Tips On Professional Sports Betting

By Ronald Kimmons. May 7th 2016

For as long as people have been organizing sports competitions, there has been betting on the outcomes of those competitions. Most commonly, such bets occur on casual terms between friends. However, in some cases, people use this method of gambling as a way of actually earning a living. They may do so through face-to-face wagers, local organizations or Internet-based gambling networks. As a profession, sports betting is a very risky business and you should take a number of essential points into consideration before setting out on such a venture.

Legality

In many places – including the United States – strict laws regulate and ban sports betting. In fact, professional sports betting is only legal in a few places in the United States. Therefore, if you are serious about betting on sports professionally, find a way of doing it in a manner that is legal in all respects. Otherwise, it is simply not worthwhile.

Psychology

Unlike some other types of gambling, sports betting is a very emotional and psychological prospect. For instance, at a roulette table, one number is as good as any other. Even though people often have lucky numbers, most people still realize that the outcome is completely random. When it comes to sports, however, the specific statistical possibilities are always inexact. For example, an exceptional quarterback who averages two interceptions per season could suddenly throw five interceptions in a single game. Also, often enough, a lower-tier team will upset an upper-tier team. Add to this inexactness the fact that people often react emotionally toward certain teams and players and you will see that people often make bets that are simply unintelligent. Professional sports betters cannot afford to approach their prospects from an emotional perspective – but they must understand emotional perspectives. If you want to succeed at professional sports betting, you must think about the cold statistics rather than who your favorite team or player is – and you must look for instances in which people are making bets because they like certain players’ personalities rather than because past performance actually merits it. It is in these situations that you can make the most money.

Statistics And Statistical Tools

A professional sports better must be able to effectively use statistics. Media outlets and team websites usually provide detailed statistics of many kinds regarding professional sports. However, in order to successfully place the best bets, one engaged in professional sports betting must be able to take these statistics and make educated projections based on them. For this reason, those who know how to use complex statistical tools have an upper hand on those who do not. Simple tools such as Microsoft Excel or OpenOffice Calc – when used correctly – can help professional betters to make educated projections. Various companies provide Excel plugins specifically for statistical analysis.

Handicappers

A handicapper is someone who professionally monitors sports matchups and provides handicaps to accommodate for different levels of probability. This is useful because, in any particular contest, there will almost never be a straight 50/50 chance of who the winner will be. To simplify the betting process and to allow betters to wager the same amount of money on an imbalanced contest, handicappers give a point handicap to one of the teams. For example, if the Lakers are playing the Rockets and the Lakers have a better record for the season, handicappers might require the Lakers to win by at least 10 points in order for those who bet on the Lakers to win. Working through handicapped bets is advantageous for professional sports betting in two ways. First, it simplifies things. Second, handicappers are sometimes biased or simply incorrect. In these cases, professional sports betters can profit from statistically flawed handicap figures. For example, if that 10-point handicap should really be only a 5-point handicap, that makes the bet more beneficial for those betting against the Lakers. The perceived legitimacy of a handicapper’s point spread can also lead to more people being willing to bet against you than what would otherwise occur.

Online Services

Even when it is legal, relying on face-to-face and local betting prospects is often not conducive to professional betting because the prospects are limited. Just as stock investors limit risk through diversification, professional sports betters can limit their risk by making many educated bets instead of just a few. Online platforms are vital to making such a large number of bets. Some popular online betting services are Bovada.com, TopBet.com, OnlineSportsBetting.net and BetOnline.ag.

Practice

Business and finance students often use stock market simulation software to practice stock trading. They take simulated money and make trades as if they were playing the actual stock market. In this way, they can put their knowledge and skills to the test without any risk. If you are considering getting into professional sports betting, try using a similar approach. Take an amount of money and decide how you would wager that money now if you were betting for real. Make wagers across a broad field of contests. If your wagers perform well, you may be able to proceed into doing this professionally. If not, you should probably think things through some more.

Always remember that professional sports betting is a very risky business. You could make a lot of money or you could lose everything. If you do decide to test the waters, keep these tips in mind.

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