The world of sports betting is not for everyone. It takes a certain type of individual with a certain type of personality to enter this precarious industry. We’re not talking about the casual gambler who lays 50 bucks on the Superbowl with his buddy. We are talking about the serious and dedicated Sports Investor who makes a big part of his livelihood through betting on sports. This individual must possess patience, discipline and most of all, the ability to deal with the stress that is inherently associated with Sports Betting.
Sports betting and Sports investing are really two completely different animals. The word investing suggests long term commitment, similar to most other investments. Therefore, you must realize that this type of profession is not a get rich quick scheme but a profession that requires patience and dedication. It also implies that the investor have a great deal of knowledge of the industry, or at the very least, he relies on a professional who does, much like a Stockbroker or Realtor or Financial Adviser.
Should the Sports Investor decide to use a Professional Sports Handicapping Service, it is of the utmost importance that the individual perform the necessary due diligence on each service he is interested in. There are thousands of Sports Services on the Internet today, all claiming to be the best. Some charging as much as $500 per selection. It is important to remember that the amount you pay for a Sports Handicapper’s pick is NOT directly related to the quality of that pick. When researching a Sports Handicapping Service it is critical to ensure that the service is monitored by a third party. This is an indication that the service is honest and has integrity. Any Service can claim a 70% win percentage over the course of a year on their own web site but finding a service that has a 70% win rate that is documented by a third party would be a daunting task. Don’t let yourself become the victim of an unscrupulous Handicapper. Before purchasing their services, make sure they have legitimate and documented records.
One of, if not the most, important factors when investing in sports gambling, is the use of money management skills. There have been many, many articles dedicated to this subject alone. It simply cannot be stressed enough. The serious Sports bettor must employ strict and disciplined money management techniques. Simply stated, your risk amount for each wager should be between 2-3 percent of your entire bankroll. Consistency is the key. As your bankroll increases so will the risk amount of your bet. Conversely, should your bankroll decrease your risk amount for each wager will decrease proportionately. To clarify further, a bankroll of $10,000 would garner a risk wager amount of between $200 and $300 per bet. A bankroll of $1000 would garner a risk wager amount of between $20 and $30 per bet. The size of your bankroll is irrelevant. Employing a stringent money management system is essential.
A final thought to consider when investing in sports and not to be overshadowed, is the opportunity that exists with various Sportsbooks. A wise Sports Investor will have accounts with several different Sportsbooks. This gives him the ability to shop for the best lines. Not only is it possible to find lines from ˝ a point or more in your favor but different books charge different vig. An Investor who maintains a 55% win percentage is great but this also means that this investor is losing 45% of his wagers. This is a substantial amount and it should not be overlooked.
Let’s say you place two bets a day of $250. Over a 30 day period you would have gambled $15000. Using the above win rate of 55/45 you would have won a gross amount of $8250 and lost a gross amount of $6750. Now suppose your book charges you 10% of your losses. This represents a total vig charge of $675. Now, suppose your buddy’s book charges him only 7% of all losses. This represents a total vig charge of only $472.50. A difference of $202.50. Multiply that by twelve months in a year and your buddy saves over $2400 in vig charges alone. That’s almost 10 extra plays per year simply through carefully selecting Sportsbooks.
Sports Betting is a great source of entertainment for the casual or recreational gambler. However, for those of us that make sports betting a larger part of our lives, it is absolutely critical to follow these philosophies in order to become successful in the world of sports betting.