Successful betting tips enhance your prospects once you’ve grown accustomed to the industry. The best way to bet on sports is a matter of staying grounded.
Sports betting revenues jumped 270% for the first quarter of 2021 compared to that same period last year. This came in the wake of a record-breaking year worth $1.5 billion in revenue for the industry as a whole. A top company like DraftKings saw a 49% revenue boost between 2019-2020.
This explosive growth comes with pitfalls. Many states in the U.S. have yet to catch up with issues stemming from problem gambling.
If you want to learn how to become a sharp sports bettor, you’ll need to develop some safe and steady knowledge first. For example, what is a sharp bettor?
What Is a Sharp Bettor?
Newbies to sports betting might not understand what “sharp” means. But, of course, there’s some double entendre to that effect.
According to NASCAR.com, a sharp bettor represents the estimated 1% of gamblers who turn a long-term profit from their wagers. In other words, they’re successful to the point where they impact the lines from sportsbooks.
A sharp bettor possesses a decent-sized bankroll, and they’re highly proficient in math skills. Time management and financial expertise could also play into what makes a smart bettor into a sharp one.
They know how to bet on sports successfully.
How to Become a Professional Sports Bettor
How do you successfully bet on sports? Well, the simple and most straightforward answer to that is commitment. You won’t get anywhere if you’re calm about sports betting.
It doesn’t matter if you’re a beginner, an intermediate, or an advanced player. Some basic strategies always come into play for every type of gambler.
So, the first tip: Be realistic about your expectations.
Be Realistic When Getting Started
With anything that you put time and effort into, you should develop realistic expectations. Most sports bettors might find it challenging to make a profit in the long run. A realistic goal to start with:
*Win at least 51% of your bets
If you can stick to that throughout the year, then that’s a good sign you may have what it takes to be a professional sports bettor.
Can you make a living off sports betting? If you develop realistic expectations, then yes.
Bet With Your Head, Not With Your Emotions
It might feel comfortable to bet on your favorite sport’s team to win. But that’s not the most intelligent way to become a professional sports bettor.
As you begin, you’ll want to take some time to learn about which sport feels best for you. For example, baseball offers 162 games per season. That should give you plenty of time to make mistakes. Learn from them, and you’ll get a blueprint of what works and what doesn’t.
Stay smart by reviewing your wins and losses. And never bet with your emotions.
Bet with your head instead.
Don’t Bet More Than You’re Willing to Lose
One of the most basic rules in betting: don’t gamble more than you’re willing to lose. Sharp sports bettors stick to a rule of thumb where each wager represents 1%-5% of their bankroll.
As you get more comfortable with sports betting, you can increase your betting volume. But you should stick with the strategy of keeping your bets (and emotions) in check.
And you should never bet more than you’re willing to lose.
Find Value in Your Bets
The best way to keep your bankroll intact and establish yourself as a successful sports bettor derives from finding value. If you see some odds or lines that appear favorable to you, then you should place your bet there.
This becomes the skill that makes a sharp sports bettor. It comes from practice, commitment, and making mistakes. But, once you start to develop an eye for spotting value in your bets, then you’ve got an edge over other bettors.
To find the best value, you’ll want to place bets fast and early. So getting in before the lines change—that’s critical.
Use Multiple Sportsbooks
By diversifying your portfolio, you increase your chances of securing your investments. In other words, you’ll want to use multiple sportsbooks.
The reason behind this approach lies with the way odds change. So, after developing an eye for finding value in your bets, you might want to apply that skill with different sportsbooks.
For example, you might see a +500 line for one gambling site, while another offers a better line at +550. By maintaining balances at multiple sportsbooks, you will be able line shop and get the best prices on your wagers.
What Is the Safest Way to Bet on Sports?
What is the safest way to bet on sports? For starters, you should do your research. Get some insight on the most reputable sportsbooks and pay attention to any positive or negative feedback.
You’ll want to decipher this information to learn about the pros and cons of each sportsbook. That way, you’ll find one that’s right for your bankroll, value, etc.
Consider Safest Betting Sites for more detailed information.
Do Professional Sports Bettors Make Money?
If you’ve been wondering: Do professional sports bettors make money? The short answer lies in the question. Anybody who makes money at something might be a professional.
But how do they do it?
Sharp bettors use their math skills to find value by understanding statistics and probability. One extreme example comes from a man named Billy Walters.
Walters became known as one of the most successful sports bettors in Las Vegas. As of 2014, he had a reported net worth of over $100 million.
In the beginning, he accrued hefty losses. But Walters eventually made a profession out of sports betting over four decades. He finished in the black in all but one year.
Later, he was found guilty of insider trading associated with Dean Foods stock. (A five-year sentence commuted by then-President Donald Trump.)
The rest of the 99% of sports gamblers won’t ever come close to winning millions in one shot. But that doesn’t mean you can’t make some money with sports betting.
Just make sure you do it legally.
A final question you might be asking yourself: Is sports betting smart? That depends on you.
What do you want to gain from sports betting? A smart bettor learns his or her strengths and weaknesses. Sharp bettors don’t repeat their mistakes.
Having fun becomes the ultimate goal. And you do that by keeping your bankroll intact, earning a decent ROI along the way.
Professional sports bettors win somewhere around 55% of their bets, give or take a few percent. The best win up to 60% of their wagers.
Keep your emotions in check and stick to your betting strategy no matter what happens. There’s plenty to gain from becoming a sharp sports bettor.
Right now, it’s a golden age for sports betting. So why not try it today?