Betting on sports games is a hobby for many, and most people just consider it to be a fun and friendly past time. But there are ways to consistently make money on sports betting, and the tricks are understanding betting strategy and the different types of bets you can make, understanding the odds, making smart bets, and walking away from bad bets. It’s also important to remember that making money on sports betting is something that requires time and dedication: it’s not about making a single huge bet and winning lots of money in one shot. Instead, it’s all about making a series of small, smart bets that add up over the season to an overall gain.
Part 1 - Getting Started
1. Open a specific bank account. To really make money on sports betting, you have to be dedicated, so it’s a good idea to have a special account that’s only for placing bets.
2. Create accounts with a few sportsbooks. In order to place bets, you have to have an account with at least one sportsbook, though it’s ideal to have at least three, because then you can compare offerings and place smarter bets. Some sportsbooks also offer signup bonuses, so be sure to shop around. Most sportsbooks are available online these days, and some of the more popular sites include:
3. Learn to make smart bets. There are a number of rules that apply to this, and while some are about the numbers, others are about which teams you should and shouldn’t bet on.
4. Create a betting schedule. Don’t just bet on every game: every week, look at the upcoming games and pick the ones you want to bet on based on your confidence in the potential bet.
5. Don’t chase bad bets. This refers to the practice of trying to recoup losses from a previous bet with more betting. It’s dangerous to do this because many people will set aside good judgement and place more bad bets in an attempt to win back what was lost, and this results in further losses.
6. Bet sober. This refers to betting with a clear mind and focus. Many people will read this and think it is common sense but you would be surprised how many people break this rule. Emotions can get the best of all of us, and bad decisions can be made from those emotions.
Part 2 - Understanding Sports Betting
1. Understand moneylines. The moneyline is a plus or minus number associated with each team involved in a particular match, and it refers to either how much you have to bet to win $100 or how much you'll win if you bet $100.
2. Learn about point spreads. Point spread betting is more popular in games where there's a larger gap between the final scores. In a point spread bet, you don’t just bet on whether a team will win, but also whether that team will win by a specific amount.
3. Understand parlays. Parlay betting involves making multiple types of bets on the same game. For example, if you combined a moneyline bet and a point spread bet on the same game, this would be a parlay bet.
Part 3 - Learning Betting Strategy
1. Shop for the best lines. This is where having accounts with multiple sportsbooks will come in handy, because some will offer better moneylines on the same games, meaning you have to risk less for the chance to win the same amount of money.
2. Make bets based on the odds. Betting with your head instead of your heart is all about making smart bets based on odds rather than emotions. Sometimes it’s a good idea to bet on the numbers rather than who you think will win, because this can represent a better value if the odds are in your favor.
3. Don’t be afraid to bet on the underdog. This doesn’t mean betting on a long shot, but rather betting on the underdog when the odds are right. Sometimes, the favored team is chosen based on popularity rather than skill, so it doesn’t necessarily mean the favorite will win.
4. Take advantage of matched betting. Matched betting involves taking advantage of the bonuses and incentives offered by books to place bets for and against the exact same event.
Sources taken from http://wikihow.com