Did the COVID-19 pandemic push you into online gambling as it did to millions of others?
The online gambling industry has been witnessing steady growth over the past few years. Online casinos had initially been leading the charge, but it has found a tough contender in sports betting. Today, online sports betting makes up more than 35-40% of the online gambling industry. There are now millions of people all across the globe who are more interested in betting on sports through the top betting sites than in doing it through land-based sportsbooks.
It’s not all fun and games with online sports betting, though. It might just be a fun pastime to many, but it’s a serious matter to professional gamblers. This is mainly because of how much these gamblers put on the line while gambling on sports online. With high stakes and enticing opportunities, online sports betting demands special attention. Unless you want to lose out on the most lucrative bets that could otherwise help you win big, you need to strategize your every betting move. There are some tried-and-tested ways to approach the industry as a new sports bettor and start on the right foot.
How to Approach the Market
Before you can get into devising your own sports betting strategies, you need to understand how the market works. If you’re a new online sports bettor, you might have some difficulty even approaching the market. There’s no beginner’s handbook for online sports betting, so you’re going to have to figure it out on your own. Luckily for you, there are some easy ways to do so.
1. Study the Market
The global sports betting market was valued at around $203 billion by the end of 2020. This number has continued to rise rapidly over the course of the past year. There have been many trends and developments in the market in the past. These trends and developments are crucial to keeping up with since they directly impact the effectiveness of your betting strategies.
You can start with a broader scope and study the international market first. Look into how it functions and analyze the factors that affect it. Factors like global economic tensions, legal mandates, licensing issues, etc., can significantly impact the market on a macroeconomic level. On a microeconomic level, you need to study the factors that influence your local betting market. The factors that affect your local betting sites and their facilities might not always be the same as those that affect international betting sites. That’s why it’s important to study both of them separately.
Having an in-depth knowledge of the market, you’re operating in will help you make smart sports betting strategies.
2. Start Small
Don’t get into online sports betting, hoping to master every aspect of it within little time. Many sports bettors set unrealistic goals for themselves and end up losing millions in the process. Instead of tackling bigger goals first, start by focusing on the smaller ones. You can place smaller bets first, then go bigger as you become more confident.
A big advantage of aiming for achievable goals is that it keeps your problem gambling urges at bay. Problem gambling is a big concern in all online gambling spaces. Many rookie bettors place large bets on sports they aren’t particularly knowledgeable about. If they end up out of a stroke of luck, they mistake that with personal expertise and get more reckless with their spending. Hoping to win in the four digits right off the bat is simply unrealistic. Set achievable goals so that your dissatisfaction due to unfavorable outcomes doesn’t lead to problem gambling.
3. Let the Experts Guide You
Like in any other field, taking guidance from industry experts is always a good idea. There are countless professional gamblers who’ve been engaging (and winning) with online sports betting for a long time. Many of them don’t hesitate to guide novice gamblers through the process.
You can look up sports betting blogs, reviews, how-to articles, YouTube channels, and/or online journals to start off. Learning about the best strategies used by long-time online sports bettors and their experience in the market can help you get a steady grasp of online sports betting practices. Don’t hesitate to approach industry experts for guidance!
4. Find and Use the Best Resources
There’s no point in creating good online sports betting strategies if you don’t implement them on the right gambling platforms.
Once you’ve gained sufficient insight into the global and local sports betting market, it’s time to find resources that’ll help you get started. Many professional bettors and sports betting experts extend their knowledge and expertise into online gambling portals. You can visit online gambling portals like Betting Sites Ranking to find betting site reviews that cover all the important features of these sites. You can also check the top betting sites rankings to find out which sites are trusted by professional gamblers.
The Best Sports Betting Strategies
You can follow the previous tips to formulate your own sports betting strategies. However, many novice gamblers find that sports betting strategies proven to be successful can help them better navigate the market. So, in order to help you get a strong standing in the online sports betting world, here are some of the best market-leading sports betting strategies.
1. Stay On Top of Market News
You might think this one isn’t much of a “strategy,” but you’d be wrong.
The global sports betting market is growing insanely fast. For an industry growing at a CAGR of 10.1%, there are bound to be some huge developments and advancements every now and then. You’ll be able to keep up with these developments if you study the market on a daily basis.
Apart from the developments at the large industry level, there’ll also be some developments in the sports themselves. Player injuries, management changes, player transfers, travel bans, mental health concerns, scandals, etc., can all significantly impact a game. Top bookmakers will take these factors into consideration while deciding sports betting odds, so why should you consider them while deciding your wagers?
