Sportsbooks offer customers limitless Sports, events and markets to bet on – at any given time there could be over 100,000 options to choose from with your betting company. Most odds compilers and traders have excellent sporting knowledge however we can assure you that they are not experts in everything. Sportsbooks have flaws (lots of them to be honest) and if you want to be a successful gambler you need to find these flaws and profit from them gently. The moment you get greedy is the moment they will catch you and limit your account.
The other obstacle that you are trying to beat is the overround (margin) which is added on every selection that you place. This could be as low as 1% in major football leagues and as high as 15% in some less popular sport/league/markets. So effectively what we are saying is that you need to be anything from 1% to 15% better than the sporsbook to break even.
So how can you be profitable long-term?
1) Be extremely selective when betting.
When we say extremely we mean extremely. There can be no emotion whatsoever when betting to a successful punter. Professional gamblers can go substantial time without placing a bet, it’s not a pastime, it’s a business. Don’t worry if you spend a day, two days or even a week not betting, any research you do is valuable in the long-run to help you find the best betting opportunity.
2) Specialise in one or two areas.
You might be a fantasy football expert and know every player in the English Premier League but that isn’t necessarily going to guarantee you profit from your betting. Consider at looking at ‘non-niche’ Sports or events to specialise in. Generally, the lower the ‘level’ of the event, the less information and industry knowledge there will be on that Sport and that means opportunity.
3) Only bet on Singles
Never get tempted by the thought of adding 10 teams to your betslip to try and win a ‘jackpot’ as that would require a LOT of luck. Successful long-term gamblers don’t consider luck to be any part of the equation here – it is skill that will ensure profit in the long-term.
Every additional selection that you put onto your betslip gives more overround (profit margin expectation) back to the Sportsbook. So, for example, if a Sportsbook earns 3% profit on single bets, they will be making 15%+ profit off 10-fold accumulators.
The only time you might ever want to consider betting a double (2 teams) or a treble (3 teams) would be to ‘disguise’ your main bet with another selection that is at 1.01 (almost guaranteed to win). Saying this, if a trader were to sport this kind of activity you can be assured that your account would be immediately limited.
4) Have your own ‘staking’ plan.
Ideally never bet more than 10% of your betting bankrole on one bet. You could have found the best bet in the world but for unfortunate circumstances something happens and that bet loses. A great way to control this is to have a staking plan based on how string you think your bet is. for example, you could award 1 to 5 points on your bets. A 5 point bet would be your maximum bet and a 1 point bet would be your lowest.
5) Keep a spreadsheet of all your bets
Being orgainsed and being disciplined is essential in your quest to being profitable. Keep records of all your betting accounts, all your bets, your staking plan and your profit and loss.
Finally, if you do go on a winning run, stay disciplined – try not to increase your staking plan for a significant period of time.
Want to read more? Have a look at our guide to 10 Sportsbook weaknesses here.