The majority of sports bettors began betting because they were sports fans. As such, they probably had allegiance to one or more teams. If this applies to you, we’d recommend from abstaining on betting on any event related to your favorite team (or teams).
The Majority Of Sports Bettors Began Betting
Loyalty can cloud our judgment, and we recommend being rational and measured in your sports betting. Bias can affect us in both nexiabet conscious and unconscious ways. For this reason, we recommend skipping lines that you have a personal interest or an emotional investment in.
Avoid “Sunk Cost Fallacy”
For this tip, we’re going to borrow a standard term from behavioral economics. The “sunk cost fallacy” means that the more time or money one invests in something, that harder it becomes to abandon. This encompasses everything from business investment to a bad relationship.
Decisions are colored and tainted by accumulated emotional attachments related to the investment. People engaging in the “sunk cost fallacy” will throw more money at a project or venture that’s doomed, just because they’ve invested so much time in it already. They simply don’t know when to cut their losses. This applies to sports betting just as much as it pertains to investments. If you’re having a bad day, cut your losses. And whatever you do, don’t keep upping the size of your bankroll to cover a nasty losing streak.
Bet on One Sport
As Warren Buffet says, invest in what you know. The same applies to sports betting. If you’re new to sports betting, it’s worth it to stick to the one sport you know the most about. You’ll already be ahead in the methods you need to get an edge in over the bookmakers, just based on your pre-existing knowledge of how the game is played. You’ll already know how to evaluate players and teams, and where to gather information about the sport. This is integral to finding the smartest wagers.
Line-shopping is all about taking advantage of pricing discrepancies between the same event at different sportsbooks. Finding the best odds possible is guaranteed to have a significant positive effect on your sports betting ROI.
Line shopping is the closest thing to a foolproof, sure-thing strategy in sports betting. It’s guaranteed to net you bigger profits and long-term success in sports betting. The sooner you start doing it, the better. We’ve written a full guide on all things line shopping, and why it’s essential.
Hedge Your Bets When It’s Appropriate
At its core, hedging is a risk management technique that can be applied to sports betting. It’s a way to either reduce your bankroll exposure or lock in a profit on bets. Hedging is complicated and beyond the scope of this quick strategy guide, but every hedge you make will be done by betting on a result that’s different than your original wager. Read our detailed guide on how to hedge your bets efficiently.
Do Your Research and Talk to Other Bettors
In the age of the internet, getting involved in the sports betting community has never been easier. Join sports betting forums, peruse sportsbook-related subreddits, and talk to anyone you know in real life who may be keen on sports betting. Not only will you become more accustomed to sports betting lingo, but you can also exchange sports betting strategies with your friends.
As we’ve mentioned, becoming a successful sports bettor takes time. As you develop more in-depth knowledge and comfort within the sports betting world, you’ll start to see a more significant ROI.
Remember, never become a gambler. Everyone has rough days sports betting, but betting responsibly and sticking to a plan will help you remain successful. Discipline is integral to keeping your cool, having fun, and staying successful.