By J.T. CHADWELL
I’ve been writing about sports betting since I-81 Sports was founded, but I’ve been placing bets – and having a great time – for a lot longer than that. Sports betting can be fun, but risky. Whether you’re new to sports betting or looking to sharpen your approach, these five principles separate smart bettors from the rest.
1) BANKROLL MANAGEMENT
The first and most important rule of responsible sports betting is bankroll management. It is important to understand that sports betting is to be classified on your budget as an “Entertainment Expense” and not to be relied upon as a second or third stream of income. Regardless of what any expert, professional, friend, or foe tells you, nothing is ever guaranteed. EVER. If you don’t believe me, go look up the winner of the English Premier League for the 2015-2016 season. Your bankroll should be an amount that you are comfortable losing completely over the course of a certain period of time, whether it’s a week, a month, a quarter, or a year. There are going to be wins and losses along the way, and if you have more than you started with at the end of your time period, take it and do something fun, or start with a larger bankroll for the next time.
2) PROMOTED BETS
The second rule of responsible betting is being VERY cautious of promoted bets by the different sportsbook sites. There is a reason these companies have millions and millions of dollars for ads, giveaways, and large hotels or corporate offices. When you see a promoted parlay, be very cautious as to why it is being promoted. Do your research, and if you feel like it is a smart play move forward, don’t just click on it and trust they are giving you good information and a good price. There is also a highly likely scenario that a lot of smart bettors have already taken the opposite side of the promoted bet, leaving the book with a big liability. In this case, they are doing anything and everything they can to even out the money.
3) PRICE POINTS
This is probably the most important part of sports betting for people new to the industry to understand. Just because you feel like a team is going to win, or a player is going to get 10 rebounds, doesn’t mean you need or have to automatically make that pick. Understanding a fair price for the bet you want to make is crucial. There are lots of sportsbooks that are operational in Tennessee, Virginia, and any other state you might be in, so make sure to shop around on prices before finalizing a bet. This is especially important when shopping for parlay prices, which can vary quite a bit by site. For example, if a book is offering a price on a bet of -145, this means you must bet $14.50 to profit $10. If another book has the same bet listed at -125, you can bet $12.50 to profit $10. You have saved yourself $2 by shopping for a better price point. Keep this patient strategy and, the more bets you place, these savings can really add up.
4) BET FOR FUN
Sports betting should always be used for entertainment purposes unless you are a professional mathematician, and even those experts would most likely pass on trying to bet on sports for a living. There is a risk of losing every single wager placed regardless of how obvious the outcome might be, and the edge over the long run will always be with the sportsbook.
5) HEDGE YOUR BETS SMARTLY
Hedging bets is incredibly important when playing longer shot parlays. Parlays can be fun and offer up a chance for a higher payoff with higher odds. But remember, the higher the odds, the more unlikely it is to be a winning ticket. However, should you be alive to a large payoff on a parlay ticket you should always place a hedge bet to secure a little bit of profit, or at least make the money spent on the ticket back. For example, let’s say I place a four-leg parlay at odds of 10/1 or +1000 and 3 of the first 4 legs are winners. The last leg of my parlay is Tennessee football +7.5 at a price of -135. I can place a bet on the opposite side of Tennessee +7.5 at fair odds of about +115 of the cost of my parlay ticket. In this case, either the parlay will hit at new odds of 5/1 or +500, or the single bet placed will hit and guarantee I at least get the cost of the ticket back plus 15%. In some cases when spreads and lines move, there is a chance to even win both if you are able to get a fair price on a -6.5 line in football. A seven-point game would then hit both bets.
DISCLAIMER: Sports betting involves risk. I-81 Sports and its contributors provide analysis and picks for entertainment purposes only. No bet is guaranteed, and all wagers carry the risk of loss. If you struggle with gambling, help is available. Contact the National Council on Problem Gambling at 1-800-522-4700 or visit ncpg.org. In Tennessee, contact the Tennessee Problem Gambling Help Line at 1-800-889-9789.