Betting is fun, but it isn’t easy. While there is a significant element of luck to sports betting, there is also a lot of strategy and planning that you should be aware of if you want to consistently make a profit. Anyone can hit a crazy parlay once, or luck into a future bet that wins big. But if you want to be a savvy bettor that understands the ins and outs of online betting, you need to develop a coherent betting strategy that thrives on playing the odds.
There’s a lot that goes into online sports betting. One factor that is easy to control though, is where you choose to bet. There are many options for bettors to choose from, each offering varying odds and promotions that could have an impact on how much they win. For an optimal betting strategy, you need to find your ideal site. Getting as much information as possible on all the online betting sites available is a key step in getting your betting strategy right. Beyond where to bet, here’s a breakdown of ways to improve your online betting strategy.
Don’t Be Afraid to Hedge Bets to Minimize Risk
Many stockbrokers know that hedging your bets is a way to minimize risk in a lot of circumstances. While sports betting isn’t quite Wall Street, some of the same principles apply, and just like with stocks, hedging your bets when you are sports betting can help you minimize your potential risk.
How hedging works is bettors place a second bet, on the opposite result of their first bet. This isn’t a strategy that bettors should do in every situation, but in certain situations, it is a strategy that allows bettors to limit their exposure, and in some cases, guarantee a profit on an initial bet.
An example of a situation where a bettor should try and hedge their bet would be if they placed a future bet on the Vancouver Canucks to win the Stanley Cup. If they placed a $60 bet at +1000 odds, that means a win would ensure a $600 profit. If the Canucks made the Finals and were playing the Boston Bruins, placing a bet of $100 on the Bruins at +100 odds would mean that no matter who wins, the bettor is now positioned to profit.
Small Parlays Can Increase Profit
Parlay bets are a rabbit hole many bettors go down. The appeal of placing a small bet with the potential to win huge is one that is obvious, and many end up wasting money placing parlay bets that have a very slight chance to win as something of a betting lottery ticket. While this is a fun type of bet to place every once in a while, it shouldn’t be a primary part of your betting strategy. However, there is another way to use parlays that can be a useful component of your betting strategy.
Parlays are a form of betting that allows you to attach multiple bets to each other. Each of the bets attached needs to hit for the parlay to be successful, but it also gives better odds than betting on each of the games individually.
Making smaller parlays, that don’t have the same statistically improbable odds are a great way to tie together bets or augment them. For example, if you’re betting on one NFL game, on a team with -150 odds, and you want to find a quick way to make those odds better, parlay that game with whichever team is most heavily favorited that week. This will give you an odds boost at minimal risk to your first bet.
Stick to the Sports You Know
This piece of advice may seem obvious, but many bettors love to go off the beaten path and make bets on obscure sports or sports they don’t follow. Betting is predicated on luck, as you’re not in control of the result. However, it is also predicated on knowledge. Being aware of what goes on in the sport you’re betting on is extremely important, so stick to the sports you know! It is also important to do your research, so you can go at your bets with as much info on hand as possible.
Having a betting strategy is vital to success. With these three bits of advice, you can improve your online betting strategy and set yourself up to win big.