Sports betting is a popular pastime for many people. It’s also a growing market with players wagering billions of dollars each year on sporting events.
A study by Statista shows that the global betting market is expected to exceed $300 billion in 2023, which is an enormous leap from the $48 billion spent in 2019. With so much money being staked on sports every year, it’s no surprise there are numerous websites and apps dedicated to this niche market.
If you’re thinking about joining the throngs of people who enjoy placing bets on their favorite teams or athletes, here are some key strategies you should keep in mind when wagering money on your favorite sports teams or individual competitors.
Research The Teams and Athletes
Before you even think about placing a bet, you should thoroughly research both the teams and athletes you are considering betting on. For starters, look at the history of each team and try to determine if they’re due for a slump. This can be more difficult if you’re betting on individual competitors instead of teams. In this case, you should be sure to study each competitor’s recent performances along with their strengths and weaknesses.
You should also be sure to research each competitor’s style of play and game plan. This can help you gain insight into which strategies they prefer to employ during different parts of the game. This information can be essential when predicting the outcome of a game, especially if the competitors have a history of playing each other. For example, if two teams have played each other a number of times in the past, you can use their post performance against each other to help you predict how they’ll perform in the future.
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Don’t Bet More Than You Can Afford To Lose
When deciding how much money to bet, you should keep in mind that you can’t win if you don’t play. That being said, it’s important to avoid betting more than you can afford to lose. Although this seems obvious, many people ignore this advice and end up betting more than they can afford. It’s also important to remember that you don’t have to win every bet you place.
In fact, even the most experienced bettors lose more often than not. With this in mind, you should only wager cash you can afford to lose. Even if you win every bet you place, you won’t profit from sports betting if you go broke in the process.
Avoid Big Favorites
Many bettors are drawn to heavy favorites when placing bets. However, you’re better off avoiding these types of bets. One reason is that favorites often come with higher odds. If a team is heavily favored to win a game, you can bet on them to cover a small margin. If they win the game, you’ll win a small amount of money.
However, if they lose the game, you’ll lose a large amount of money. Likewise, if you wager on a heavy favorite to win by a large margin, you could lose a large amount of money if the team falls significantly short of the predicted margin of victory. Instead of betting on heavy favorites, you’re better off wagering on underdogs that have a good chance of winning the game.
Although underdogs usually come with higher odds, you can win a small amount of money if they win the game. Conversely, if they lose the game by a small margin, you’ll lose a small amount of money as well.
Check The Streaks And Statistics
If two teams have a history of playing against each other, look for any streaks or statistical trends that may give one team an advantage. If one team has won five consecutive games against another team, you can bet on the team with the losing streak to break their own pattern and win the next game. Likewise, if a team has lost five games in a row, you can bet on them to break their losing streak and win the next game.
Another example where statistics can come in handy is when you’re betting on individual competitors. In this case, you should look for any patterns in their recent performances. If someone has won several competitions in a row, you can bet on them to win another one. Likewise, if someone has lost a number of competitions in a row, you can bet on them to break their losing streak and win the next one.
Watch For Game-Changing Events Or Changes In Strategy
Big game-changing events often occur during sporting events. There may be a big storm or earthquake that disrupts travel to a particular city where a game is being played.
Alternatively, there may be a strike or other labor dispute between the competitors or organizers of a sporting event. In these cases, the outcome of the game could be drastically altered.
You can also watch for changes in strategy between competitors to help you predict who will win a game. If one team has been employing a certain strategy, but the other team suddenly counters this strategy, you can use this information to help you predict the outcome of the game.
Let’s face it: sports betting is not just about luck. You can’t expect to win every time you place a bet, no matter how much you love your team or player. Losing happens, and it can be frustrating – especially when you lose lots of money in the process.
However, if you want to stay in this game for the long run, then learning from your mistakes and adopting a different approach is necessary. To avoid losing again in the future, use these strategies that will help you get ahead of the game next time around.