Only by building a solid foundation can you hope to one day become a professional bettors while continuously expanding your knowledge and experience. In this article, we’ll provide you with some tips on how to approach betting and how to think like a professional bettor. At the end of the day, being a professional in anything takes time – nothing will come to you in a day, a month, or even possibly a year.
Bet With Your Head, Not Your Heart
Emotions and sports tend to go hand in hand. However, when it comes to sports betting, it’s crucial to be able to remove all emotions. Most people love betting for their country, their hometown, or their favorite sports teams. This strategy is less than ideal – if you want to succeed in the long run, I strongly suggest you pivot and change your strategy. Since sportsbooks know how people tend to bet with their emotions, you’ll often find popular teams getting extremely overvalued by sportsbooks. This means that the odds-on favorite to win the game might be chosen more due to popularity than what the sportsbook believes is their real chance of winning.
Invest In What You Know
As the legendary investor Warren Buffet once said, never invest in a business that you don’t understand. The same can be applied to the sports betting market. If you’re an expert on football and have been following it for basically you entire life, don’t change your focus to basketball if you’re completely new to the sport. Additionally, you shouldn’t be tempted to place a bet on high-profile games if you don’t really know anything about the two teams involved in the matchup. Although most of the money is wagered on high-profile games, sharp bettors tend to stick to bets within niche markets. As a result, you should consider betting on the less obvious sports (if you have good knowledge of this) and develop your unique expertise.
Big Picture
When individuals first start out in sports betting, they tend to conduct extremely detailed research on the statistics of individual players and teams. However, it’s important to take a step back and look at the bigger picture. People often place a lot of weight on minor factors that actually won’t have a big impact on the potential outcome of the game. Focus on the statistics that really matter and on factors that will be able to really affect the outcome of a game.
Odds Matter – A Lot
When speaking with novice sports bettors, the question that gets bounced around often is, “which team do you think will win?”. While casual fans will care about which team they think will win, experienced sports bettors focus on the outcomes that they think are more likely to happen than that implied by the betting odds. This means that although an individual may think that the team he’s about to bet on will likely lose, the fact that there’s value in placing this bet means that over the long run, this individual will likely profit if he’s able to stick with his strategy of picking value bets. It’s important to be able to sift out bets that are undervalued by the sportsbook. Sometimes, this will mean betting on the underdog and other times, this will mean betting on the favorite. Plus Shopping for the Best Odds & Lines are truly the Most Valuable over time.
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ROI, or return on investment, is a performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. ROI measures the amount of return on an investment relative to the investments’ cost. The formula for calculating ROI is:
ROI = (Gain from Investment – Cost of Investment) / Cost of Investment
Why Is ROI Important?
The need to calculate ROI is important when making any significant financial deal. In a non-sports betting example, let’s take a look at the purchase of a house. While purchasing a house will provide you and your family with a place to live, it’s also considered a financial investment since you stand to make or lose money over time. By taking care of your house and purchasing a house in an area with good features in terms of safety and ample public transportation, the value of your house stands to increase in the future. Selling your house for more than the price that you paid for represents your ROI. If you paid $500,000 for your house and sell it for $750,000, your ROI is $250,000 or 50%.
Sports Betting And The Stock Market
ROI is one of the most popular measures of financial performance within the stock market. A stock market investor purchases a specific amount of stock in a company at a specific price while hoping to achieve a specific financial gain. Taking this analogy to sports betting, a sports bettor risks a certain amount of capital (bankroll) by wagering on teams, as opposed to purchasing a financial product. A good performance on the sports bettor’s wagers will lead to profits. However, while many stock market investors may tend to profit over the long-run, this trend isn’t as common when it comes to sports betting. This may be due to the fact that sports bettors tend to place their bets based on factors such as emotions, intuitions, and gut feelings as opposed to research, discipline, and a long-term view of their financial investment.
Calculating ROI For Sports Betting
In this section, we’ll take a look at how to calculate ROI for sports betting. Referring to the ROI formula above, the cost of your investment will be the amount of your bankroll that you’re willing to risk. As a simple example, assume your bankroll is $10,000 – this the amount of your capital that you’re willing to lose and that you’re willing to set aside for sports betting. After a year, if your $10,000 bankroll turns into $12,500, you’ve made a ROI of 25%, which is calculated as:
ROI = ($12,500 – $10,000) / $10,000
Typically, in sports betting, because the house charges something called the vig or juice on every single wager, it’s not enough to win at a 50% clip just to break even. Instead, you’ll need to win at least 52.38% of your wagers simply to break even. If you’re able to win at a rate of 55% on your straight bets (odds of -110 or 1.91), you’ll be able to profit at a ROI of roughly 5%. If you’re able to increase your winning percentage to 60%, you’ll be looking at roughly a 15% ROI. Tracking your ROI will provide you with a clear quantitative measure of how you’re performing.
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