3 Common Mistakes to Avoid When You Start Betting on Sports
Remember the first time you ever opened up your very own sports book? That uncontrollable high, feeling pure excitement and adrenaline pumping all in your veins. All those numbers spitting at your face. Tempting you to place bets.
You quickly learn how sports betting isn’t as easy to make money as you initially thought. With these tips, you can stop paying the bookie. Start having the bookie pay you!
We spoke with the top sports analytics consulting company, Sports Analytics 24/7. We got an expert opinion on what’s really important when making bets.
Bet on Numbers, Not on Teams
It’s great to have a favorite sports team, but that shouldn’t ever be a factor in your bets. The most common mistake when people start sports betting is to bet on their favorite team. You might feel confident. You might feel this proves your loyalty to your favorite team. You must keep in mind that you’re betting to make money.
Sports Analytics 24/7 believes that betting isn’t about picking the team you like or feel will win. It’s about finding value plays. It’s about generating income. It’s about getting paid.
This value betting strategy is derived from an investment strategy used by popular hedge fund traders toying with the stock markets. These guys hand pick stocks they feel are mispriced– trading at an unusual lower price than their fair values. This is what makes them undervalued. These mispricings are often created with bad publicity or due to a large volume of people unloading, or selling the stock.
In the sports betting world, this is no different. Odds change due to the volume of bets placed on each team. Odds change especially after ugly headlines, trickling down and conjuring several new forms of risk in the sports betting industry, such as injury risk or misconduct risk (NFL suspending ex-Steelers running back Le’Veon Bell for three games as a result of him violating the league’s substance abuse policies). In any case, this same strategy could still be used to win. When the risk associated with a bet is lower than the odds reflected, it’s considered a value play leading to better success in the long run. These mispricings and adjustments to risk are where Sports Analytics 24/7 thrives: finding value plays.
Make a Strategy and Stick to it
Another terrible mistake amateur betters make: poor bankroll management. In sports betting, your bankroll is the amount of money you’re willing to risk for a given return while betting.
Bankroll is a key factor when deciding how much you’re willing to risk on each bet. Sports Analytics 24/7 recommends dividing bankroll into units, usually 1–3% of your bankroll. They recommend betting one unit per pick.
Raising your unit size during hot streaks is a recipe for a disaster. Lowering your unit size or not placing bets at all during cold spells is a catastrophe. What’s the solution? Think about your bets as an investor thinks about investments– you’re long. You’ll sail through the storms, but you’ll always end up on top. You have to keep making the picks to have long-term success. Sitting on cash is never an option, since a dollar today is worth more than a dollar tomorrow. Making sports bets just got a whole lot easier, and Sports Analytics 24/7 is here to ensure another income to make your life a whole lot easier.
Use a Consulting Service to Tip the Odds in Your Favor
Consulting services are the backbone of Fortune 500 companies all across the United States. Now, sports betting consulting services are becoming the backbone for successful retail sports bettors. It’s a revolutionary new idea that people are finally starting to figure out. The finance industry has already seen the power of technology and statistical software, and now the sports betting world is too! Start learning more about Sports Analytics 24/7, before it’s too late!
Finding value plays has never been easier. With Sports Analytics 24/7, the entire landscape has changed. Now analyzing all available data to make their predictions as accurate as possible. With their help, you too can use their top notch, live data power rankings and odds/lines for games to tip the odds in your favor. Want to get as close to Vegas as possible without losing any money? Check no further than Sports Analytics 24/7.