2. Start with Moneyline Betting
Moneyline betting is the simplest and best type of online sports betting that beginners can get started with. Moneyline bets are easy to read since they only involve one simple principle: the odds of winning. You’ll see a moneyline bet represented by plus (+) or minus (-) signs next to a number. These signs represent the chances of you either winning some odds or having to pay them. A plus sign next to a number suggests that if you were to bet $100 on that bet, you’d make a profit of that specific number. On the contrary, a negative sign next to a specific number suggests that you’ll have to make a wager of that amount to win $100. Usually, you’ll see a moneyline bet displayed like this:
Panthers (-150) vs. Giants (+210)
In the above example, the -150 value shows that the Panthers are underdogs. If you bet on them to win the game and were correct, you’d have to wager $150 to win $100. However, if you bet on the Giants to win, you’d earn $210 against a wager of $100.
3. Stick to One Sport
Many beginners to online sports betting get enthusiastic about the practice and dabble in various sports at once. Don’t do that!
Experts suggest that betting on many different sports can be a huge rookie mistake. It makes sense for professionals to do this, but not for novice bettors. You should start off by making small wagers on a singular sport. Try specializing in that one sport or tournament first. This won’t just help you gain experience, but also help you avoid great losses.
If you’re doing online sports betting as a hobby or pastime instead of a full-time job, then keep it as simple as possible. Remember, betting on more sports means keeping up with all of their respective market developments, updated sports odds, player statistics, matches, etc. Even professional gamblers who do online sports betting full-time struggle to maintain such momentum. You’re likely to struggle as well!
4. Get Into Spread Betting
Once you get the hang of moneyline betting, start experimenting with point spread betting.
This type of betting is relatively trickier but gets easier with experience. Point spread refers to the number of points by which a favorite team might beat an underdog. Essentially, point spread betting involves betting on a margin. A bookmaker sets a margin of points that give one team an advantage over the other. You pick your team and bet on the margin by which it might defeat the other. In this type of betting, the minus (-) sign represents the favorite, while the plus (+) sign represents the underdog.
Usually, you’ll see a point spread bet displayed like this:
Packers -4.5 vs. Chiefs +2.5
In this example, the Packers are the favorites who are expected to win over the Chiefs by 4.5 points. The Chiefs are the underdogs who would need 2.5 points to win over the Packers. If you bet on the Packers and they win by more than 4.5 points, you win the bet.
5. Learn When to Fade the Public
It’s very common for sports bettors to bet on their favorite teams in a game. That’s largely because it’s the safest route to go. However, a large concentration of sports bettors on the same side doesn’t always reflect a good opportunity. That’s why smart sports bettors came up with an alternative strategy: betting on the opposite side.
When you bet on the side that the rest of the public is in favor of, you’re playing it safe. But you’re betting against the house, which means that you’re not guaranteed any profits since “the house always wins.” So, you can choose to “fade the public” and bet with the house instead. This is considered a smart strategy since it keeps you on the favorable side of the outcomes.
In order to fade the public, you’ll need to do extensive research about the market. You’ll need to figure out who the public is supporting and then go the opposite way.
6. Bet What You Can Afford To
A large chunk of global gamblers goes into debt because of inefficient gambling. In the US, it’s reported that almost 23 million people are struggling with gambling-related debts. Among these people, the average loss can be around $55,000.
These numbers should alarm you. The main reason your gambling-related losses could ever go into the thousands would be you betting more than you can afford to. Make a budget to use for online sports betting and stick to it. Don’t let yourself get carried away with spending over 5% of your bankroll. In fact, most experts suggest that your spending should be limited to 1-2% of your bankroll. Going over this limit can lead you to incur losses and go into debt. Remember, responsible gambling is what’ll make your online sports betting experience fun instead of regretful!
If you’d like to learn more about online sports betting, visit our online gambling portal, Betting Sites Ranking!
Our portal provides all the online gambling resources you could need. Whether you’re a casino gambler or a sports bettor, our in-depth betting site reviews can help you win big. You can find the best local betting sites on our portal by choosing your country. Our ranking and reviews are based on the important features offered by the top betting sites. These features include various payment methods support, cryptocurrency support, casino game collection, safety and security of transactions, the guarantee of winnings payment, etc.
You can also compare up to three different betting sites on our portal. This will help you choose between their betting offers and sports odds. If you’re looking for the best betting apps, you can find those on our portal too!
Check out today’s top daily bets to get started.