THE FIRST STEP- FIND A PLACE TO WAGER
To get started you will want to decide on a sport to bet on and a sports book to make your wager.
Selecting a wager outlet used to be a very secretive mission and your betting options were limited to what an individual “bookie,” or “book maker,” was capable of covering. These limited choices resulted in odds stacked against the bettor and a lingering apprehension when it came time for payouts.
As sports betting became a larger and more accepted practice, sportsbooks rose above their disreputable “bookie,” counterparts to enter the digital age. Online sportsbooks now have the security of being a large company ensuring the best benefits for many bettors.
Sportsbooks will take your bets in exchange for a commission – usually 10% of the wager. This is also known as the “juice,” or “vig,” or “vigorish.” In theory, the sportsbooks don’t care who you bet on – they simply take half of their bets on each “side” and make their 10% commission.
You have the opportunity to place bets on just about any sport you would like. From boxing to basketball, baseball to football for both college and professional games or events, these online giants can cover them all.
Of course, make sure you follow the local laws where you reside as it relates to placing wagers.
ESTABLISH A BANKROLL AND BET SIZE
Many novice sports bettors don’t even think about money management. They simply pick an arbitrary bet size and fire away. This strategy (or lack thereof) is very risky. It’s always better to think about your bankroll and pick the right bet size based on your bankroll. Please read our article about bankroll management.
DEVELOP REASONABLE EXPECTATIONS
Expecting to win every bet? Of course not. But how much are you expecting to win? You might be surprised to know that the best professionals in the business rarely achieve 60%. Most hit 55%-59% on a long term basis. But don’t be discouraged. Hitting anything above 52.38% is profitable and 55%-59% is very profitable.
The key is to recognize that you shouldn’t come in and expect to break the bank right away. Successful sports bettors win by applying a disciplined approach over a long period of time. If you are looking to double your money in one weekend, you are setting yourself up for disappointment.
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