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Sports Betting

Bookmakers traditionally offer two different types of wagers on the winner of a sporting event, straight up or money line bets, and point spread wagers. Money lines and straight up bet prices are generally used to set the odds on events such as association football, hockey and baseball, individual vs. individual matches like boxing, and so on.

For these sports, straight up odds are usually offered by bookmakers in Europe and Asia. These bets are quoted based on a payout for a single unit, such as a 2 to 1 favorite for example, that would be listed at a price of 1.50, whereas an underdog that returns twice the amount wagered would be listed at the price of 3.00.

American bookmakers are much more likely to use money lines, which tend to be quoted in terms of the amount that is required to win $100 on a favorite, or the amount that is paid for a $100 bet that is placed on an underdog. The amount that is won in a bet like this is the net amount over and above the amount of the initial bet. If a person happens to win $200 dollars on a bet of $100 dollars, then the bookmaker will actually pay $300 to the winner, which is the $200 dollars plus the initial bet amount of $100.

Money Management

When you are betting on sports you should always set aside a certain amount of money, which we refer to as your “bankroll”, in which you can afford to lose. Like with any type of gambling, you never want to bet betting on sports with money you cannot afford to lose. Set aside a certain amount of money that you can use for your bankroll for the week, the month, or the season.

A general sports betting strategy for money management is to only make bets with 1%-5% of your bankroll. For example, if your bankroll for the NFL season was $1,000 you would be making $10-$50 bets on each NFL game you wanted to bet on. It is also very important that you do not chase your loses with bigger bets. It is common for some sports bettors to be down money and feel in order to win it back they need to increase the size of their bets. This is putting yourself in the wrong mindset and will often lead to you losing even more money. Work with the size of your bankroll, and look to slowly increase it over the length of the season.

Line Shopping

A very big step to becoming a winning sports bettor is to make sure you are shopping for the best lines. What this means is that you will have to have an account at a couple of different online sportsbooks and when you are ready to make a bet on a certain team or outcome you check the different sportsbooks and find which book is offering the best line for you. 

For example, if you are looking to bet on the New England Patriots on a 7-point spread, you would want to check a couple different sportsbooks to see if any of them are offering the Patriots at 6.5 points, or at the very least find the best price you can get them at 7 points at. Line shopping is definitely one of the best sports betting strategies used by winning sports bettors

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