Unfortunately, for most people, being a smart bettor would mean not betting altogether!
We kid, we kid, but seriously, if you’re looking to improve your prowess as a sports bettor due to aspirations of being the next Bill Walters (look him up, kid), then there are a few concepts you need to add to your repertoire. Otherwise, you’re going to continue to be a “dumb” bettor.
Because, remember, being a smart bettor isn’t about being smart or stupid. It’s a skill that can be learned. And here’s another thing: You don’t have to be some sort of MIT wiz-kid to figure it out.
As long as you apply some common sense and basic arithmetic, you could be on your way to raking in the dough via sports betting in no time.
When you talk to professional sports bettors and investment bankers, as it relates to risk management, they may sound very similar. This is because, in both realms of investment (yes, we consider sports betting an investment strategy, don’t laugh), it’s incumbent upon the investor to understand that risk is an inherent part of the game.
As a gambler, this is especially true. Your principal could explode within two hours of Siberian table tennis, whereas the time horizon for a banker or market-style investor could be years. This means that with every wager, you need to be mindful.
When you have a bankroll of $1,000, don’t drop the entire bank on a first-half, first-team-to-score wager. That’s just stupid.
Instead, meticulously bet 3-5 percent of your bankroll at a time. If you have $1,000, that would be the equivalent of $30. I know it’s not sexy, but that’s how seriously you should take management of risk. Otherwise, you could blow the entire bankroll up.
Be Mindful of Public Consensus
You know a lot about [insert sport here]. Wow, that’s awesome. But here’s the thing: it doesn’t mean jack as a bettor.
Some of the best NFL bettors in the world couldn’t name more than one or two position players on a given team, and that’s because they pay attention to the bigger picture of a given wager.
You need to do the same.
When looking at a game, read articles, previews, and get a feel for what the average person thinks of a game. Talk to people in your office or job site. Does everybody love the big favorite who seemingly can’t lose against the cupcake team with the inflated spread?
That’s a great opportunity to bet with the sharp money and fade the public, which means you’re betting against the public consensus. In spots, this can be a profitable strategy.
This is the most important step you could take! Follow Smarter Bettor on Twitter, we are committed to helping you improve your sports betting prowess. Whether you’re a rookie or a veteran, we’re here to help you make money, no matter what it takes.
Follow our newsletters, read our tips and tutorials, and keep up to date with the latest information, and we have no doubt you’ll become a smarter, more profitable bettor in no time!