If you’re serious about making money betting on sports, you’ll want to approach it with a plan and discipline. For starters, you should keep a record of your bets (a standard spreadsheet works fine). This will help you track your progress and see how much you’re winning or losing over time. Also, be sure to stay on top of the news as some sportsbooks are slow to adjust lines—especially for props—after injuries or other developments.
Betting on sports has been around for centuries, but it only really took off in the US in the 19th century with horse racing and baseball. This era saw several gambling-related scandals, including the 1919 World Series game-fixing scandal involving the Chicago Black Sox. These incidents tainted the public’s view of gambling and discouraged many bettors. However, favorable laws in the 1970s and the rise of the internet brought more attention to sports betting and spurred more states to legalize it.
Despite the recent boom in legal sports betting, it is still very difficult to make a profit betting on sports. The success rate of professional sports bettors is only about 50%, so it’s not an easy endeavor. Even if you’re a huge fan of sports and have the time, it’s best to treat sports betting like an investment. This means setting a bankroll, sticking to your unit size, and using a solid money management strategy.
A good rule of thumb is to never wager more than 2% of your total bankroll on any single bet. This will allow you to weather a bad run of games without going broke. It also prevents you from chasing bad bets with bigger bets in an attempt to recover your losses.
Another aspect of money management is to avoid placing bets on your favorite teams. Although it’s tempting to bet on your home team, this can often lead to costly mistakes. It’s better to bet with your head than your heart, especially in a sport like hockey where players can be injured.
If you’re a seasoned handicapper, you’ll have a good understanding of odds and probability. You’ll use this knowledge to find value bets that offer an edge over the house. You’ll also learn how to analyze game flow and find trends that can help you place bets with confidence.
If you’re looking for a great place to place bets, check out our list of the best online sportsbooks. We’ve reviewed each site to help you make the right choice. We’ve also included a Promos + Bonuses page that lists all the offers currently available.