I am an investor by nature and formal training which leads me to look at sports betting like I would any asset class or any market. Buffet's sage advice regarding the stock market is equally valuable to sports fans looking to make money betting on the sports they know and love.
Let me take a second and make a disclaimer. Most of what I write is geared for the sports bettor who is in it to make money. If you just like to bet for recreation or to have some extra interest in games that is fine, just as long as you understand you will never make money long term doing it that way. The recreational sports bettor can afford to be lax in regards to bet size and how much edge they need in order to bet because they have other sources of income, if they lose their bank roll it may be disappointing but its shouldn't impact their ability to feed their family.
(If it is affecting your normal daily finances please......get help.)
That said, on to some pointers for those looking to make money:
A winning sports bettor must be extremely patient. They look for lines that are inaccurate in term of the actual difference between the two teams based on their best efforts to objectively handicap the teams in question.
- When they find these lines they bet and that is the only time they bet. They do not bet because their favorite team is playing, they do not bet because they are bored and need action.
- They wait patiently while the losing bettors try and play every game on the board.
- Winning sports bettors has respect for his money. It doesn't matter if they are betting $1,000 a game or trying to build their roll at $10 a game. They don't over bet, they don't bet scared and they don't chase.
I hope this helps and best of luck with all you do.
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