7 Sports Betting Tips to Help Maintain Your Bankroll
March 3, 2023
About 1-in-5 American adults bet money on sports, but most don’t know how to maintain their bankrolls.
Sports betting can be a lucrative experience that changes the way you view sports. Not only can you earn money from it, but it can also make sports more entertaining.
However, it’s easy to get distracted and spend much more than you’d like unless you learn a few sports betting tips. Fortunately, Ace Per Head has all the info that both bookies and players need to succeed in the world of sports betting.
Read on to learn 7 sports betting tips that’ll help you minimize losses and maximize profits!
1. Learn About Bet Types
Whether you’re new to sports betting or want to improve your skills, you must learn about various types of bets if you want to win money.
Unfortunately, numerous types of bets exist, making it hard for beginners to determine which ones suit them.
Here are a few of the most common bet types you can find on pay-per-head sportsbooks:
Money line bets are some of the simplest because they involve betting on a team to win, regardless of how much they score. For example, if you place a money line bet on the Lakers beating the Warriors, you’ll win money if the Lakers win.
These bets are great for beginners because they don’t require much research. All you must know is whether the matchup is favorable.
Prop bets are similar to money line bets, but instead of betting on the outcome of a match, you bet on a player’s statistics.
Some of the most common prop bets involve players scoring a certain amount. For example, a prop bet may involve LeBron James scoring over 35 points. If LeBron scores over 35, you’d win money regardless of the game’s outcome.
Parlay bets involve tying various bets together to increase your potential winnings.
What makes a parlay bet so profitable is that it requires all of the involved bets to hit. If one of your bets doesn’t hit, you won’t win anything.
2. Research Teams and Players
Aside from learning about different bet types, you should also research various teams and players.
Those that are new to sports betting should focus solely on the sports they watch. If you don’t have much knowledge about a sport, don’t bet on it.
Pick a league that interests you—such as the NFL or Premier League—and familiarize yourself with all of the top players on each team. Doing so will make it much easier to place prop bets and predict matchups.
3. Set a Betting Budget
To get the most out of sports betting, you should set a betting budget.
A budget can be a powerful tool because it’ll prevent you from spending too much. With one, you’ll be more careful about the bets you place and how often you place them.
Sports bettors can quickly set budgets by determining how much they’re comfortable spending. If you don’t have much money, you’ll likely have a smaller budget.
4. Avoid Parlays
One of the best sports betting tips we can give you is to avoid parlays.
Although parlays can provide higher payouts, they come with higher risks. Because of this, you should focus on money lines and prop bets until you’re more comfortable with betting. This will help you minimize your losses as often as possible.
5. Know Your Strengths and Weaknesses
Various sports betting techniques can help you improve your game, but only you can tell what your strengths and weaknesses are. If you don’t feel confident enough to bet on a certain league, team, or player, you shouldn’t.
Keep a record of all your bets and their outcomes to get a better idea of what you’re good at. If you notice you tend to win more with a certain bet type, try focusing on it to maximize profits.
6. Cash Out When Possible
An effective sports betting strategy that’ll help you win more often is cashing out early. Cashing out allows a bettor to receive partial winnings before a game or competition ends.
The best time to cash out is typically when it appears as though your bet will hit. For example, if you place a prop bet on Jaylen Waddle scoring two touchdowns and he scores one in the first quarter, you can cash out. This would prevent you from earning anything if Waddle doesn’t score a second touchdown.
7. Start Small
The last sports betting tip we’ll give you is to start small, even if you have a large budget.
To become more efficient at anything, including sports betting, you must practice often. With small bets, you can get a strong grasp of how sports betting works without losing much. Small bets will also allow you to bet on more things at once because your budget won’t be much of a factor.
Use These Sports Betting Tips to Maximize Profits
Here at Ace Per Head, we want all bookies and bettors to benefit from sports betting. Now that you know a few sports betting tips, start using them if you want to earn as much as you can with your bankroll.
Keep in mind that learning about the various bet types is one of the most important aspects of sports betting. After doing that, you’ll have the basic info you need to navigate betting platforms.
Check out our bookie software demo to see what traditional sportsbooks look like before you start placing bets!