As easy as sports betting looks from the outside, winning is not so simple, especially if you are just starting out. Hence, beginners need to be cautious, so they do not end up losing money. If you start sports betting off the wrong foot, you definitely would not be on the right track towards winning. Therefore, you need to be well-prepared. Here are 3 tips that should improve your skills, thereby increasing your chances of winning a bet.

bet on sports

Learn the Basics of Sports Betting

The first thing a beginner needs to do before betting on sports is to learn the basics. Doing this will place you in a better position once you start placing wagers. Learning the basics sets you on the right track. You can start by learning some important terms associated with sports betting. Some of these terms include:

  • Point Spread: This is a number created by oddsmakers for each betting matchup. It acts as a handicap between two competitors at a sporting event.
  • Money Line: This is the profit you have to return for wagering on straight wins and losses.
  • Olympic Betting: This betting focuses on wagering on future odds. Here, you bet on which country is likely to win the most Gold medals.
  • Total (Over or Under): This is simply wagering the number of points scored in a match.

Once you become familiar with these few terms, you can learn other popular terms, types, and components of a sports wager.

Set a Betting Budget and Stick to it

This is a very essential tip, which you have to keep close to your heart. To avoid losing all your money, you need to set a budget and stick to it. Start by deciding the amount of money you are willing to put at risk because betting is risky. Once your amount is set, ensure that you do not risk more cash if you lose all your budgeted money.

Here are a few tips to help you set up your wagering budget and stick to it:

1. The Unit System

The “Unit” is a common term that signifies you are placing on a bet, as a part of your bankroll. As a beginner, you can decide to make your unit as little as 1–3% of your total bankroll. This is simply playing safe because it allows you to play games and keep losses to a minimum.

2. Avoid the Kelly Criterion

The Kelly Criterion is a theory of probability that has its origins in the world of finance. This theory tells you to determine the amount of money you can risk based on your level of confidence. This means that you need to bet a high amount of money on the team you are confident will win the match. However, using the Kelly Criterion should be only restricted to professionals.

3. Track your Bets

To monitor your bets, keep a track of every wager you place. You can create an Excel Spreadsheet solely for this purpose. Check all your entries on a regular basis to see how much money you are losing or winning.

Lastly, know your betting limits. Do not go overboard by spending above your betting budget. Always remember that betting is a game of chance and losing is part of it.

Master some Simple Betting Strategies

Strategies give you an added advantage when you are placing a bet. Many strategies are pretty straightforward and simple to learn, so you do not need to worry. A little knowledge of some basic betting strategies will go a long way in helping you make the right decisions while betting.

Some examples of simple strategies you can master to increase your chances of winning include:

  • Arbitrage or Arbs betting
  • Betting off market prices
  • Backing heavy favorites
  • Betting based on winning streaks

Although none of these strategies gives you a 100% guarantee of winning a game, learning them will increase your chances of winning.