Sports betting has been an excellent pastime that has been around for thousands of years. It has been prominent even during the era of gladiators. Accordingly, sports betting became more known to the public in the early 18th century. At present, this activity has become more accessible to many punters, as they can now use mobile devices and sports betting websites to place bets.
While bettors can conveniently take part in online betting in Malaysia and Singapore, they still need to do it in the right way. They need to understand that, like many other activities, there are certain principles that they must remember when partaking in betting activities. These fundamental principles can positively impact their betting experience.
Learn The Basics of Sports Betting
Bettors need to learn the basics before participating in any sports betting activities. By doing so, they will be on the right track and in a much better position when placing wagers.
Grasping the basic concepts of sports betting can help them make better-informed betting decisions and improve their chances of winning in the long run. Bettors can check our guide for beginners on sports betting to learn more about the activity.
Have Realistic Expectations
Some people start their betting journeys believing that they can make a lot of money through sports betting and even earn a living from it. However, the reality is that only a small percentage of professional bettors do earn profit in the long term.
Accordingly, most people lose money at sports betting – and beginners are the ones who are more likely to lose than win. While beginner sports bettors can set long-term objectives of making money from the activity, it is essential to set realistic goals, such as improving their betting skills. Developing such a fundamental objective can ensure that they enjoy betting. And when they achieve their goals and gain some experience, they can start establishing more complex objectives.
Stick to Sports That They Know Well
It can be tempting to bet on different sports, particularly those deemed more profitable markets. However, betting on sports that bettors have little or no knowledge about can lead to more losses than wins.
Sports bettors who are just beginning their betting journeys should stick to the sport they know well and some beginner-friendly betting markets. Knowing the sport, they will bet on can help them make good betting decisions and increase their chances of winning bets.
Spend Time on Research
Before placing a bet, sports bettors must research, regardless of their betting sport. Spending time studying and analysing sports statistics and performance data of teams playing in specific competitions or matches can help them make better betting decisions.
Sports bettors should not just rely on the knowledge they already have about the sports they plan to bet on. In addition, they must value facts and up-to-date statistics about teams playing during competitions instead of listening to other people’s opinions on social media and other platforms.
Money Management is Essential
Sports bettors need to effectively manage their bankroll and implement a staking plan to maximise their potential wins and limit their potential losses. It is recommended to bet only 1 to 2 per cent of their entire bankroll.
They can use the Pareto Principle to manage their bankroll. In this principle, they have to follow the 80/20 rule, which means 80 per cent of their gambling budget will be spent on their most profitable betting types and strategies. On the other hand, the other 20 per cent can be spent on new techniques and betting markets.
Moreover, they can use the Kelly Criterion for their staking plan. It is a formula that can help them calculate the amount they can bet according to their value estimation. This needs to be used every time bettors want to place a wager.
The Kelly Criterion for sports betting is: f = (bp – q) / b, where F is the fraction of the bankroll to bet, B is the multiple of the stake they can win from the proposed wager (odds – 1), P is the probability of winning, and Q is the probability of losing (1 – p).
Use a Reputable Sports Betting Site
Sports bettors must find and use a trustworthy online sportsbook for their betting activities. Using a reliable gambling site can assure them that they can securely deposit their money and safely place their wagers on their chosen sporting matches.
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