There is no sugarcoating the truth: You cannot win every bet. It’s a fact that more people lose than win when it comes to sports betting. But the good news is, if you’re smart and understand the math, you can make money in the long run. Here are a few tips to help you along your way to becoming a profitable sports bettor:
Do adequate research. This can be done in many different ways, from studying weather forecasts to staying current with injury reports. You can also compare odds across several sportsbooks to see which one offers the best price on your favorite team or event.
Keep a record of your bets. This will give you a better understanding of your win/loss ratio and help you determine how much of an edge you really have. Keeping near-obsessive records isn’t for everyone, but for serious sports bettors it’s the only way to make money in the long run.
Learn the rules of each sport you’re betting on. Whether you’re placing bets on football, baseball, hockey, or golf, there are certain rules that apply to all of them. For example, in basketball and football, you must score at least two points to win a bet. In hockey, you must win by at least one goal to win a bet.
Understand the importance of bankroll management. It is recommended that you risk no more than 1% to 5% of your total bankroll on any single bet. This will ensure that even a losing streak won’t devastate your bankroll and allow you to continue placing wagers when you are confident in your picks.
Know that regulated markets are safer than illegal ones. While illegal operators will continue to thrive in the short term, regulated sports betting is generally safe and improving thanks to technological advancements and fierce competition for market share. In addition, a growing number of state regulators are actively monitoring and addressing sports gambling issues.
Don’t get caught up on federal legislation. The feds’ 1992 PASPA ban on sports betting was struck down as unconstitutional on Tenth Amendment grounds. While some politicians such as Utah Sen. Orrin Hatch and New York Sen. Chuck Schumer have tried to introduce federal sports betting legislation during Congress’ lame duck session, it seems unlikely that any kind of new federal prohibition will be implemented.
Sports leagues have made a wise move by embracing legal sports betting. The NBA has a partnership with MGM, the NHL is working with FanDuel, and individual teams are forging their own relationships with sportsbooks. As a result, these partnerships are driving brand awareness and creating new revenue streams for their respective franchises.
With all of the excitement around legal sports betting, it’s easy to forget that there are still a lot of issues that need to be resolved. Most importantly, states need to decide how they’re going to tax sports betting and which entity will regulate the industry. They must balance these considerations with their top priority of ensuring that betting on the games is conducted fairly and responsibly.