The path from sports betting beginner to betting professional is not possible for everyone. You have to meet certain requirements and be willing to learn. In our article, we have put together the rules and basics that every sports fan must have in order to make money with sports betting.
Financial Security
Anyone who has no financial background should avoid sports betting. In order to be able to cope with the occasional loss, you need to be financially secure. If you have to wager every euro twice to make a living, sports betting is certainly not ideal for earning the extra income you want. Never forget that every bet you win is a separate investment. Losses should always be taken into account.
General interest in sports
If you don’t have any interest in or knowledge of sports, it’s not advisable to join a bookmaker. You should definitely have a soft spot for certain sports so that you can use your expertise and make profits in that category. The bets will then be an additional little excitement factor for you, parallel to the actual sporting event. Every tip must be considered from matchday to matchday in order to make the best prediction.
Understand how bookmakers work and what odds they have
Betting providers always have an advantage over you, which is expressed in the bookmaker’s margin. The bets offered on a game are always balanced so that your own risk is reduced to a minimum. The providers set the odds so that a few percent are retained. In the main sports of football, tennis, basketball, ice hockey, American football, handball and baseball, the odds key, i.e. the payback value, is around 94-96%. In niche sports, the betting odds always fall, as is the case with live betting, simply because the bookmakers take a higher risk in other sports categories and the players’ stakes usually fall. You should also know how betting odds are calculated and what outcome probability can be derived from this.
Understanding betting conditions
Draw No Bet, Asian Handicap, Outrights, Double Chance, Accumulator, Goals Over/Under – every betting market has its own name. There are also a number of terms from the world of sports betting that are a bit of a mystery to beginners. Only those who understand the betting conditions can properly assess and evaluate the options.
Tip: If you don’t understand a word or term, look it up in our betting dictionary. A table of contents will help you find your way around the sports betting glossary.
Willingness to learn and time investment
A betting tip can be placed within a few seconds with a reputable sports betting provider. There are practically no hurdles for you. If you want to become a sports betting expert, quick bets will not be successful. You have to spend time analyzing and researching a sports bet. You should also have the necessary willingness to learn and try out new betting systems. Try to find out everything that is relevant to sports betting in order to get more out of your bets. At the same time, learn from the betting systems and strategies of the professionals.
Passion for mathematics, statistics and probabilities
The sporting aspect of betting is only one side of the coin. You also need to be mathematically savvy in order to calculate bookmakers’ odds, for example. Sports betting and mathematics belong together. The second point is reading statistics and deriving relevant key figures. In the sports betting history, you can read the probability of certain results occurring, which are then mathematically related to the betting odds. At first glance, this sounds more difficult than it is. You don’t have to be a statistician, but the rule applies: if you know more about a team or a player, you minimize luck and at the same time increase your chance of winning. At this point, it can be said that no sports betting professional has ever fallen from the sky. However, there is no guarantee of winning or a master plan. Practice makes perfect.
Learn about proven betting strategies and betting systems and try them out
Especially in the initial phase of sports betting, it makes sense to fall back on tried and tested methods. Try out different betting strategies and betting systems. Do they suit your desired sports interests and betting plans? You will quickly find a sports betting strategy that will help you get off to the “right” start.
Make the right betting selection
The bookmakers offer a huge range of betting options. You never have to check all the betting offers. Just concentrate on sports that you know and only on leagues that you have the necessary knowledge of. For example, if you are a local fan of German football, you should not bet on South American or Eastern European junior leagues.
Detailed betting analysis – interpreting statistics correctly
Never neglect detailed betting analysis. Try to include as much information as possible about the game and the teams or athletes in your betting prediction. The more comprehensive the input, the more successful your bet will be.
Choosing the right betting market
If the betting analysis has shown a “certain” probability of outcome, do not place your bet yet. Check possible alternatives. Is it worth increasing the betting odds with a handicap? Can the bet be secured with a double chance or as a draw no bet? What betting alternatives for the game are available from the bookmaker?
Play with the best possible odds
Once you have made your final betting decision, compare the odds of several bookmakers. Benefit from the differences in the offers of the betting providers. Compare as many providers as possible to really place your bet under the best conditions. Even small differences will bring you a huge plus in your betting account in the long run. Basically, you should not just have one account, but several accounts with different betting providers in order to be able to react correctly when comparing odds.
Avoid emotions
Always remain sober and objective when betting. Many bettors make the mistake of betting emotionally. Your analysis should never be influenced by emotions. Never bet according to your wishes, for example on your favorite team in the Bundesliga. You should accept losses. Don’t get carried away by betting out of frustration when you have an emotional tantrum.
Choose the right stake amount per bet
Not to be forgotten is the clever, defensive money management that is built on your bankroll, i.e. the available betting balance. Choose the right stake for each sports bet. Either play fixed lump sums based on your balance or adjust the stake to the risk of your sports bet.
Define goals and set boundaries
When betting on sports, always set clear goals in advance. Say goodbye to the dream of becoming a millionaire through sports betting and choose realistic goals. How much money do you want to earn from sports betting per week or per month? Based on your goal, you determine the betting strategy and the associated betting scheme as well as the number of betting slips required. Constantly adapt your goals to your success or failure.
Discipline and honest performance control
Be disciplined when betting. Many tipsters lose their nerve too quickly and show little discipline when betting. Stick to your strategy, even if success does not come immediately. Keep statistics on your bets. Conduct an honest success check. Depending on the result of the profit and loss calculation, you can then refine your betting system step by step. The more data you collect from yourself, the better you will understand when your bets are profitable and when the quality of your tips is declining. If you document everything precisely, you create the necessary advantages to be able to make money with sports betting.