GREENSBORO, NC – Sports betting isn’t just a pastime, it’s a thrilling fusion of strategy and psychology that can lead to big financial gains. The industry, which will be legal in North Carolina starting March 11, is worth hundreds of billions globally and continues to grow as more states introduce legislation. But, for the beginner sports bettor, it can be intimidating to jump into such an expansive market. To help, we’ve put together a list of tips to help you make the best decisions when placing wagers on sports.
1. Understand the odds.
The most important aspect of sports betting is understanding the odds, which are a numerical representation of an event’s likelihood of occurring. This can be confusing, especially when odds are presented as decimal numbers (such as 1.50) rather than fractions like 0.5. To determine your potential return on a bet, simply multiply the amount you bet by the odds.
2. Learn about the juice (or vig).
Another important aspect of sports betting is understanding the concept of vig, or vigorish, which is how a sportsbook makes money. Essentially, it’s the house’s take on each bet, and can have a significant impact on your overall profitability. To minimize the vig, be sure to shop around and find the best price for your bets. You can also try reducing your bet size, which will reduce the impact of the vig.
3. Study the data.
A savvy bettors will spend a lot of time analyzing relevant data before making a wager. This data can come from a number of sources, including traditional sports statistics and intangibles like player motivation and team culture. A good bettors will also have a clear understanding of how lines change over the course of a game. For example, if a particular team is receiving more public support than expected, that will affect the overall odds of the game. If the public money is weighted in one direction, smart bettors will spot this and bet on the opposite side of the line.
4. Create correlated parlays.
A key element of sports betting is creating correlated parlays, which are bets that are related in some way. For example, if you believe a certain team will dominate the game, you can place a bet on them to win and on the ‘Over’ for total points scored. This bet will have a greater chance of winning than either of the bets alone and is a great strategy for maximizing your profits.
5. Stick to your plan.
Lastly, it’s important to have a set budget in mind when placing bets. This is known as your bankroll, and it should be something that you can afford to lose. A common mistake that bettors make is increasing their bet size when they’re losing, which only leads to irrational decisions and more losses. It’s also a good idea to keep track of your bets in some way, such as on a spreadsheet, so that you can see which plays are working and which are not.