Sports betting has exploded in popularity and many wonder if it can produce a revenue stream consistent enough to maintain it as a viable business or even a side hustle.
Well, that depends on who’s running the business but if this is something that appeals to you then we are prepared to articulate the golden rules of successful sports betting.
It is up to you to determine if this is a fit for you!
Personality Type
If you are impulsive, spontaneous, and mercurial then chances are sports betting as a business is not going to be suitable for your emotional peaks and valleys.
However, if you can be dispassionate and clinical when researching the games then your personality type is more akin to making this a career rather than a hobby.
A sports betting app for serious bettors is as critical to your success as a hammer is to a carpenter.
You have to be prepared to get down when the getting is good but that takes time and patience so make sure you have plenty of both before you embark on this particular career.
You must understand that numbers matter, and getting the best line available, is critical to long-term success. But we will talk more about that later.
Money Management
Sports betting can be lucrative if you maintain discipline and refuse to chase your losses when they arise.
You don’t have to win every wager; all you need is a solid grasp of the betting odds. “Bet odds not teams,” is an established sport handicapping maxim.
The entrée into sports betting is as easy as establishing your bankroll for the season.
Figure out which sports you are most comfortable betting on and establish an amount of money that you will allocate towards the business of picking ATS (Against the Spread) winners over the course of that entire season.
This should be considered your investment and if you happen to lose it, as you could in any business venture, then the run is over, you tried, and you move on.
The next thing you need to know is there are two schools of thought when it comes to wagering on sports.
The first insists that one bet is the same as all bets and should be given no preferential treatment in terms of dollar amounts.
They are all the same and should be one per cent of your bankroll. Therefore, if you have set aside $10,000 for your sports betting business then each bet will be exactly $100, no more and no less.
The second school of thought believes that not all bets are created equal but your average bet should be one unit and that should comprise roughly 70 per cent of the wagers you make.
However, this paradigm allows wiggle room to up the ante as it is predicated on a 1-to-5-unit betting system. So, if your unit size is $100 (one per cent of your $10,000 bankroll) then most of your wagers, although not all, will be one unit.
But the more evidence you have that aside, total, or prop bet, is going to “cover” (win against the spread) then maybe it goes to two units up, three units, four units, or maxes out at five units ($500 in this scenario).
This can be dangerous because if you are not careful, you will find yourself manufacturing reasons to bump your bets.
A five-unit play should occur once a month, if at all, and make sure that the number of bets you make is no more than three on a full card.
And if you see nothing that entices you, then don’t bet, walk away, and be happy in knowing that you didn’t lose any money that day by betting just to have action.
This is a business, not a candy store.
Choose Your Sportsbooks Wisely
Notice that we said sportsbooks and not sportsbooks. That’s because if you want to get the best line possible then you MUST have multiple “outs” (sportsbooks).
Just because you like a particular book doesn’t mean that it will have the best odds every single time. Let’s offer an example from American football.
The Bears are at home playing the Giants. Most of the top-rated sportsbooks have the Bears as 3-point favourites, including yours.
However, you’ve noticed that there is one lone ranger out there dealing the Bears -2 ½ and it naturally caught your eye.
Let’s assume your research tells you the Bears are on the sharp side and thus the team you intend on betting on.
Is there any reason why you would eschew the -2 ½ and bet the Bears -3 with your book? That would be ludicrous, especially because three is the most common margin of victory and an uber critical number in football, especially the NFL.
The answer is no because you would have established accounts at two, three, four, or even five sportsbooks because of this possibility.
Always give yourself the best bite at the apple and make certain the sportsbooks you are doing business with are A+ rated and have a long track record of sending customers their money in a timely manner when requested.
Remember, it’s one thing to sweat the game but never the payout!