5 Sports Betting Tips For Beginners

Sports betting is a great way to make money. When it’s done right, you can make a lot of it.

While some use sports betting to make the weekend games more exciting, Ghost Betting uses it as a vehicle to make a full-time income.

As a matter of fact, it’s possible to use sports betting as a way to earn financial freedom.

Saying that, this cannot be achieved without an understanding of the basics.

So with this in mind, if you are new to sports betting, here are 5 sports betting tips for beginners.

1. Understanding Betting Odds

Betting odds reflect how likely the public think the result of a sporting event ends.

The shorter the odds, the more likely it is to win. 

Likewise, the longer the odds, the less likely it is to win.

In every match, there is a favorite and an underdog.

The participant with odds shorter than their opponent is considered the favorite to win.

2. Understanding Value 

Don’t choose your bets based on how many you can win.

Instead, think about how much money you can profit from your bets.

This concept is called value betting.

All your bets should be focused on finding value in the betting markets.

The more value you find, the more money you’ll make.

In fact, when you use a value betting strategy, you don’t need to win all your bets to profit.

3. Bankroll Management

Bankroll management has two purposes: to stop you losing all your money if you go on a bad run and to scale up your bets as you win.

The term ‘bankroll’ refers to the money you have set aside purely for sports betting.

It shouldn’t be used for anything else. 

Only wager between 1-2% of your bankroll for each bet.

4. Track Your Bets

Record every bet you ever make.

This lets you see how well your bets are doing.

If you’re winning, you can have confidence that you’re betting the right strategy.

If you’re losing, you can analyze the results to see where you’re going wrong.

At the bare minimum, the main stats worth tracking are the type of bet, the event, the result and the odds.

Record anything else that you think has an effect on your strategy.

You don’t need complicated software to track your bets – a simple Excel or Google Sheet will do just fine.

5. Promotions And Free Bets

As you’re new to sports betting, take advantage of the free bets and promotions the sportsbooks offer.

Start with deposit bonuses.

These are great for giving you a larger bankroll, meaning you can bet bigger so you can win more.

Just remember to stick to your bankroll management plan and record every bet you make.

If your sportsbooks don’t allow you to withdraw your winnings after using a bonus, don’t worry.

Just make sure you read their terms and conditions and you should be fine.

If you’re just starting out, you shouldn’t withdraw from your bankroll early.

Instead, let it grow until your bets are big enough so you can withdraw enough cash to have a significant impact on your everyday life.