How to improve the chances of long-term profitability in sports betting?
The best thing in betting is winning and after all this is one of the main reasons – along with having fun – that people put their money in betting accounts. Winning, however, is neither easy, especially in the long run, nor is it in any way reassured and guaranteed to punters who follow specific, promising and high-potential betting strategies. Of course, when people sign up with online sportsbooks either directly or via affiliate sites like the website All Bets, whose purpose is to better inform punters, they want to optimize the chances of winning but this is not always possible, unless they make sure that there are certain things in place that will significantly improve the probability of making profits in the long run.
Take advantage of odds’ discrepancies: arbitrage betting
To begin with, it needs to be made crystal clear to everyone that online bookmakers too often differ in their offers and that one can find discrepancies in the odds provided for the same single event. This means that if you invest your time in going through various sportsbooks’ odds, it is very likely that you’ll find differences in odds concerning one event across the different sites. Such differences are valuable for punters and they should certainly be leveraged to their advantage.
Spotting discrepancies among sportsbooks’ odds and using them to make profit is a process called arbitrage betting (or sometimes plain arbing). Punters who implement arbitrage betting (known also as ‘sure betting’) essentially make risk-free wagers, which guarantee profits regardless of the outcome. In practice this means that punters place proportional bets on all possible outcomes of the event for which there is a discrepancy in odds offered by different online bookies and so, no matter the result, the punters still get to make profit. Therefore, in arbitrage betting, punters try to find the value that lies in the different odds for the same event and capture this value by betting the appropriate amounts proportionally on the possible results.
Never chase losses
Punters should never chase their losses in betting, because they will end up wasting time, getting irritated and disappointed and undoubtedly losing all their money. Chasing losses is one of the absolute Don’ts in sports betting -needless to say in all gambling overall. Punters should be very clear, persistent and precise with everything that has to do with their bankroll. They need to have a clear plan of what they bet, how much they stand to lose and how to resist the temptation of going after their losses to recover. Chances are that chasing losses leads to further losses, while self-preservation leads to profit making in the long run.
Being more rational and less emotional
Sports betting is one area in which being rational seriously pays off. Punters who make decisions based solely on their emotions are very likely to see their accounts getting smaller and smaller in the long run. This is because emotions are poor consultants in betting. While too often we hear phrases like ‘trust your intuition’ and ‘go for what your heart says’, in the world of betting there needs to be a far more rational approach to making choices. Wagering needs to be detached from affective factors that influence preferences. We don’t go betting on our favorite team constantly, even if all the odds are telling the exact opposite, no matter how much we love them. Of course we can always support our favourites, but if we are to pursue long term profits from sports betting, we need to get more distanced and rational in our decisions.