How to make money sports betting – betting types
A Moneyline bet is the most common bet type, and you’ll find it offered at every gambling operator. The reason why a money line is so simple is that it simply means that, if you bet on a team’s money line, you’re betting for that team to with the game.
Totals are called over/under because it focuses on the points total. So, with over/under bets, bettors either bet for the points to go over a specific total or remain under a specific total. This bet type is just as simple and popular among bettors.
Another popular type of bet is a point spread bet. When you’re betting on a spread, you are, instead of betting on the final result of the game, betting on a team’s margin of victory.
A favorite is indicated by a minus symbol, while a plus symbol indicates an underdog. For example, if a specific team is priced at -8.5, they must win by more than 8.5 points.
A parlay bet is a combination of multiple bets, and is defined by its number of “legs.”. In the case of parlay bets, every “leg” or bet in the parlay needs to win for you to get any profit from that bet. For example, if you decide to bet on a four-leg parlay bet and only three of the bets are successful, your bet loses because of the other leg.
Bettors still like parlays because they don’t have to wager a large amount of cash but can get a high return as profits get multiplied after each win.
A teaser bet is, to some extent, a lot like a parlay bet because it is also linked to multiple bets. However, what makes teasers different is that this bet is only for point spreads and does not have the large payout potential of a parlay.
A proposition or a prop bet is a bet that is not directly linked to the result or final score of a game. The most prevalent types of prop bets are game props and player props.
A player prop will be, for example, a bet on a player’s performance, such as how many passing yards the quarterback in the game will have.
A game prop is a bet on something to happen in a game, such as the first team to score 25 points or a game prop can also be which team will score first.
Can you make money betting on sports?
It is definitely possible to make a consistent profit from betting if you know how to approach betting. We’re here to find out if sports betting is profitable, so let’s look at it from a few angles. For example, you need some insight on how to use methods that can provide a more concrete calculation to steer you in the right direction.
Most people see betting as a fun, recreational activity, which is fair, but this approach does not go hand-in-hand with earning a consistent profit from your betting activities. If you want to focus on making money, it’s not so much about supporting your team and going with the popular bet, but more about having a betting strategy that involves some solid math as a foundation to show you whether a bet is really worth it or not.
One of your best friends for profit-based betting is EV or expected value. If you’re able to calculate whether a bet has a positive or negative expected value, you can make an informed choice about whether the bet is worth pursuing in terms of profit. A positive EV indicates that the bet is worth pursuing while a negative EV, no matter how favorable the outcome may seem, are ones you should refrain from betting on.
EV is an empowering strategy that, with other tips and tricks can reveal some profitable football betting opportunities and also help you see consistent profits if you keep your mind open and away from emotional betting.
Important things to keep in mind
Of course, along with math-based strategies like EV, there are also other great tips you can benefit from when you’re doing your calculations. Consider the following practical guidelines:
Do your research
If you’re focused on a specific league, sport, or even match, there are many components you can look into that will help you solidify your betting strategy. For one, you can look at both teams’ past performances and the teams they played against.
If it’s an outdoor sport, looking at weather forecasts can also help you get some perspective. You can look at player injuries, as long as the elements you decide to base your analysis on are directly relevant to your betting strategy.
Bet with your head and not with your heart
As we’ve previously touched on, profit-based outcome betting is not good friends with emotional betting. Thus, there is a lot of things to keep in mind here.
- First, don’t go for the favorite because everyone seems to be thinking it’s a good choice. Rather do your calculations and get a concrete perspective.
- Don’t drink while you’re betting or planning a bet. This can cloud your judgment and cause you to make emotional decisions. Rather have a celebratory drink when you get some back from your bet.
- Sometimes, no bet is the best bet. If you’re not satisfied with your options, don’t feel like you have to place a bet.
Effective bankroll management
One essential skill to help you make long-term profits is to learn how to budget and use your money when it comes to betting. For example, even if your calculations show a +EV, should you place that bet with money that you don’t have? Not a good idea.
Do your budgeting before you do anything else. Never use money that you don’t have in your bank account or money that you need to settle other financial issues that are more important. Only use money that you set aside specifically for betting after establishing that you have enough cash for everything else.
These types of responsible betting habits will bring you long-term success and the profits you’re looking for.
Get the best lines
A great gambling approach that many bettors overlook is to shop around at different sportsbooks. Instead, bettors tend to stick to one sportsbook they think offers the best lines, and while there are sportsbooks that are better than others overall, this doesn’t mean that their lines are always better than other bookies’.
You may have your favorite sportsbook that you’re loyal to, but take a look at other sportsbooks’ lines and choose the best lines. The best lines are most likely to bring you the best results, and, if you want to know how to win while sports betting, now you know what’s what a pro bettor is looking for.
Utilize live betting
Sportsbooks still use algorithms to calculate the spreads of live streams, which means that you actually have an advantage with live betting because the game’s flow is not as much considered in the sportsbook’s overall calculations.
Many bettors prefer pre-game bets, but once you get the hang of live betting, you can also make some real money if you take advantage of the nature of live betting.
When it comes to betting and making money from betting, there are two important things to know. The first one is that it is possible to make a consistent profit from betting. The second is that the strategies and techniques you’re using at the moment probably need to change as betting for profit has a much more analytical approach.
Now that you know how to make money sports betting, you can decide if it’s something you want to do. You’ll find lots more about betting techniques right here on TheGruelingTruth.com, so stay tuned!
How to make money sports betting FAQ
There are several valuable strategies and some great tips that can help you understand how it’s possible to make a profit from betting. We provide an in-depth discussion about these strategies and also about your betting mindset, so take a look at our betting guides if you want to know more about how to make money sports betting.
Expected value is a crucial tool you’d want to use if you’re aiming for a profit-based betting outcome. It is based on a mathematical structure and contributes to your understanding of whether a bet is worth making or not. You can read more about the function and value of EV right here at TheGruelingTruth.com.
There are quite a few different betting types, and some of them are widely popular while others are more popular among experienced bettors. We provide a layout of all the most common betting types so you can tell them apart and understand how they work. Take a look!