Whether you’re watching the game at home or sitting in a sportsbook, betting on sports is a common pastime for millions of people around the world. While many fans think that it must be easy to make money betting on sports, it is actually quite the opposite. Even the most successful “experts” only get less than 60% of their bets right and will have a few losing streaks mixed in with the hot ones.
The only way to consistently win more than you lose is to do your homework, keep a clear head, and separate yourself from your fandom. Too often, you will hear that people are betting on their favorite team because they love them. This is an example of letting your emotions get the best of you, and it’s not something that any experienced bettor would do. Instead, focus on doing your research, which includes looking at relevant statistics and math rather than locker room gossip and emotions.
Another essential tip is to keep track of your bets and bankroll. This can be done in an Excel document, or even a good old-fashioned notebook. This will allow you to see how much you’re winning or losing on a regular basis, and will also help you identify your strengths and weaknesses. You can then take this information and adjust your strategy accordingly.
It is also important to be aware of the differences between pre-game and in-game sports betting. In general, placing a pre-game wager is a better option because it gives you more time to analyze the odds and decide which side to bet on. However, in-game betting can be just as lucrative if you have the right knowledge and skill.
The easiest way to win more than you lose in the long run is to follow a solid bankroll management plan. This means separating a certain amount of money from your personal finances that you’re willing to risk on sports betting in any given period, be it a week or a month. This will prevent you from going on a spending spree after a few wins or from getting too excited about your recent success. It will also help you keep track of your winnings and losses, which is crucial to maintaining a positive balance. For more tips on bankroll management, check out our Wise Kracks podcast with Bill Krackomberger.