Sports betting continues to increase in popularity as it becomes more legalized across the country. But it is a subject that can be a bit overwhelming for those just dipping their toes into the sports betting waters.
Are you somebody that is new to sports betting and looking to get started before the upcoming football season? Well, you are in luck! Here are five quick steps to help you get started and put you in the best position before the action begins.
Determine the bankroll
You are probably already thinking about all the bets you plan to win or the futures that you want to place this year, but don’t get too far ahead of yourself. Before you do anything, I would recommend that you decide on the amount of money that you plan to start with.
This can be the bankroll you decide to have for an entire football season or whatever timeline is appropriate. Whether that initial amount is $100, $1,000 or $5,000 is really up to you. Make sure that it is an amount that you would be comfortable losing, because there is no guarantee that a person will turn a profit while betting on sports.
For a lot of people, sports betting is just a way to have action on a game that they were already planning to watch. Determining your initial bankroll is the first step to getting the most out of that experience.
Sign up for multiple sportsbooks
You should obviously sign up for Caesars Sportsbook, which is the official odds partner of Bet Chicago Sports. If you sign up with them today, you can take advantage of their terrific new-user offer.
Caesars Sportsbook is honestly my favorite betting app, as I have found that they tend to have favorable odds. But I also play at six different online sportsbooks, and I suggest to sign up for as many as possible.
The reason for this is two-fold. First, new users can take advantage of all the different promos and sign-up bonuses that these sportsbooks have to offer. It is also advantageous for any bettor to shop around for the best line when placing a bet.
That logic might seem simple, but you would be surprised by the amount of bettors who decide to play at just one or two different sportsbooks. You would look for the best price when shopping online for anything else. So why wouldn’t you when it comes to sports betting? Getting the best number when betting can go a long way in improving your chances of winning.
Betstamp is a free app that can help you quickly identify the best number, as opposed to checking all your different apps. Just create an account and link up your sportsbooks to see the latest odds for every game.
Get to know the basics
Make sure to know the different markets before placing a single bet, as there are a variety of different ways to bet on a given game.
For example, let’s say you want to bet on the Week 1 matchup between the Chicago Bears and San Francisco 49ers. The Bears are seven-point underdogs on the spread and +245 on the moneyline while the total is set at 42. Yet those are three different markets for just one game.
In this case, bettors taking the Bears on the spread would need them to stay within a touchdown to win their bet. So the Bears can lose by six points, but still cover the spread in this scenario. Moneyline bettors get a better payout, but need an outright victory by the Bears to cash their ticket. The third option is the total, in which you are wagering on the combined point total being over or under 42.
Learn more advanced concepts
While knowing the basics is important, having a better understanding of advanced concepts can be crucial to finding success in sports betting.
One of those concepts is closing line value, which is often referred to as “CLV” for short. This is simply comparing what number you bet a game compared to what the line ended up closing at. If you bet the Bears +7.5 earlier in the week, but they close at +6.5, then you got a full point of closing line value. Generally, closing line value is a good indicator to finding long-term success at sports betting.
Football is one of the more popular sports to bet on, so make sure to have an idea of key numbers before the season begins. Three and seven are key numbers when betting on the spread, because those are often the most common margin of victory in NFL games. When betting on the total, 40, 51, 47 and 44 have been the most common combined score of NFL games since 2015, per this article from Action Network.
There is plenty to learn about sports betting, but just having a better understanding of CLV and key numbers will help you get on track for this upcoming football season.
There are people who bet on sports at a professional level, but the majority of bettors are just trying to have fun. That is important to keep in mind before going through an inevitable slump.
Even the best bettors will have their highs and lows throughout the season. If your mood is ruined from losing some bets on a NFL Sunday, you are probably risking too much money. An average wager should be about 1-2% of your bankroll, which is something you should have already determined.
We will do our best to provide you valuable content here at Bet Chicago Sports, but just remember to have fun while betting on sports.
Source: The Daily Chronicle