Millions of people will be glued to their TV’s this Sunday for the Super Bowl, but they won’t just be watching for the football. They’ll have money — sometimes thousands of dollars – on the line. Since the Supreme Court lifted a ban on gambling on sports in 2018, the industry has exploded. In fact, it’s estimated that Americans will wager billions of dollars on the game. Many of those bets will be placed online, but it’s not uncommon for bettors to go to their local bookie or casino.
Most sports bettors are fans to begin with, looking for a way to use their knowledge of a particular sport or team to make some extra cash. They study stats and analyze coaching strategies, player histories and matchups to come up with informed picks. They also look for value bets, which are those that have a larger chance of winning than the odds suggest. In theory, that should give them a better chance of beating the bookie and making some serious dough.
But in reality, the chances of a casual bettor successfully picking winners on a consistent basis are slim to none. In order to be profitable, a bettors must be able to overcome the house edge and avoid non-intrinsic risks like counterparty and liquidity risks. Those who are unable to do so are destined for a long losing streak.
A common mistake that sports bettors make is allowing emotions to cloud their judgment. It’s easy to let your excitement for your favorite team or player influence your betting decisions, but that can have detrimental effects on your profitability. Instead, it’s important to focus on objective research and analysis, and always be cognizant of the underlying risks.
Another mistake is taking a short-term view of betting. It’s easy to get caught up in the buzz of a winning streak, but that can lead to poor decision-making. The best bettors understand that they’re in it for the long haul, and they stick with their plan even when things aren’t going their way.
Finally, sports bettors should take a break when necessary. Whether it’s a financial issue, a personal problem or just burnout, taking a step back can be beneficial. It’s also a good idea to separate your sports loving from your moneymaking, as it will be hard to stay profitable if you spend all of your free time thinking about the next big score. Besides, you’ll be happier and healthier for it. Just remember: it’s not worth risking your friendships, family or your sleep over a buck or two. Unless you’re Shoeless Joe, of course. Then it’s definitely worth it. Just don’t lose your shirt in the process. That’s just not cool.