The worldwide popularity of sports betting is on the rise. In the U.S., the number of sports bettors doubled in 2021. An estimated 12% of those surveyed (21 years or older) said they placed at least one bet on sports per week.
Around 25% of respondents said they placed a real money wager on sports, a 5% rise from the previous year.
Another poll in November 2022 showed that 71% of sports gamblers bet on sports at least once a week, with 20% claiming they wagered on sports daily.
The global sports betting and lottery size rose to $260 billion in 2019.
Offshore betting markets also range from $50 to $200 billion annually.
Here are a few sports betting hacks to help improve your skills in an expanding industry.
Only Bet What You Can Afford To Lose
If you’re starting with sports betting, one rule of thumb is only to bet what you can afford to lose. For example, you shouldn’t wager the money you need to pay your bills.
Even professional sports bettors lose more than 45% of their bets to earn a profit.
You may catch a winning streak sometimes, but you could lose a lot other times. Betting on sports is always challenging.
Prepare yourself for the ups and downs by only wagering what’s acceptable to lose.
Develop a Budget (and Stick to It)
Coming up with a budget is part of understanding what you can afford to lose when you identify your sports betting goals. It also helps you develop your sports betting strategies.
You can start with a small budget to get used to how betting works. Say you have a gambling budget where you can afford to lose around $100 – $200 per month.
From there, you’ll know you have a weekly budget of around $25 – $50.
If that seems low, you can increase your budget anytime.
Remember that managing your bankroll is one of the most essential sports betting strategies.
Practice Bankroll Management
So, you’ve got a better idea of how much you can afford to lose and your monthly sports betting budget. You can establish how much to wager on individual bets to practice bankroll management.
The purpose of bankroll management is to conserve the amount of money you have for betting on sports.
You wouldn’t want to bet your $100 – $200 bankroll on one game. While that could offer a significant payoff by nearly doubling your bankroll, there’s a considerable downside.
If you lose your bankroll on one game, you will chase your losses—which goes against essential sports betting hacks.
Instead, you could implement a 1% – 5% betting rule to help keep your bankroll intact. For a $100 – $200 bankroll, $1 – $10 wagers might seem like little. To try higher stakes, you should increase your bankroll.
Choose an online sportsbook with a generous welcome bonus by reviewing the coolest rollover betting sites.
Use Any Knowledge of Sports to Your Advantage
Now that you’ve got some knowledge of your budget, you can make a first-time deposit at an online sportsbook—with a chance at winning bonus cash. The best option for clearing your bonus is to use any sports knowledge to your advantage.
American football is by far the most popular sport in the U.S. Thus, most online sports betting platforms cater to bettors by featuring NFL games (or soccer leagues for the rest of the world).
However, you should avoid betting on your favorite team. If you lose any bets, that could prevent you from becoming less of a fan.
Sports betting is a form of entertainment—so you’ll want to first use your sports knowledge on teams you’re neutral or less passionate about.
If your favorite team is the Philadelphia Eagles, choose to bet on a divisional rival. You’ll then want to find the best value for your wager.
Find the Best Value for Your Bets
The easiest way to find the best value for your bets is to use multiple online sportsbooks. For example, you can check the lines and odds at offshore betting sites like BetUS, Bovada, and MyBookie.
The Featured category at MyBookie shows the Dallas Cowboys hosting the Seattle Seahawks (taking place as of this writing). In-play betting is one of the hottest trends in sports wagering.
For beginners, you’ll get the best value for betting on NFL games on Sunday night into Monday and Tuesday.
The Washington Commanders will host the Miami Dolphins on Sunday, December 3rd, at 1:00 PM. BetUS and MyBookie offer different point spreads and odds.
MyBookie shows a spread of 9.5 with -110 odds for both teams. That means the Dolphins would cover (win) the spread if they won by ten.
BetUS provides +10 for the Commanders at -120. With better odds of winning that bet, there’s a slightly lower payout.
However, if you wagered at MyBookie for the Commanders to cover the spread and they lost by precisely ten—you’d lose your bet. At BetUS, you’d tie the spread, which results in a push (your money gets returned).
Get the best value for your bankroll by checking out the lines and odds from multiple sportsbooks.
Remember to Have Fun
Sports betting offers fans the chance to heighten their enjoyment of games. Licensed and regulated offshore betting companies make that possible for sports fans worldwide.
To have more fun by winning, stick to a budget and find the best bet value. You’re on the right track if you can win around 53% – 54% of your wagers.
Remember to have fun!
