'Common' sense would imply that everyone has it, being 'common', right? Sometimes it is useful to refresh your mind of some basic betting principles. Before you start, consider some of the following ideas to ensure that you keep common sense in the forefront of your mind when betting. It is quite easy to get carried away and end up losing money if you are not careful, afterall if it was that easy to win from the sportsbooks we would all be millionnaires and the sportsbooks would go bankrupt! So, keep your wits about you by considering the following tips.
It is a bit of an age old cliché, but it is a correct one. Do not bet more than you can afford to lose, and do not assume anything. Do not fall foul of thinking that you can afford to lose £10, but place £20 down thinking that Manchester United will definitely beat Everton at home. You may end up losing the lot if you have a bad week.
It is also a well known fact that as people lose they tend to take bigger risks in order to win back what they have lost. This is why, when you lose, it is important to keep oyur discipline and bet sensibly, as if you would if you were winning. Or, if you have lost as much as you can afford to lose then perhaps it is time to take a break.
Sportsbooks offer fairly similar odds on your average game. However, sometimes odds will differ, with a sportsbook thinking that a game is not as one sided as another sportsbook thinks. It is important to shop around effectively and get the best odds possible. Why bet on games with odds that are lower than you can get elsewhere? It could mean a big difference in winnings even between odds of 14/1 and 16/1 between sportsbooks if you get a few winners in a permutation such as a Lucky 15.
By opening several accounts you will also be able to take advantage of many incentives offered by sportsbooks, such as free bets. Check out our sportsbook comparison which reviews some of the most popular online sportsbooks.
How many times in the history of sport have we seen an underdog take the lead, or beat a favourite? You have got to play your cards right and cover yourself where possible. Check out our betting strategies page and our section on spotting value to see how you can ensure you cater for the unbelievable! Do not assume you have picked a sure bet winner and place more than you can afford to lose.
Permutation bets like a Goliath can dilute your stake so much that if you get only 1 or 2 winners out of 7 or 8 outcomes, you can still come out losing. You have got to play the percentages game.
For example, if you are predicting 8 correct scores, to achieve 2 correct is doing pretty well, and more than this would be excellent. So, when you look at it, a permutation that dilutes your stake so much that you have got to have an exceptional week to break even is sometimes not worth it.
Check out our calculators, betting strategies, and our bet types sections to learn more about how to choose the strategies and permutations that best suit you, plus calculate your potential winnings before you start. It is essential you weigh up your potential winnings or losses before you place your bets.
Strategy is one of the most important considerations when betting. Sportsbooks make their profits out of people who just have the odd bet once in a while on their favourite team to win, or those people who do not keep count of their winnings or losses.
People sometimes win, sometimes lose, but overall they are just having the odd flutter without thinking about it and the 'bookie will always win' as the saying goes.
Take a look at our betting strategies page. It explains a range of ideas you might want to consider, including how to cover yourself for those times where you could potentially lose, how to bet on a mix of long-shots and more likely bets, and even guaranteed winners - commonly called 'arbitrage'. You will also get some ideas on how to look for value - the sportsbooks price odds according to what they think will happen. Your task is to out-wit them on those games where they have been too generous with the odds for a team, effectively 'spotting the value'.
Keeping track of your winnings and losses is very important. If you just bet each week and write off the losses you will soon find yourself having bet too much and lost too much.
If you keep tally on what you are staking and winning you will be able to adjust your strategy to be more liberal or conservative. For example, if you have had a good week of winners, and are £30 up, perhaps you can then afford to take a bigger risk on the next game you bet on. The bigger risks return the bigger rewards. If you are down then perhaps you need to adopt a strategy that is conservative and claws back losses gradually without exposing yourself too much.