Is sports betting something you want to pursue as a career or income source? You are not alone. Many people dream of making money by placing wagers on their favorite teams. And with bet365, doing so has become much more accessible. Punters can simply use the competitive odds on the site to change their fortunes. Of course, a lot goes into being a successful punter, and we have outlined the things to keep in mind:
Boosting Your Bets
The betting world can be summarized as follows: You make a correct prediction and get paid. It seems easy enough. But as any good punter will tell you, investing in your wagers is more than just the money you put down. Here is how to get ahead in this world:
1. Understand Odds
What are odds? Most people will tell you that these are a measure of likelihood. For example, if teams A and B have odds of 1.20 and 3.20, team A will likely win and is the favorite, while team B is the underdog. By this definition, many punters would choose team A. But is there more to odds? Yes!
- Public Opinion: Statisticians who work for bookies do not arrive at odds by likelihood alone. Aside from the facts, they also incorporate public perception. So, if team B is the underdog, they will consider this when setting the odds.
- Vig: Bookies make a commission on all wagers, which is how they make profits. As such, the odds you see have their vigs incorporated.
Based on these factors, you cannot use odds as a measure of likelihood. Instead, look at them as a measure of profitability. For example, if you want to wager $100 on a team whose winning odds are 1.20, will you make a good profit?
2. Do Research
We have outlined how odds can be skewed measures of likelihood. Thus, you cannot rely on them and should do your research before placing wagers. Here are some things to consider:
- What are the past statistics? If teams have played against each other, you can use their past games to measure their strengths and weaknesses.
- What are their motivations? Teams will often perform better in tournaments than in friendly games. Understanding each team’s approach helps you gauge the likely performance.
- Have there been any changes? Say one team has often excelled but has recently lost its star player. That can affect the results. Read the news and follow any updates that can affect the teams.
Reviewing teams takes work if you do it right. But in doing so, you can uncover reasons the odds might not be reliable and make better predictions.
3. Manage Your Money
To make money in sports betting, you will need to spend money. But how much should you spend? The rule of thumb is to cap your spending even before you start placing wagers as follows:
- Design a budget: Having a budget might not seem like fun. But since sports betting is an investment, you must treat it as such. The best approach is to decide what you can afford to spend on games.
- Embrace losses: Sometimes, punters spend so much on wagers that they must wager some more to recoup what they have spent. However, this often has adverse effects on your finances. Instead of chasing losses, accept them as a business expense.
Also, use bonuses and rewards. Bet365 offers these incentives to their players to encourage them to keep playing. Consider the wagering requirements and choose bonuses that boost your finances while minimizing risks.
4. Manage Your Emotions
While you may have the research to back the best team, your opinion can get in the way of making a good bet. After all, as humans, we are all subject to subjectivity. The best way to deal with bias when betting is to consider the facts and ignore your gut feelings. But if you cannot do this, you can stop wagering on events where you have an emotional stake.
