People are usually quick to assume that it’s hard to make money through gambling, particularly in sports betting. A common misconception is that 90 percent of sports punters lose their money through this yearly, but this isn’t really true.
The truth is that there many gamblers out there who chose to professional sports punters. This is because when done right, sports betting can be a good way to earn money. The real key to making sure that you profit from sports betting is money management.
Strategizing is also important, of course. You need to be smart about your choices and rarely place bets based on your intuition. It really takes focus and dedication to better your chances of winning when it comes to wagering on sports, but here three tips that can help you make sure that you earn more money instead of losing.
- Knowing about vigorish
The first thing that you should keep in mind is that bookies will always have the edge. You need to understand that bookies, online or not, make money by vigs that are also known as vigorish, juice, or hidden vigor. This is what ensures that whether punters lose or win, the bookie will still make a profit.
The things about this are that bookies do not really let people know how much vig they placed in the odds that they offer. You need to be able to know on how you can calculate it so that you know whether the odds that a bookie offers is a good deal.
The truth is that there is no exact formula on how you can determine whether the vig that a bookie incorporated to an odd is big or not. What you just need to know is how it really works. Just think of the coin toss as an example.
When tossing a coin, you get two possible outcomes. This makes you have a 50 percent chance of getting heads and another 50 percent for getting tails. This is a 2.00 in decimal odds and 1/1 in fractional odds.
Bookies never really display the true probabilities of each match so that they can incorporate their vigs. This is the case because if they just let the 2.00 remain the same, they won’t make any money at all from all the bets.
They will have to give all the bets they receive as payouts for the winners. It’s basically taking all the bets when you win. This leaves the bookies nothing. The most common odds used by bookies is 1.9091. To explain it easily, a ten-dollar bet by the winner would be rewarded with $19.09 instead of $20.
This is why when you place your bets to a certain bookie, you always have to check the odds that they offer. This brings us to the next tip on the list.
- Shop for lines
Not all bookies offer the same odds. This means that each bookie places a different amount of vigs on the odds that they are offering. This is why it’s important for you to shop for lines or odds. You should at least have three bookies in mind before you place your bets.
Compare and contrast the odds that these bookies have and determine if what they have are more beneficial for you. This is kind of like shopping for the right product. You choose what would work best for you to get your money’s worth.
You can check websites that can give you tips on which online bookies offer the best odds and even bonuses. Some of these websites also have predictions available for you to check so that you can place a better bet.
Some people create multiple accounts with different bookies to make sure that they get the best odds that they could. You can also do this but always remember to stick within your budget when making your deposits.
- Take advantage of offers and bonuses
Online bookies, in particular, are very generous when it comes to promos and bonuses. This is especially for their new customers. It’s their way of luring more players to make an account and deposit with them. While it may sound like a marketing strategy that won’t really benefit you, that’s not true.
These bonuses and promos that they offer can help you maximize your deposits. Some bookies would offer bonuses as much as 200 dollars or euros, depending on the currency that you use. These bonuses are typically available if you make a deposit with a minimum amount.
Definitely, when you’re choosing a bookie, this is something that you should check out. Just don’t immediately settle with a bookie that offers a really high amount of sign-up bonus. Look for bookies that have bonuses for their loyal players too.