Once you understand the basics of sports betting, attempting to apply strategies is the next step. Countless books attempt to discuss and create sports betting strategies that make money. It’s important to know that if there really were a killer strategy, everyone would use it, and sportsbooks would be out of business. There have been successful strategies, statistical models and other things bettors have used to get an edge, but in many cases, sportsbooks have since adjusted to take them into account. There is a constant battle between professional bettors looking for advantages and sportsbooks figuring out what the edge is and adapting.
There are some relatively simple principles to follow when looking for good bets with that caveat out of the way.
Shopping for lines
This isn’t a strategy for finding winning bets but rather a way to ensure you get the best price on a bet.
Think of a bet as a candy bar. The gas station around the corner sells the candy bar you want for $1. The convenience store a block away sells it for 89 cents. The grocery store across the street sells it for 79 cents. All other things being equal, you’d buy the candy bar from the grocery store. Well, the same concept applies to sports bets from different sportsbooks.
This requires looking for lines at multiple sportsbooks, which isn’t always an option but has become much easier with the growth of sports betting apps. Of course, the candy bar analogy is so simple in everyday life, but let’s show how that might look in the sports betting context.
Let’s say you like the Twins to beat the Indians, so you want to bet them on the moneyline, which means if the Twins win, you win, no matter what the score is. You’ve also decided you want to win $100 on your bet. The next step is to look at different sportsbooks to find the best odds.
Sportsbook A has the Twins moneyline bet at -115, which means you have to bet $115 to win $100. Sportsbook B has the Twins at -113, which means you only have to bet $113 to win that same $100. Finally, Sportsbook C has the Twins listed at -120, which means you have to bet $120 to win $100.
This should be as obvious as the candy bar scenario. However, instead of a candy bar, you are “buying” a Twins moneyline bet that will give you $100 in profit. If you have access to all three sportsbooks, you will place your bet at Sportsbook B.
Sportsbooks intentionally have similar lines to each other because, on the rare occasion they don’t, smart bettors will find the place …….
