Posts Tagged ‘sportsbooks’

Betting on Big Sports Events

Major sports events such as the Super Bowl and World Series generate massive betting action every year. Live sportsbooks in Nevada alone booked $84,000,000 in bets on last year’s Super Bowl – and that is likely small fries compared to what online sportsbooks saw last year.

Most sports bettors take a casual approach to betting on big time sports events. Many of these people only bet once in a while and tend to put most of their money down on the big game of whatever sport they follow. There’s nothing wrong with this approach, but it’s definitely not a long term winning approach.

If you would like to try to make some money on this year’s big game (whatever that may be), we have a few tips that will help you become a more profitable sports bettor. Take a look and keep these tips in mind when the big betting season rolls around once again.

One Basket: All the Eggs

We mentioned earlier that live and online sportsbooks see massive betting action during major sports events. This trend shows that the average sports bettor does not understand winning sports betting theory. Savvy sports bettors understand that even the biggest match of the century is still just another game when it comes betting for a profit.

Betting an extra large amount on the big game of the year is tantamount to putting all your eggs in one basket. The big game is definitely exciting for its own reasons, but there is no good reason to blow your whole bankroll on the outcome of any single game. You might as well go to the casino and bet your life savings on red.

The first key to betting profitably on big sports events is to treat them like you would treat any other game. Do your research, look for profitable lines and get your bets in like normal. The key word here is “normal,” as in “not your entire sports betting bankroll.” In terms of betting and rate of return, the big game is no different than a preseason exhibition match.

Shop Around

Shopping around is the easiest thing you can do to improve your win rate. All the major online sportsbooks cover every major sporting event of the world but they don’t all offer the same odds. The simple act of looking for the best line guarantees that you win the most money possible if your bet is a success.

This applies to all forms of betting. For example, if you want to place a futures bet on a specific team winning next year’s Super Bowl, you can look around for the sportsbook that offers the highest payouts for that team. This method can also be applied to NFL spreads, basketball props, rugby lines and whatever else you want to bet on.

Value Trumps Locks Every Time

Value is where the profit is made when betting on major sports events. You do not win money by constantly finding “locks” that are “guaranteed to win.” There is no such thing as a lock in sports betting. Profitable sports bettors do not make a regular income by finding picks that are guaranteed to win; they make money by finding value.

In sports betting, value refers to finding betting lines that are inherently profitable. Any time you find a bet in which the sportsbook is paying more than you think that line is worth, you have found value. For example:

Let’s say you know the Kansas City Chiefs and Oakland Raiders are playing this weekend. The sportsbooks have identified the Chiefs as an underdog and have therefore set the spread at Chiefs +3 and Raiders -3. After doing some research, though, you come to the conclusion that the Chiefs are a one point underdog at the most.

This would be an example of finding value. Even though your pick is still an underdog, you would see a long term profit betting on them because the sportsbook is paying more than what you believe is correct. That is assuming you are correct in your assessment, of course.

Don’t Forget the Props

While everyone is fixated on the spread for the big sporting event of the year, you can make a tidy profit by prop betting. Proposition bets can take many forms. Some prop bets have to do with random things like how long the opening song will last and who will win the opening coin flip. There are also prop bets that deal more with performance – such as who will score the first points, how many yards a certain NFL team will rush for and so on.

It is this second category of prop bets that you can use to your advantage. Skill based proposition bets can be used for a profit if you do your homework. Research the statistics associated with each player / team involved in the prop bet and you’ll find plenty of overlooked value bets.