- Always use your own judgment. There are plenty of pundits and touts. Some will sell you their knowledge and predictions with a lot of hyperbole. You see basically the same things they see. If you’re interested and do your homework; if you watch games, pay attention and read a lot; if you form your own opinion and stick with it, you’ll be a lot better off. You will still be wrong sometimes, but at least it was your calculated risk and not someone else’s.
- Do what is known as paper trading at first. Before wagering any real money, play or mock bet for a few weeks. Write down your bets and keep track of your record. See how you score, see if you would be winning or losing money. Once you’re comfortable, you can dive in. Remember, you must win 53% of the time if you want to make a profit. Remember, even the very best of the best only win 60% of the time over the long haul. You might be good at this, you might not – that’s a small margin.
- Start with a set bankroll and never gamble with money you can’t afford to lose. One rule of thumb is to only bet 2% of your bankroll on every individual bet, i.e., if you start with $5,000 then 2% would be $100. This may not seem like much but at least this will keep you playing through some dry spells. Only raise your bets when you are considerably ahead and never bet most or everything trying to get out of a hole. The best gamblers grind out the bookies over the long haul. Keep notes on your bets, review and learn from them.
- If you go to a casino, leave the ATM and credit cards at home. Don’t accept credit from the casino and watch what you drink. These old tricks have been going on for years and have gotten many people in trouble. Have a game plan and a clear head and you will fare much better.
- In general, if you want to slant your gambling one way or the other, slant it toward the underdog. Underdogs win in sports gambling about 60% of the time. At least when there is a point spread involved. This is a documented fact. The only exception to this rule is in basketball where strong home courts, frequent games and frequent travel contribute to favorites winning more often. As a rule, gambling houses win because most people love favorites and are reluctant to pick underdogs. All games are different and you should make your picks individually, but underdogs have ruled for a long time.
- If you really want to be a good gambler, then lay off parlays and teasers. These bets are house gimmicks where the pay-off is better, but the odds are much worse. Look at all games individually. It is much better to pick your bets on your own terms. Most good gamblers grind out theirliving.
- Future bets are generally not good bets. They didn’t’ even make the playoffs. Future odds are largely based on speculation and last year’s results. Each new season is different from the past and is risky to judge.
- Perhaps you should condense your focus and concentrate on specific sports, teams, divisions or conferences. In basketball and hockey, for example, there are far too many teams and games to really get a good read on everything. If you’re familiar with only a couple of sports, maybe you should be content to only bet those sports. If you live in Canada, bet hockey. If you live in the Midwest, bet on the Big 10. Familiarity with your landscape is a valuable tool in any endeavor.
- Bet with your head and not your heart. Take the emotion out of your betting. Avoid betting on a team just because they’re your favorite. If it’s a logical bet to go against your team, don’t hesitate to do so.
- Look at the upcoming schedule and try setting your own lines before the house lines come out. Compare your way of thinking to the house. If you feel strongly that they have made a mistake, you might consider betting that game. By betting your own lines, you won’t be influenced in anyway except for your own judgment. After gaining some experience, this practice will become easier and you’ll look forward to it.
- Don’t feel compelled to have to make a bet. It’s okay to let a whole week or two go by without gambling. Sometimes there just isn’t anything worth buying or taking a chance on. The good gamblers don’t just hope, they feel good about their bets, and make educated wagers.
