Sports Betting Noob intro
Sports betting can be a challenging hobby but when done right, it can also be extremely rewarding. From our Beginner’s Guide to Sports Betting you will find a couple of golden rules with which to enhance the overall betting experience – and maybe make some profit on the way. By avoiding the common mistakes it is possible to get results quite swiftly without losing any of the excitement and thrill of sports betting.
What is Odds
First of all, let’s start Beginner’s Guide to Sports Betting with an arguably the most important betting tip for rookies. The odds are the Alpha and Omega of the whole betting business – a fact often forgotten or overlooked. In principle, the outcome of a single bet is non-relevant, as it is the odds that determine if the bet has value or not. In short, odds are the inverse value of the probability of certain occurrence – the more unlikely the occurrence, the higher the odds for it. Therefore, a good bet is when the probability of occurrence X is higher than the probability indicated by the odds.
In practice, it is possible to find value in any occurrence, be the odds 1.15, 5.50 or 28.90. If you have evaluated the probability of an occurrence at 90 %, odds of 1.15 present value (albeit a rather small one). Often punters are more likely to find value on the higher odds of the underdog, but this should not be taken for granted. All professional punters trust their own evaluations, regardless of favorites or underdogs. The most important thing is to bet with odds that represent value. Comparing the odds between bookmakers is always a good idea and there are plenty of online tools for that but those are out of scope of our Beginner’s Guide to Sports Betting. However, we would like to highlight that if you’re a serious punter, it makes no sense in betting on lower odds than the market allows – that would be like giving out money to bookmakers. At Coolbet, you can easily find our best odds on daily basis under the Boosted odds section. Have a look!
Make your bets
In the beginning, many punters are inclined to play big accumulators, including a number of different selections which need to be correct in order to win. The idea behind the accumulator is, of course, to win big with a minimal stake as the odds are multiplying with each additional selection.
What punters should take into consideration is that the bookmakers’ odds include an in-built advantage, so that the rule “house always wins” applies. Undoubtedly the best part of sports betting is making the correct picks and collecting profit. If you aim for the quick win Jackpot, and at the same time neglecting the fact you lower your chance to make profit in long term, you should acquainted with the system-feature at Coolbet sportsbook In short, the system bet feature available in betslip allows you to select, for example, six picks and automatically make smaller accumulators with which you can win even if not all the selections hit correctly.
One of the most difficult aspects in betting – and often the most overlooked – is setting the stakes. You should remember that not a single strategy on setting the stakes will make you rich by itself.
On the other hand, no strategy or using a bad strategy will cancel even the good bets you have made and you will eventually end up losing your profits in the long run.
Feels difficult and confusing?
Yes, but with a couple of easy tips you will get started on the right foot.
Even the semi-professional punters often have a habit to raise the stakes when they are on a winning streak. Of course, you will start to feel invincible when all the games seem to go your way and the bankroll just keeps on growing. When you are on a streak remember to think twice and use your better judgment before increasing your average stake!
If you have correctly picked four football games in a row, does this affect how your NBA-picks will wind up?
Of course not.
Luck has no memory. Both the good and the bad streaks are always part of sports betting. The best thing you can do is to keep a cool head and set the stakes according to your own strategy – not according to your current streak. It is worthwhile to plan a staking strategy and keep to it. Each and every punter will face a bad beat, sometimes shorter and sometimes longer, when more money is lost than won. When this happens it is important to keep your cool and not to panic.
Self-control and anger management
Continuing on our list of Beginner’s Guide to Sports Betting, each and every sport features a certain amount of chance, which in sports betting is usually called luck.
A single bounce here or there or any human error that cannot be anticipated may affect the outcome greatly or even decide it altogether. Because of this, it is likely that every punter will face both losing and winning streaks. During both streaks, it is crucial to keep in mind that the outcomes of previous bets have nothing to do with the outcomes of the future bets.
A sure-fire way to self-destruct is to chase your losses after big defeats or get carried away by increasing the stakes when on a winning streak. Cancelling those driving emotions is tricky and demands self-control – and anger management. Professional punters often state how easy it is to lose control when facing defeat after defeat and then only digging a deeper grave. Even if it is not easy to keep your cool, acknowledging the issue is the first step to success.
No strategy no win
Successful sports betting takes a lot of time and effort. Going through the abundance of information available nowadays can take hours and hours, not to mention actually following the games played. Furthermore, modern TV-contracts make sure the games are played almost around the clock, which makes it virtually impossible to follow all or even most of it. This leads to a necessity for a punter to pick their battles and specialize on certain sport or better yet, a certain league or teams. No one has the time to follow every sport, so it is better to concentrate and maximize the knowledge on one or two leagues. After the specialization, it is easier to place informed bets and avoid hasty judgment calls, as you are less likely to be blindsided by surprising changes in lineups etc.
In addition to your own judgment, nowadays it is easy to find informed betting tips all over the internet – some of which are actually profitable as well. Especially in social media where you can access all kinds of tips around the clock. However, not all the picks are trustworthy so pay close attention when putting your faith in these tipsters. It is even possible that the tipster makes money when you lose your bets.
One of the least understood concepts in Beginner’s Guide to Sports Betting tips is so called “affiliate deals”. It is a common practice in betting business for bookmakers to take care of external marketing with this kind of deals. In short, it means that the affiliates (tipsters, websites etc.) are paid depending on how much the clients they have brought in lose at the betting site.