by Josh Komon

Created on: December 16, 2011   Last Updated: December 18, 2011

The truth of the matter is that there is no fool proof way to always win when betting on sports.  If there were, bookies, casinos, and any other taker of bets would go broke, and sports betting would not exist.  There are, however, plenty of tips to give the best chance at winning. 

The first thing is to know what not to do.  There are plenty of betting options that sound very enticing, and with enough research, one may find plenty of wonderful stories about how so-and-so got rich quick.  These stories are the exception.  Big parlays and long-shots have the highest payouts, because they come through so rarely.  Do not try to get more than 4-1 odds on any given bet.  There may be six football games that you feel very good about.  Great, bet them individually, or in groups of two.  Nothing is worse than being right about 5 of those games.  In the same vein, avoid goofy bets such as, “Which team will win the coin flip?” or “Will the first pitch be a ball or a strike?”  These props are pure luck, and should be avoided by anyone trying to win in the long run.  Lastly, do not bet on sports you do not know well.  It may seem like a great idea to bet on tennis because the odds are great, but if you don’t know, you’re more likely to make a poor decision.

What should be done, is to only bet what you can afford to lose on games you feel good about.  Follow the lines, and follow trends.  A football team may open as a 7 point favorite, but fans are high on the opponents’ recent performance.  Suddenly, the spread drops to 3.5.  Now is the time to take the favorite with better odds.  There is a statistical probability based theorem known as “Gambler’s fallacy,” which says that past outcomes have no bearing on future outcomes.  This is true for cards, coin-flips, roulette and the like.  This is not as true in sports.  A good team that has lost three games in a row, may in fact be “due” for a win.  These are also solid picks.

Lastly, the best thing you can do to win betting on sports is to take full advantage of freebies.  Betting sites and casinos offer player points, sign-up or deposit bonuses, cash back, and free contests.  Points can often be used for free plays.  Deposit bonuses and cash back are just free money.  The free contests can work out to be the best of all.  They usually involve long odds, but the prizes are excellent considering they are free.

It can be done.  Don’t count on it, but some people do wind up ahead when betting on sports.  The most important thing to do, is to know when to quit, and that is when you are ahead.

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