Sports betting has exploded across America since a 2018 Supreme Court ruling struck down the Professional and Amateur Sports Protection Act. Now, states can legalize sports gambling, and professional sports leagues are establishing marketing partnerships with betting companies. These deals create billions in advertising revenue for sportsbooks and generate tax money for the state. But they also can encourage problem gambling and lead young people to engage in irresponsible wagering. A new generation of student-athletes face the risk of gambling addiction and face intense pressure to place bets. A recent survey of NCAA administrators found that 10% of Division I schools were aware of students being targeted online or in person by bettors. In 2023, the NCAA launched a public awareness campaign to help students understand gambling risks and make responsible decisions.
The biggest hurdle for most bettors is overcoming a fear of losing money. Managing your bankroll is crucial, and it’s recommended to bet between 1-2% of your total bankroll on each play (bankroll = starting amount you have set aside to bet with). This allows variance to play out and prevents you from going broke after a bad run.
Sticking to a budget and not betting more than you can afford to lose are other key tips for winning at sports betting. It’s also important to avoid making emotional bets, as they can have a significant impact on your bankroll. For example, it’s a good idea to avoid betting on your favorite team or player, as you might be influenced by emotions and end up making bad decisions. Instead, focus on handicapping a game as objectively as possible and don’t let your emotions get in the way of making sound judgments.
Another key tip is to always keep an eye on the latest line movement and market action. This can help you uncover value, as sportsbooks move lines for a variety of reasons. For example, they may adjust a line after receiving lopsided action on one side or they may be reacting to injury or coaching news. In addition, lines can change based on where you’re betting, as different sportsbooks have different clienteles and will price props differently.
A final important tip is to never stop learning from your mistakes and continually improve your handicapping skills. This means studying past matchups to see what you did right and where you can improve, as well as learning from your losses. For example, if you were wrong about a particular game, analyze your analysis to find out why and apply this knowledge to future bets.
Overall, the best tip is to treat sports betting like an investment and be patient. There are no quick fixes in the world of sports betting, and even a strong handicapper will experience some bad runs. By avoiding emotional betting, following the latest line movement, and tracking your results, you can maximize your chances of long-term success in sports betting.