7 ways to improve the odds of you winning your bets
There are a lot of areas of betting that are not in your control. The odds, the way the team performs on the day, injuries, unexpected global pandemics, etc.
With all these things stacking up against you, it can feel almost impossible to turn a profit while betting. However, there is something you can do to improve your odds – improve the way you handle the things you can control.
In this article, we are going to tell you exactly how to do that. Keep reading for 7 ways to improve your betting skills.
Bet on things you know a lot about
The first thing you can do to improve your betting skills is to increase your knowledge of what you are betting on.
Experts recommend that you only bet on things that you know much about. For example, when betting on the NFL you should bet on your favorite team as you will know the most about them. However, if you only follow the NBA, you shouldn’t bet on the NFL.
There is always more to learn about a sport or team, so you can always be improving this skill.
Pick your odds carefully
When picking your odds you should try and resist those dazzling long odds.
Yes, it would feel good if you one on a +40,000 bet, but it is very unlikely that you will win.
However, you could make just as much money over time by consistently betting on odds like -500. The payout is smaller, but you’re much more likely to win.
Better to win a lot of small prizes than to sink money into a big prize that you never win.
Avoid In-Play betting as a beginner
To make money from In-Play betting you have to be the best of the best. This means you should avoid it at all costs as a beginner.
Even if you know the sport really well, it is so easy for the losses to stack up when betting In-Play. These bets are designed to get your heart racing and to make you make rash decisions.
Until you can bet calmly, stay away from these types of bets.
Make sure you understand the odds
Odds are displayed in different ways across the world.
This can be confusing and often leads to people placing bets that they didn’t mean to. Below is a quick guide to calculating the three most common ways of displaying odds.
For example –
All mean that you will win $10 for every $1 you bet.
Another example –
All mean that you will win $.50 for every $1 that you bet.
Most US sites, like Fanduel, will use the American system.
Make sure you understand how bookies set the odds and make money
To beat the bookkeepers you have to think like them.
One of the things that you can do to improve your betting is to gain a deeper understanding of how the odd setting system works.
Here are two quick tips before we move on:
- Long odds are designed to tempt you into wasting money. Bookkeepers are prepared to offer such large rewards because the likelihood of them having to pay out is so slim.
- Short odds are often better than they look. Bookies have to make money, so the short odds will often be trimmed down so that they can still make a profit from all the people who bet on the wrong odds.
Have a long term betting plan
This isn’t very glamorous, but turning a profit when betting is a long-term task. Therefore you should approach it like one.
Set yourself weekly and monthly budgets that you stick to. This will help to prevent you from over-stretching yourself or getting into financial trouble. You should also avoid putting all your profits back into bets.
Resist the urge to spice things up and take risk
When we were talking about In-Play betting, we mentioned that it is best to bet when you are calm and not to get carried away by adrenaline – this is very important to remember.
It is also important to resist the temptation to make risky bets or to make bets on a whim. The occasional risky bet is okay if you are betting for fun. However, if you are looking to turn a profit then you should treat betting like a 9-5. What you want to do is make wise choices and not do anything crazy.