When developing a sports betting strategy, there will be some rudimentary, starter strategies that every bettor should have a grip on. These are the basics, the building blocks to developing successful overall betting habits.
Before we move on to the more advanced strategies, let's check the boxes. Below, we'll cover some clear basics that all gamblers need to know when building their sports betting strategies.
Bankroll Management and Not Chasing Losses
One thing that is crucial is to be cautious with your money. Bettors should practice bankroll management and avoid chasing their losses. Set aside a fixed amount of money for a period of time that you are okay with losing, and deposit that into your account. Make bets that are only a small percentage of the amount you’ve deposited.
If you find you are losing the money fast, the best solution is not to deposit more and keep going. Bettors should dial it back, take a beat, and stick to their payroll plan. This will help stretch your budget and ensure you are not developing problematic gambling tendencies.
Line Shopping
Anyone who knows the basics of betting odds understands that many websites have different odds for the same events. This is something that can give the savvy sports bettor a competitive advantage. Even small differences in the lines can be a major boon to gamblers.
Let’s say, for example, you wanted to bet on the Maple Leafs to win their game that night. On Sportsbook A, the line is +105. On Sportsbook B, the line is +115. If you were to bet $100, the difference in your winnings would be $10.
While for one bet, that may not be substantial, if you continually search sportsbooks and betting apps for differences in line, that can yield to substantially higher payouts long-term.
Understand the Odds
This is one of the clear fundamentals of betting. Odds are part of the basics of how sports betting works. They tell bettors how much they will make by wagering on a line, and they also indicate the projected probability given to an event by a sportsbook.
The most common form of odds used by Canadian bettors is the “American” format. These use + and - to indicate the projected payout.
The minus sign shows how much gamblers would need to bet to make $100 profit. It is used when a team or outcome is favoured to happen, meaning more likely than not. For example, if the Toronto Raptors are -200, a bettor would need to wager $200 to make $100 profit.
The plus sign shows how much profit gamblers would make on a $100 bet. It is used when an outcome is not favoured to happen. For example, if the Toronto Raptors were +200 to win their game, a bettor would earn $200 profit on a $100 bet.
Find the Right Markets
One thing bettors need to do when building a sports betting strategy is focus on the right betting markets. This is something that is unique to each person and depends on your risk tolerance and level of knowledge.
The simplest market is the moneyline, which is simply a wager on the final outcome of a game. It is easier for beginners to bet on because it is straightforward and makes for an easy projection.
Another popular market is the point spread. This is when bettors wager on a projected score differential in favour of a team, determining whether that team will exceed the projected differential or fall short of it. The odds for spread bets tend to be even, meaning bettors can earn significant payouts if the lines are used correctly.
For bettors with a more significant risk tolerance, parlay betting is wildly popular. This is when bettors combine multiple bets into one, with the odds multiplying according to how many bets, or “legs,” are in the parlay. These tend to have massive payouts and can be incredibly enticing for gamblers.
Bettors can combine bets from multiple games into a parlay, or can combine multiple kinds of bets from a single game into a parlay. These forms of parlays are known as same-game parlays.
However, be warned, parlays are risky. Bettors often get too enticed by the great payouts and overlook the risks. I know I was guilty of that when I first started betting. While they can be a component of great sports betting strategies, bettors should exercise caution.
Finding the right market or combination of markets for your betting should take some time. Experiment with the different options, from player props to point spreads, and find the ones that align with your risk tolerance.
Utilize Bonuses
One thing that should not go overlooked by gamblers is the benefits that sportsbook bonuses can provide. The smart use of bonus offers can yield phenomenal results for gamblers by limiting their risk and giving them the ability to earn extra money.
Bonuses typically range from matched deposits and parlay boosts to free bets. Matched deposits are great for welcome bonuses, as gamblers can earn free additional gambling credits that go to their account. However, be warned that some sportsbooks place untenable terms and conditions on these bonuses, so bettors should exercise caution.
The type of bonus that is most ideal for strategic gambling is a free bet offer. These are no-risk wagers from a betting site for a set amount. Gamblers can wager without any downside, meaning they can place bets on riskier outcomes without losing their own money, or cash a safe bet for some extra cash.
Bettors should browse betting sites to check which bonuses they have available.
