Online sports betting is probably among the few get-rich-quick schemes that work. The idea of sports betting dates back several hundreds of years in the past. Not much changes when you do it online, except it is safe and the system is easier to work with. The rules are the same.

You place your bets on the outcome that is most likely to win. If your prediction turns out to be accurate, you win. If not, you lose.

It doesn’t mean you’ll become better and successful overnight. There’s an element of chance, willpower, the right attitude, and some practice before you can develop your betting skills.

Knowing the Betting Odds of Your Sports

The first rule of the business is to know the betting odds of your sports. Each type of spot has its basis for determining a bet. An important factor is the ‘notation’ made by bookmakers after each game. In a football game, one is assigned to the home team, X – in a draw, and two – the visiting team.

The team which is least likely to win will be assigned the highest odds. The team with higher chances of winning will have a lower notation.

Notations are difficult to calculate since sports are constantly in flux, and odds will vary based on a game.

Game Elements You to Consider

Team sports are radically more different than individual sports. An ice hockey team, for example, cannot be compared to the Formula 1 team. Betting depends on various game elements ranging from individual performance, cards, results, and particular circumstances.

For instance, in basketball, you can predict the winner based on the number of points they can score. You can even bet on the final score being even or uneven. In ice hockey, you have to consider the top scorer, how many goals the person will score, and who gets to play. You can bet on the finalist, winner, and even the number of sets played in tennis. Some bookmakers allow you to place bets on whether or not a game will be interrupted by a streaker.

Live Betting

Live betting is an inspiring option because it allows bettors to make additional wages during the game. The odds will change in real-time based on what has happened in the game. For example, in a basketball game, if a particular team is favored to win at -200, but the top player breaks his leg on the first play, it wouldn’t be wise to bet the game at -200 now.

With live betting, you can make more sensible wagers based on the odds.

The Parlay Strategy

Parlay bet is becoming increasingly popular with beginners since it’s relatively easy to understand. A parlay is a combo bet that allows you to group several chances for many teams into a single wager. The payout is much higher, and the odds are increasingly low; the only catch is that you need all the teams to win.

Using the Kelly Criterion

The Kelly Criterion is described as the most straightforward stalking strategy to help bettors make safe wagers. The idea is to factor in both the size of the value available (your advantage) and the size of your bet to maximize benefit and minimize risk.

Avoiding the Availability Bias

To place successful wagers, you must remove emotions out of the equation. Humans tend to subconsciously ‘answer’ the questions without doing much research or fully understanding the problem. It leads to an inaccurate assessment of the actual odds in online sports betting. The easiest way to avoid availability bias is to make decisions based on facts and statistics instead of intuition.

Cashing Out

Punters have the opportunity to back out of their wager during in-play. It’s known as Cash Out and allows you to close your bet before the event has concluded. For instance, you place a bet of $50 on an upcoming match between Team A and Team B. Team A is to win at odds of 3.0. Before halftime, Team A scores a goal. Their odds of winning are now reduced to 2.5.  Your bookmaker allows you a Cash Out based on the current in-play odds and your pre-match bet odds. If you choose to take the profit and close the bet, you are ‘Cashing Out’. It is a great way to cut your losses if you feel the game isn’t going as planned.