Millions of sports fans around the world think it must be easy to make money betting on sports. But there are some very real realities about sports betting that they need to be aware of before they start wagering. The simplest reality is that in order to break even on a bet, you must hit 52.4% of your bets. The average professional sports bettor only gets about 60% of their bets right, and they will experience a fair amount of cold streaks as well.
Another reality is that the odds are set by sportsbooks with profit as a primary goal. That’s why they include their vig in the odds, and also why they offer various types of wagers to maximize profits (e.g., over/under totals and parlays). If you are a fan of wagering on sports, you should familiarize yourself with the different options available to you.
A third reality is that successful sports bettors will keep near-obsessive records of their bets and track the results. This will allow them to test theories, such as the one we discussed above, about left-handed pitchers and losses. It will also help them identify any anomalies in the lines that they may be able to exploit.
The best way to make money betting on sports is by employing a mathematically proven strategy such as value betting, which involves placing bets that have a larger chance of winning than the odds suggest. This will require extensive research and analysis of teams, players, and historical data. It will also require discipline and proper bankroll management. It’s critical not to get carried away by emotion when making bets, as this can lead to poor decisions.