How to Make Money Betting on Sports
If you want to make money betting on sports, there are some basic things to remember. Firstly, there is no such thing as a sure thing when it comes to betting on sports, and even a profitable strategy like value betting (betting on teams that have a higher chance of winning than implied by the odds) has its ups and downs. Secondly, it is important to keep track of your wins and losses. Using a simple spreadsheet will work fine, and this will help you with your bankroll management.
In general, most people who place bets on sports are fans to begin with. They are usually looking to use their knowledge of a particular sport or team to make some extra cash. While it is not unheard of for a non-fan to place a bet, it is generally not a good idea.
The main reason why is that most non-fans have no understanding of the underlying mathematical principles behind odds and risk/reward. They don’t realize that a bet on the underdog has an infinitely smaller chance of winning than a bet on the favorite, or that a bet with an over/under total includes the sportsbook’s commission in the odds.
The other major problem is that sportsbooks are businesses and they have to maximize profit. This means that they have to factor in the probability of certain events, such as a team getting a touchdown, in their odds. In addition, most sportsbooks have a “push” policy for over/under bets, which means that they will refund any wagers on a game with an adjusted total that is equal to or less than the proposed total.