Lots of confusing terms, probability statistics and lack of experience do not make it easy to get started in sports betting. But a few simple tips can help make sports betting fun and, if applied consistently, lead to good success.
Actually, everyone feels a little like a professional when it comes to the assessment of their favorite club. An analysis is quickly available to show why it worked so well last time at home against the last opponent. So why not bet a few euros on the club you know so well. With sports betting this is possible. And if things go well, it could well become a small, permanent extra income. Have a look at the following tips if you are thinking of making a long-term investment in sports betting.
Understanding the “essence” of odds
As in any new area, it is first of all advantageous to know and understand the most important terms. Most important in the field of sports betting is the term odds. Once you have understood the principle, you are already a very big step ahead. Odds have two functions: On the one hand, it indicates how high the profit is if the bet was successful. In a classic 3-way bet, there are odds for the victory of the home team, the visiting team and for a draw.
Odds have however still another function. From them you can see what probabilities the bookmaker assumes for the individual game exits. This is also a fairly simple calculation. This should be carried out by every bettor before the bet is placed, because it contains the most important information of all.
What are the most frequently played bets?
Another term that you should understand as a budding sports betting fan is the basic bet. Basic bets can be single bets, combination bets or system bets.
The single bet is a one-time bet on an event. With a combination bet, however, at least two single bets are combined.
Combined bets should be treated with caution. If only one bet in the combination is lost, the whole combination bet is considered lost. So if you combine 10 individual bets with each other, you will get a very high combination odds – but with the aforementioned risk that the entire stake is lost if only one result in the combination bet has been tipped incorrectly.
Combination bets have another disadvantage. When calculating the single bet, it has already been described that the bookmaker adds a premium for each single bet. In combination bets, this markup is multiplied by the multiplication of the odds.
This means that the more individual bets you combine into a combination bet – and the higher the bookmaker’s premium, the greater the bookmaker’s advantage to your disadvantage. Professionals therefore rarely play combination bets and prefer to place higher stakes on single bets. However, this is something that everyone must decide for themselves. If you like to play riskier, you should play combination bets calmly, but choose a bookmaker who charges a rather small premium. Two to three percent is a fair value here.
That leaves the explanation of the system bet. It is a special type of combination bet, because it consists of linked combination bets. The advantage is that you can also win if a game in the combination bet was wrong. In this case, of course, there is not the complete win, but a reduced win. System bets are mathematically complicated to understand and are more suitable for advanced bettors who would like to reduce the risk a bit. However, the disadvantages of the combination bet also apply here.
In which ways can you bet?
One last important term is that of betting types. There are essentially 2-way bets, 3-way bets, double chance bets and over-and-under bets.
In detail: In a 2-way bet you can bet on two different game outcomes that complement each other 100%. This is only possible in competitions where there is no draw (e.g. in the cup). We have already introduced the classic 3-way bet above. The double chance bet is very interesting because it combines a 3-way bet with a 2-way bet.
Another popular bet is the over-and-under bet. Here you bet on the number of goals in a game. The value between two goals is then given as a dividing value. A 2.5 over/under bet therefore indicates the odds that less than 2.5 goals will be scored (i.e. 0 or 1 goal) – and that more than 2.5 goals will be scored (i.e. 3 goals, 4 goals, etc.)
How to choose the right sports betting provider?
To make a safe bet, you should first of all choose a provider that is approved.
Another point, however, is the question of player protection. For only a functioning regulation can determine the level of player protection that the state has formulated. This is currently lacking. What is meant by player protection? For example, a player can be excluded without giving reasons. This is particularly annoying for professional players who make a profit in the long run. This is because bookmakers continuously analyze the winnings and losses of registered players.
So if one can live with the fact that one can be excluded in the case of regular, excessive profits (we are talking about permanent profits in the five-digit range per month), one should pay attention to these criteria:
How high is the markup of the betting provider?
This should not exceed 5% – above that it becomes unprofitable for the player!
How permanently attractive are the odds of the provider compared to competing providers? Here applies: The higher the odds of the outcome of the game on which one wants to bet regularly, the more attractive the bookmaker is for one’s own tips!
Which bet types are offered? Solid bookmakers offer as many types as possible so that all bets are covered! A large spectrum speaks therefore for a professional offerer
How good is the customer service? Is the website easy to use? Are there secure deposit and withdrawal terms? The most important thing is that the most common credit cards are supported!
We also recommend that you do not register with only one provider. In order to act strategically, it makes sense to spread your bets over several providers. This way, they cannot analyze the betting behavior of a player in its entirety. But more about this in a separate article
How important are bonuses for sports betting?
Sports betting providers are always tempting with small financial bonuses or special offers. As these are usually one-off promotions, the bonuses have their own appeal, but they should not be the most important criterion when choosing a provider. However, these offers should not be missed, because they sometimes represent real advantages and attractive chances of winning. Therefore, use bonuses – because it can’t hurt to be registered with more than one bookmaker!
With a bonus wager, for example, you can also earn a good basis for further tips. Therefore, do not use the bonus for risky bets immediately. With odds of less than “1 : 1.15” you have a good chance of winning – and if you do win, you have already increased your stake by up to 15%.
How high should the bets be?
The central element of a bet is dealing with the risk. Therefore, you should always be familiar with the odds and risks before placing a bet. We have described how this is done in more detail above on the topic “Understanding the nature of odds”.
Of course, the amount of the bet is just as important in this context. Never bet a large amount on a single bet. Rather take small amounts to get a feel for the risks. This is especially true for combination bets. In the course of time you will gain more knowledge and experience in order to better evaluate the chances and risks. After all, chances and risks are not just numbers or probabilities. It also requires intuition.
In any case, you should also plan for loss phases. These are unavoidable, because no forecast model, no matter how good it is, will only provide you with profits. If you have tried this with small stakes for a while, you will become more confident. Under no circumstances should you try to recoup your losses with high stakes.
And one last tip: Do not bet on your favorite club. Emotions are out of place when betting.