginner, you might want to start slowly and gain experience before getting into complex betting strategies.
One of the best strategies to begin with is focusing on a sport you’re familiar with and making simple bets like moneyline or point spread bets.
Additionally, try to limit the number of bets you place to a few well-researched ones, rather than placing many bets at random.
What factors should I consider before placing a bet?
Before placing a bet, take into account some of these factors:
- Research and analyze the teams or competitors involved in the event
- Look at their recent performance
- Focus on any injuries or suspensions that may impact their performance.
- Consider the odds offered by the bookmaker, and look for any discrepancies or value in the odds.
- External conditions, like weather for outdoor sports
What are some common betting mistakes to avoid?
To minimize losses and maximize your enjoyment, steer clear of some common betting mistakes.
Don’t chase loses
Chasing losses is when you increase the size of your bets to try and recover previous losses. This can lead to even greater losses and put your bankroll at risk.
Instead, take a step back and analyze your betting strategy to determine what adjustments need to be made and if necessary stop betting completely.
Line shop
Line shopping is when you compare odds across different sportsbooks to find the best value. Doing so can help you get better odds and improve potential returns.
One of the best sports betting tools that you can use to do this is OddsJam.
Don’t bet with emotions
Avoid betting with your emotions or allowing personal biases to cloud objective judgment.
Assess each of your bets based on data and informed analysis to increase your chances of success. OddsJam has plenty of tools that you can use to place your bets.
The ones that I use are their Sportsbooks Screen tool and their Positive EV tools.