Many years ago when I started betting on sports, I never imagined that ten years on I would be betting and trading for a living.
So how did it all start? Well, 'for fun' I would think is the most accurate answer! I placed bets for fun on sporting events that I intended watching on TV or attending in person. These bets, along with the small amount of betting research that I did back then, tended to increase my knowledge of the particular sport on which I was betting and certainly made the event more exciting to watch.
Now of course I stake my bets far more heavily, research more thoroughly and trade off positions as necessary. Yet sometimes I do miss those 'carefree' days when I had "twenty bucks on the game". It adds to your day - especially if you win!
So what are two basic things that the sports bettor needs: Firstly he needs a place to bet online - no cheap plugs here but two sportsbooks that I particularly like, both of which are in world's "top ten" online sports betting and gambling groups, are: - www.vipsportsgroup.com and www.betongameday.com - both sportsbooks also offer free comprehensive sports news, stats and matchups data.
Secondly - the sports bettor needs to have a feel for 'value' when betting. If the three rules of purchasing property or real estate are "location, location, location." then the three basic rules of sports betting success are: "value, value, value."
Think about it - would you go to a store and by a broom for $20.00 when you can buy it for $10.00 at an equally close location?
Or if you were purchasing stocks or shares - would you simply buy the stock, or first consider the stock's price - factoring in price/ratio, moving averages, historical data and economic outlook?
It boils down to - "not paying more for a product than that product is worth."
When I look at a bet - I have a rough idea in my head of what the odds should be. If the price quoted by the sportsbook is sufficiently above that estimation in percentage terms - then I will go ahead and bet on the event.
I will not win every bet, especially on underdog plays - but in the long run I know that if I go with value - then I will come out on top.
The best advice that I can offer to those starting out in sports betting is to "stick with what you know". If you have a team that you follow and already know well - then you are, in a sense, already a "mini expert".
More on the "concept of value" in my next article. In later articles I will cover; money management, standard deviation, strike rates, specific sports and more.
Daniel B. King has been a professional sports bettor and trader for seven years. He runs his own sports betting and trading service at: www.arbitrage.ws as well as helping to advise a number of sportsbooks:
- all of which are industry leaders in the sports betting and gambling field.