Sports betting is popular among people drawn to gambling, but only a few of them make a profit from it. The overwhelming majority lose money consistently. This article covers a few pieces of advice that professional bettors usually give to beginners and casual players.
1. Bet on a single sport (one tournament, one league). Many beginners bet on anything that looks easy. Spotting some big odds in, say, tennis (a sport the player naturally knows nothing about), a beginner will stake close to half their bankroll on it. Of course you may get lucky once or twice, but over the long run reckless bets like these produce a big loss. So for sports betting you need to pick one sport you actually understand. Take football: you should choose the league you can watch regularly. That way you will know all the trends and news of that competition, the favourites and the underdogs, the teams' motivation and so on. Only by concentrating on one thing can you make quality predictions, having first analysed as much information as possible.
2. Do not get carried away with progressive systems. Many beginners, on hearing about progressive staking systems (martingale, for instance), immediately rush off to make millions. In practice almost all progressive systems lead to a complete wipeout sooner or later. Yes, for a while you will be able to win your money back by running several iterations and increasing your stakes. But over the long run there will still be a losing streak that ends your bankroll. The conclusion: if you play progressive systems, stop in time, or change to a strategy that is safer in financial terms altogether.
3. Size your bankroll correctly. To make money from betting you have to learn to manage it properly. Work out your stake size so that even a prolonged losing streak will not take all your money. Always plan your play so that you retain the ability to recover. For example, say your bankroll is 100 dollars. In that case a stake of 1% of the bankroll - one dollar - is quite safe. Even if you lose 10 times in a row, you will still have 90 dollars, which will later help you win back what you lost and turn a profit.
