After clinching the $100 billion mark in legal wagers in 2023, the US sports betting industry sustained the growth in 2024 with over $135 billion of bets placed in licensed sportsbooks. However, as the market and the number of punters grow, experts reckon that only about 2% consistently break even.
To join the top percentile of successful bettors, you must understand the risks involved in sports betting and craft strategies that suit your goals. Developing a winning sports betting strategy also requires understanding the games, analyzing current and historical data, bankroll management, and making conscious decisions.
Here are six financial tactics to help US bettors manage risk and turn the odds in their favor while navigating the field.
Understanding risk management
An effective risk management system is critical to achieving long-term success in sports betting. The process involves assessing and identifying factors that might lead to losing bets and controlling the associated risks by establishing effective systems to minimize losses.
Effective risk management in sports betting requires discipline and strategic thinking instead of randomly placing bets and relying on luck. It helps you calculate the risks associated and potential rewards for every bet to wager efficiently and consciously. Risk management also transforms betting from a gambling adventure to a forecasting activity.
Bankroll management
Bankroll management is about maintaining your betting budget to keep placing bets until you break even and become profitable. Managing your budget wisely requires smart bet sizing, conservatively topping it up, and locking up your winnings.
Don’t bet with money meant for necessities and always take advantage of sportsbook bonuses and promotions to minimize your risk. For instance, the BetMGM sportsbook bonus code allows you to grab up to $1500 while registering, giving you a great opportunity to test different strategies without risking your hard-earned cash.
Value betting
Value betting is one of the key cornerstones of a solid sports betting strategy. It involves seeking undervalued bets that have a better chance of winning than the suggested odds. It’s like looking for undervalued stocks with a market value that’s lower than the book value hoping the market perception is wrong. However, value betting requires a keen understanding of the game, an eye for detail, and the patience to analyze the odds to find these gems.
Hedging your bets
Hedging your bets reduces your risk by wagering on multiple possible results using various sportsbooks. Assuming you bet on a team like Manchester United to win the Champions League and they reach the final. You can wager on their opponents to win, ensuring you earn something no matter the winner.
Diversify your bets
Diversifying your betting portfolio by wagering in different leagues, sports and markets will minimize volatility and correlation. That makes your results more predictable and shields you against unforeseen losses.
Establish betting limits
Set reasonable limits on factors like the number of daily or weekly bets, losses you are comfortable with, maximum wagers, and time spent wagering. Stick to your predetermined limits and avoid being carried away by emotions when setting the parameters. These limits enhance your discipline and keep you from chasing losses when you’re on a downward streak.
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