Online sports betting is a popular pastime, with millions of punters wagering on different events worldwide. Besides giving you the chance to try your luck and get rewarded, betting on sports is a fun way to test your sports skills and knowledge. Unfortunately, not everyone remains successful with online sports betting, especially when your wagers are purely based on luck. Here’s what beginners and casual punters will want to know before placing a wager on any sports event on Betway or any other online bookie.
Understanding The Odds
Understanding the odds is essential in figuring out the bets that are worth wagering and those that are not. Odds can be displayed in fractional or decimal formats, but they’re both easy to understand. These odds indicate the probability of a certain event occurring during a match, and you can use them to determine whether there’s value in a bet by calculating the implied probability of a particular outcome.
In most sports events, you’ll find different bookies offering different odds on the same outcome, so it’s important to shop for odds to see which site offers the most solid odds. That’s because predicting how likely an event might occur is solely based on opinion coupled with some research. That means the odds set by a bookie for a certain wager don’t accurately reflect the true likelihood of the outcome happening.
Developing A Betting Strategy
Now that you understand how odds work in online sports betting, you need to work out a betting strategy while wagering through the Betway app to remain successful. However, before you define a strategy, you’ll need to have in-depth information about the sports and leagues you choose to wager on. That’s because various leagues differ in quality and competitiveness, so it’s important to carefully study the teams and their players.
Studying the form guide also helps you while wagering, as different betting markets call for different strategies. However, you must be prudent when choosing whom to wager on. Additionally, it doesn’t mean that a team won’t lose in the next game, even if they’ve won five games consecutively.
Pitfalls To Avoid While Betting
While mistakes help you to learn, they can be costly when betting on sports. As such, you need to avoid these common mistakes that most punters make while betting on sports online.
- Avoid betting on emotion – while wagering on your favorite team or player might be a sign of loyalty, that might make you lose money. Instead, you should pay attention to the odds and analyze the outcome based on match statistics.
- Having no bankroll management – Successful punters bet responsibly. To do that, you’ll need to show discipline in managing the bankroll. As such, you’ll need some time to build the bankroll, which gives you enough cash dedicated to the sole purpose of betting. You should also avoid betting more than 5% of your bankroll in a single bet.
- Chasing losses – Betting is all about winning and losing, and as such, chasing losses may spell further doom for your bankroll, as no strategy can totally eliminate losses.
- Betting on games you hardly know – While most high-profile tournaments attract many wagers and solid odds in different sports, betting on them without enough information is an easy way to lose your stake. Take enough time to familiarize yourself with a sport and chose a league which you’re most knowledgeable about.