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The Grueling Truth - Where Legends Speak / Betting Guide / Best Sports Betting Guide 2024

Best Sports Betting Guide 2024: Expert Sports Betting Strategies & How To Bet

Publish Date: 02/08/2022
Fact checked by: Mike Goodpaster

Sportsbetting Strategies for Betting

If you’re new to sportsbooks, it can be a bit overwhelming at first. However, understanding sports betting won’t be a challenging task with the help of our betting experts, who have years of experience in gambling.

So, if you are interested in betting on sports but do not know where to begin, our sports betting explained article will walk you through the details. So, buckle up for a fantastic ride into the nitty-gritty of the gambling world with our latest betting guide.

Understanding sports betting – How does it work

With the recent surge of pro-sports betting movements across the country, it is quickly catching up in the United States. Even before the legalization of gambling in 2018, sports fans often got involved in betting for their favorite team through overseas betting sites. Although such platforms are unregulated and illegal in the US, putting your money in them is never advisable.

The basic premise behind understanding sports betting is that you predict the outcome of a game or simply predict what will happen during the game and place a bet on the chances of that occurring. The sportsbook operators often set the odds on these occurrences based on implied probability and allow you to make money by betting on the opposite option. First, however, make sure you know how to manage bankroll betting.

This article covers everything you need to know about sports betting, from basic to advanced details, including the best practices to follow while betting on sports.

What are favorites and underdogs?

These are the most common terms you will come across in any sports betting explained guides. Any sports betting market will consist of favorites and underdogs, which are the two sides to a bet that you can wager on. As the name suggests, the favorite team has a higher probability of winning. Therefore, the risk is low, and the return on betting is smaller. If you’re looking for sports betting for beginners, it is your ideal bet. On the other hand, the underdog has a lower probability of winning. However, the return on betting is much higher. Also, if both sides have equal chances of winning, the odds are the same, and such a situation is referred to as a pick.

Sports betting odds explained: What are -150 and +150 odds?

It is a format that indicates the favorites in American odds representation, which is the most common format you will find in sportsbooks in the US. For example, when you are betting on sports, a -150 will mean that for every $1 you wish to win, you need to risk $1.5. Therefore, if you want to win $100 on a -150 odd, you need to bet $150. The negative sign indicates that the bettor has to risk more than the return to get a decent payout.

In contrast, a positive value before an odd will mean that the bettor can win more but higher the risk. For example, with a +150, a bettor stands to win $1.50 for every dollar wagered. There are also other types of odd formats other than the American odds, like fractional odds and decimal odds.

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Strategies to strengthen your betting game

There are no foolproof methods to ensure your wins in sports betting. However, there are strategies that you can follow to reduce the risks and bet smartly. We have amassed some crucial strategies for the gambler in you. Those who bet blindly without any plans are called ‘squares,’ usually contributing to most of the sportsbooks’ profits.

In sports betting, you can win or lose huge amounts of money in a flash. So ideally, you would keep winning and become a betting expert. However, the probability of consistently winning is very low. So instead, you can formulate a strategy to maximize your profits and minimize the losses. So here are a few strategies to enhance your experience when betting on sports:

Research, research, and research

Placing blind bets or depending on luck would not get you anywhere in the long run. Going with your gut for your favorite sport may give you some short-term results, but for consistent winnings, you need to do your homework. Before making your bets, go through stats, trends, news, past games, and everything related to the sport. Then, when you make the final wager, ensure that it is a well-thought-out one.

If you are a beginner in betting, it would be better to specialize in one sport. This is a smart and strategic move as you would not get confused and frustrated by betting in different sports at the same time. Gain a betting edge by narrowing your focus.

Line shopping

Despite the complex-sounding name, the concept of line shopping is quite simple. Different sportsbooks offer different odds. So line shopping is searching for the best odds offered among various sportsbooks before placing the bet.

