The legalization of sports betting has pushed this once fringe form of gambling into the mainstream, making it easier than ever for millions of fans to start wagering on their favorite teams. But before you place your first bet, there are a few things you should know.
1. Know Your Limits
The most important tip for anyone who wants to be a winning sports bettor is to never risk more money than you can afford to lose. This means establishing a budget for your bets and sticking to it. Generally speaking, you should only bet 1%-5% of your total bankroll per bet. If you have a large amount of disposable income, it may be tempting to bet more, but the more you bet, the more likely you are to lose.
2. Bet with Your Head, Not Your Heart
One of the biggest mistakes that can be made when placing a sports bet is betting with your emotions rather than your head. This means avoiding betting on teams simply because they are your favorite or because of a long-standing rooting tradition. Instead, make your bets based on numbers and unique circumstances. This will help you be a more objective bettor and make smarter wagers.
3. Understand the Terms and Language
In order to be a successful sports bettor, it is necessary to learn the lingo of the sport you’re betting on. Understanding some of the key terms and terminology will allow you to read odds, handicaps, and other information more easily. For example, the term “cover” refers to a team beating a line set by the bookmakers. A team must win by the number of points that are favored against them to cover the spread and turn a profit for those who placed bets on them.
Another term that is worth familiarizing yourself with is vig, or juice. This is how the sportsbooks charge a small fee for taking your bets. It’s similar to the mark-up on a store-bought product, and it can have a huge impact on your bottom line. To avoid paying this fee, you should shop around for the best lines and find a sportsbook that doesn’t charge a premium.
4. Know the Different Types of Wagers
The types of bets you can place on sports events include straight bets, parlays, and futures. Straight bets are a simple bet on the winner of an event, while parlays combine multiple teams or outcomes into one bet. For example, a 3-team parlay would consist of three 2-team parlays (A + B and A + C). Futures are bets that are placed on an outcome of an event in the future. These bets have a longer time horizon, usually measured in weeks or months, and the payout is delayed until that event occurs.
5. Do Your Homework
The most successful sports bettors do their research. This includes looking at stats, finding trends, and creating betting systems. It’s also a good idea to compare odds between different sportsbooks. This is especially true for props and team totals, where the line can vary greatly. By shopping for the best lines, you can maximize your profits and minimize your losses.