Ever wanted to make a living out of sports betting? While there is no such thing as a perfect system, knowing the basics can help you minimize your losses and make some extra cash.
The first step to making money on sports wagers is to understand the way odds work. Basically, odds represent the chances of something happening. They also tell the punter the amount of money you need to risk in order to be paid a certain quantity if your bet wins. Fractional odds are given by most bookies. For example, 13-2 means that for every $2 you risk, you stand to make a $12 return. Decimal odds are seen on betting exchanges, for instance 3.4 means that you stand to make $340 on every $100 bet.
Arbitrage betting is a nifty way to make money on sports games. With the help of an odds monitoring website, you can keep track of any discrepancies between bookmakers. In other words, if there is a vast difference (usually about 2%) between odds for the same sports fixture then an “arber” will bet with both bookmakers and maximize his chances of cashing in. Most professional gamblers will also keep track of dropped and blocked odds, taking advantage of bookies who haven’t cottoned-on to market trends and winning massive pots.
The most common way to place a bet at fixed odds is on the money-line. This is a way of handicapping the stronger team (designated by a minus sign), while making bets on the weaker team (designated by a plus sign). A typical money line would be:
Reds + 150
The Reds are the underdogs and so if they won their fixture, those who backed them would win $150 for every $100 bet. If the Blues, the favourites won, then their backers would be paid $100 for every $190 bet.
There are several websites on the Internet to help you hone your punting skills. With thousands of bets per day and instant access to real-time odds there is no reason why the professional or beginners should ever be bored.