If you have decided to place a wager on a certain team or a particular outcome, the next step would be to check the different sportsbooks and find which offers the best odds. For example, if you are going to bet on Kansas City Chiefs on a spread of 8 points, check if any of the sportsbooks are offering the Chiefs at 7.5 points. If not, you can find the best price to get them at 8 points.

It is one of the best sports betting strategies used by successful bettors. However, timing is critical in sports betting. From the time they are posted to the time the game actually begins, lines continue to shift. Therefore, you have to bet at the right time to get the best price. This can be even more difficult when you are looking at live betting markets as the market fluctuates with every play. In such scenarios, odds comparison tools like the ones we offer here at TheGruelingTruth.com can help you make your decisions in a jiffy. 

Take advantage of your good moves

If you are confident in your bet but your line shifts, double down on your bets. Instead, if you are unsure about your predictions, you can always opt for the low-risk approach by not doubling down. You do not have to make the second bet, but the option is always there. Doing proper research is the only way you can trust your own predictions. 

How to manage your bankroll in sports betting?

In a nutshell, bankroll management is managing the money you are going to spend in sportsbooks. The key is to wager what you can afford to lose. It is prevalent for the losing bettors to put in more and more money, hoping to win it all back. This is a surefire method of depleting your bankroll. Placing higher bets may result in losing even more money, and before you know it, you would be out of options. So always stick with the predetermined units and slowly increase your bankroll throughout the season.

The margins in betting are pretty thin. There is only a slight percentage difference between winning and losing a bet. Hence, money management or bankroll management is a crucial skill for bettors – especially if you are in it for the long run. When you are betting, you cannot wager money that you can’t afford to lose.

Being aggressive or reckless would not get you anywhere. A good rule of thumb is to keep the bets between 1 to 5 percent of the total bankroll. For example, if your bankroll is $1000, then you can use around $10-$50 for each bet. Although, if the size of your bankroll is small, placing small bets may not sound exciting. However, keep in mind that going beyond 5 percent of your bankroll is a dangerous move. If you’re new to sports betting, our experts suggest going for a safe 2.5 percent.

What are units?

Units are used to make comparisons between bettors, even if they have different bankrolls. For example, let’s assume you have a bankroll of $500, and your friend has a bankroll of $10000. Both of you placed bets and had some percentage of wins and losses. The person with a greater bankroll may have bigger winnings or steeper losses. However, the amount you win or lose is never a valid indicator of the betting strategies followed. Instead, comparing them in terms of units will give you a clearer idea of whether your betting strategy is working or not.

If you have a bankroll of $1000 and decide to make $100 bets, then you have used ten units. Similarly, if you have a bankroll of $10 and decide to make $1 bets, you have used ten units. In both cases, the number of units is the same, but the profits and losses would differ.

Conclusion

This sports betting lines explained guide aims at giving you an idea of the best practices followed in sports betting. We have listed out some of the best strategies you can use to approach sports betting, along with tips to manage your bankroll efficiently. Following these practices would certainly help in your journey of becoming an expert in sports betting. So take what you have learned here, mix it with your own insight and research, and enjoy gambling on your favorite teams and sports.

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Sports Betting Explained FAQs

💡How does spread betting work?

Point spread betting is also referred to as handicap betting, and it is quite a popular method used by professional punters. Check out this sports betting spreads explained guidebook from our experts to learn more about this betting market.

📲Which is the best bet type for sports betting?

There are many types of betting markets, and every market has its own pros and cons. You can read the sportsbooks guide curated by our betting experts here at TheGruelingTruth.com to get answers to all your questions on sports betting.

💵 Which sport is the easiest to bet on for a beginner?

Sports betting can be a challenge for a beginner and expert alike. However, with proper research and strategies, you can certainly have an enjoyable experience with sports betting. Go through our sports betting explained guidebook to learn more about betting on sports along with the best practices to follow while gambling.

🏈 Which is the best sportsbook for NCAAF betting?

If you are based in the United States, you need to know that each state has its own regulations for gambling, especially when it comes to betting on NCAAF. To learn more about betting on NCAAF, read this expert review of NCAAF sportsbooks 2024.

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