With millions of people worldwide participating in sports betting on a daily basis, it’s clear that it remains one of the most popular hobbies out there for people from all walks of life. It’s an engaging and often challenging hobby which requires you to make hard and fast judgment calls and conduct a fair amount of your own research.
However, when sports betting is done well, it can also be a very lucrative and rewarding form of entertainment. If you’re new to the scene and want to start betting on your favourite sports, here’s everything you need to know.
Pick a Sport (or sports)
Sports betting is a great way to increase your engagement and enhance your enjoyment of a sport you already follow. If you’re new to sports betting, your best bet is to start by placing bets on a sport and team that you’re already familiar with. This could be the UK Premier League or the Australian AFL or anything in between – just make sure it’s a sport that you know the rules of and have already followed in the past.
Know Your Lingo
When participating in sports betting, either online or in person, you’ll very quickly feel bombarded with an entirely new lexicon of words which you’ll need to pick up pretty quickly if you want to stay ahead. You’ll most likely be participating in so-called “fixed-odds betting”, which is when the odds are agreed when you place a wager, and the payout is based on those original odds. You’ll also need to get familiar with your selection (what exactly the bettor is betting on), stake (the amount being wagered), and different types of wagers such as a handicap or points spread. You can also consult this handy sports betting lingo guide from CNBC that tells you what you need to know.
Choose the Right Platform
There are hundreds of different sports betting platforms all offering very different experiences, so it’s important that you make a decision that is right for your betting needs and what you plan on wagering. Most platforms offer generous bonuses to first-timers, such as no-deposit free bets and bonuses worth hundreds. Consult reputable platforms like Oddschecker that list all of the top offerings from the major sports betting websites, to make sure you get the absolute most bang for your buck. Some platforms also specialize in certain kinds of sports so, do your research before sticking with one.
Have a Strategy
The key to successful betting is having a strategy in place. Always try to place informed bets and do your research to see how different teams/players/horses etc. have performed in the past and what the circumstances look like in an upcoming fixture. Spread your bets strategically and try to avoid putting everything on one single wager. Compare different odds to calculate which ones are most favourable to you. Perhaps most importantly, have an exit strategy in place. It’s all too easy to get carried away with sports betting and begin making poor judgments. Set yourself some appropriate limits and make sure to tap out if things aren’t going your way.
Sports betting is one of the most fun hobbies out there, one that is more convenient and customer-focused than ever before. Follow these tips and you’ll be betting like a pro in no time.