1) Know the odds
This is not only solid advice when for betting; it is solid advice for life in general. Odds are the probability of a certain event happening. In betting, odds are often represented in the format X to one. The higher the value of X, the less likely a victory will occur for the governed subject.
Many people prefer to operate on emotion rather than rationalism. “Team A is my favorite team, so I always bet on them.” Sure, you can love a team, horse, racer, or whatever, but if the odds do not favor them, they are not a safe bet.
To increase your odds of success, always look up what the odds are before placing a bet. Bet on teams with better odds of winning. Then manage your spread to absorb losses based on payout rates. Betting smart works wonders in betting and life.
2) Understand the how odds work
Okay, so you know the odds, but do you understand how odds work? A one to five probability at first glance can be interpreted to mean out of five instances of, say a race, one will end with this result. That is, after all how many people view odds. Unfortunately, that is not how odds work.
A one in five chance in a pure mathematical environment means each individual instance will present a 20% chance of an occurrence happening. In theory, a person could experience 100 instances with the desired result or 100 instances without ever experiencing the desired result once.
Think of it like rolling a dice and picking a number. You have a one to six chance of guessing the correct number. In theory, this means you could guess the correct number 100 times out of 100. It also means you could guess the correct number 0 times out of 100 as you have only a 16.67% chance of a correct guess each roll.
That is in the pure mathematic sense. In reality, if the odds are twenty to one against a person, team, horse, driver, what have you, of winning, they are doubtful to win. Yes, upsets do happen, but these are infrequent occurrences as oddsmakers have crack-notch research teams to ensure their projections are not wrong.
3) Take advice from guides
There is a plethora of information available online to help everyone become more proficient at betting. Websites like https://smartbettingguide.com/ offer a comprehensive primer on the hobby. These guides provide readers with useful advice, definitions, and explanations of basic concepts. You wouldn’t trust a mechanic that didn’t know how to work on a car, so you sure as hell shouldn’t bet without understanding the how systems in betting work.
One of the better aspects of these guides, beyond the useful information, is how they point you towards reputable institutions with whom you’ll be safe betting with. It doesn’t matter if you make winning bets if your betting institution doesn’t honor your bet or payout in a timely fashion.
4) Do your research
You understand the odds, you understand how odds work, and you’ve primed yourself with the knowledge needed to bet. What’s the next step? Easy! Research.
One of the best bits of advice in betting is bet on what you know. Suppose you are a football fan, bet football. If you are a soccer enthusiast, bet soccer. If you watch hockey for the game and the fights, then you’ll want to bet on hockey. It is a simple bit of advice to follow.
As you are betting in arenas you are already passionate about, research becomes a fun pastime. If you know, during the upcoming game in the playoffs, one of the team’s star player is coming off a cold, that is information that will help you make a good bet. If a star player is still recovering from an injury or appeared to suffer one, they hid during the last game, then there is a good chance that the team will not perform as well during their next game.
Learning about what is going on in your favorite sport is fun, and with that knowledge, you can profit. Understanding where teams have historically been weak regardless of how well their season is going can easily manifest into a good bet. This is why research is both fun and important.
5) Hedge your bets
Going all in is a brave move. After all you have the confidence and knowledge needed to make a good bet, but sometimes things do not play out the way you think they’re going to. Hell, sometimes things don’t play out the way anyone believes they are going to. This is why you should only bet what you can afford to lose and why you should learn to hedge a bet.
Hedging is when you make a smaller competing bet against your primary bet. If there are two fighters in the arena and you’ve bet on the sure-fire thing, you place a smaller bet on their opponent. This bet is not meant to out-earn your primary bet, but to soften the impact if the primary bet fails.