Sports betting in the United States has rapidly gained popularity in recent years, following the 2018 Supreme Court ruling that allowed individual states to legalize sports betting.
This has led to a surge in both legal and illegal wagering, with the American Gaming Association estimating that Americans illegally bet more than $150 billion annually through offshore sites and illegal bookmakers.
As more states embrace legal sports betting, a flood of new bettors is entering the market.
While this influx of new participants can be exciting, it also leads to many making rookie mistakes that ultimately benefit the sportsbooks.
Whether you’re just starting your sports betting journey or you’re looking for ways to refine your approach, there are several tried-and-tested strategies that can help you protect your bankroll, improve your odds of success, and enjoy the experience more.
Here, we outline seven essential tips to get you started on the right foot.
1. Do Your Research
One of the most important aspects of successful sports betting is the ability to do thorough research.
Sportsbooks, casinos, and professional handicappers spend vast amounts of time, money, and resources gathering data to improve their odds and outcomes.
While it may feel overwhelming at first, you don’t have to be intimidated by this—doing your own research is entirely within reach.
Begin by studying the teams and players you want to bet on.
Familiarize yourself with their recent performance trends, key player statistics, and historical outcomes in various situations (such as home vs. away games).
Follow reliable sources on social media platforms like Twitter for real-time updates and insights.
There are numerous free analysis sites that offer comprehensive data on teams, players, and matchups.
It’s also important to track your own betting statistics, such as your win percentage, units gained or lost, and return on investment (ROI).
While it may seem tedious at times, consistently tracking your betting performance will help you understand your strengths and weaknesses and refine your strategies over time.
The more time you dedicate to research, the more informed your betting decisions will be, and that will help protect your bankroll in the long run.
2. Be Safe
As with any industry that experiences rapid growth, there are individuals looking to take advantage of newcomers.
In the world of sports betting, these individuals are often referred to as “scamdicappers”—fraudulent tipsters who claim to offer guaranteed winners or inside information.
These scammers frequently operate on social media platforms like Instagram, using flashy tactics to draw attention and lure bettors into purchasing their tips.
To avoid falling victim to such scams, always be cautious when dealing with unverified sources.
Avoid betting advice from accounts that lack verifiable win/loss records, especially those that focus more on showing off their extravagant lifestyles than on offering legitimate, proven tips.
Furthermore, be wary of accounts making grand promises, such as “guaranteed wins” or “secret picks” that will never lose.
In many cases, these claims are merely designed to trick you into spending money on worthless advice.
Another red flag is a lack of reviews or testimonials from real users.
Legitimate handicappers typically have reviews or comments from followers who have tried their services, while scamdicappers generally do not.
Protecting yourself from these con artists is crucial to keeping your betting experience safe and enjoyable.
3. Make the Most of Rewards and Bonuses
One of the benefits of betting online is the abundance of bonuses and promotional offers available to new customers.
Sportsbooks often provide attractive sign-up bonuses, which can be an excellent way to extend your betting budget and absorb potential losses.
These promotions can take the form of deposit matches, free bets, or even cashback deals.
In addition to sign-up bonuses, many sportsbooks run loyalty programs that reward repeat customers with additional perks.
These rewards may include exclusive offers, odds boosts, or access to special events.
By taking full advantage of these bonuses and rewards, you can increase the value you get from your betting experience without risking more of your own money.
It’s important to read the terms and conditions attached to these bonuses, as they can sometimes come with wagering requirements or restrictions.
But in general, signing up for loyalty programs and using available bonuses is a smart strategy for minimizing risk and increasing your potential returns.
4. Avoid Betting Based on Your Favorites
It’s only natural to have favorite sports teams that you root for, but when it comes to sports betting, emotional attachment can cloud your judgment.
Betting on your favorite team simply because you have a personal stake in the outcome is a quick way to lose money.
Sports betting is a numbers game, and successful bettors rely on data and statistics rather than personal preferences.
It’s crucial to assess a team’s performance objectively, factoring in all relevant statistics and trends before placing a bet.
Of course, there will be times when you want to bet on your favorite team, and that’s fine.
However, always remember that betting with your head, not your heart, is key to long-term success.
If you’re emotionally attached to a team, consider limiting your betting on that team to avoid making biased decisions.
Instead, focus on opportunities that offer the most favorable odds based on thorough research, rather than on your own personal biases.
5. Understand That Betting Lines Are Not Predictions
One common mistake among new bettors is misunderstanding the meaning behind betting lines.
Many beginners mistakenly assume that the odds or lines represent the bookmaker’s prediction of a game’s outcome.
In reality, the lines are set by sportsbooks to encourage balanced betting on both sides of a wager.
Sportsbooks aim to create odds that will attract bettors on both teams, ensuring that they make a profit regardless of which side wins.
These lines are constantly adjusted based on new information, betting action, injuries, and even the weather.
As such, they are not meant to predict outcomes but to balance the money wagered on each side.
As a bettor, it’s important to approach the lines with this in mind and focus on the value they offer rather than seeing them as a reflection of the game’s ultimate result.
Look for opportunities where you believe the line may be skewed or inaccurate based on your own research and analysis.
6. Avoid Chasing Losses
One of the biggest pitfalls that new bettors face is the temptation to “chase” their losses.
This occurs when a bettor loses a series of bets and tries to recoup those losses by increasing the size of subsequent wagers in an attempt to win back their money quickly.
Chasing losses is a dangerous habit that can lead to significant financial problems.
Experts advise taking a break and resetting when you’re in a losing streak. Don’t make your next bet larger or more reckless in an attempt to recover.
Instead, treat each bet as a separate decision based on the merits of the specific game or event you’re betting on.
Focus on the process, not the outcome, and avoid putting pressure on yourself to recover losses.
A good rule of thumb is to only bet money you can afford to lose and to stick to your predetermined betting limits.
This way, you’ll be less likely to make impulsive decisions and more likely to keep your betting experience enjoyable and responsible.
7. Set a Limit, Stick to It, and Quit While You’re Ahead
Responsible gambling is key to long-term success in sports betting.
Before you begin placing bets, establish a clear budget and set strict limits on how much money you’re willing to risk.
Many sportsbooks, including BetMGM, offer tools that allow you to set spending limits and even temporarily suspend your account if you feel like you’re going overboard.
It’s easy to get swept up in the excitement of live betting or the thrill of a big win, but it’s essential to stick to your limits.
Establishing both loss limits and win limits can help ensure you don’t push your luck too far.
Knowing when to quit, whether you’re ahead or behind, is an important part of maintaining a healthy relationship with sports betting.
If you’re on a hot streak, remember to walk away while you’re ahead.
The best gamblers know when to stop and take their profits before they slip away.
Likewise, if you’re having a losing streak, don’t be tempted to keep going in search of a win.
Knowing when to stop is one of the most important skills a successful bettor can have.