Sports betting poses a lot of twists and turns. One is never certain about the outcome of the game, even when it’s star player versus underdog. Because of the unpredictability of sports, there are different sports betting strategies that a bettor may use to his/her advantage.
There are 5 common betting strategies in sports that you should be familiar with if you’re dedicated to improving your skills as a professional bettor and making winning decisions to bring home the bacon.
Value Betting
Value betting is a strategy that involves identifying bets where the odds offered by the sportsbook are higher than the actual probability of the outcome. The key idea behind value betting is to find instances where the odds undervalue the true likelihood.
Once potential value bets are identified, the bettor places wagers on these selections, with the expectation that over time, the value they have identified will result in long-term profitability.
Related: What is Value Betting | Types & Sports
Underdog Betting
Underdog betting is when a bettor places a wager on the team or player perceived to have a lower chance of winning. Betting on the underdog offers higher odds and can result in a larger payout if the underdog wins. This sports betting strategy is often used when a team or player is believed to be underrated, undervalued, or when there is a possibility of an upset.
While betting on the underdog can offer higher payouts, it is inherently riskier than betting on the favoured team. This is because the underdog is perceived to be less likely to win. However, by doing the proper research and analysis to identify undervalued opportunities, some bettors are able to generate a consistent profit betting on underdogs.
Hedging
Hedging is a strategy where a bettor places additional bets to reduce the potential risk or lock in profits. This aims to minimise the impact of an unfavourable outcome of the original bet or to lock in profits. It is essentially a way to “play it safe” and ensure that the bettor doesn’t end up suffering large losses.
To hedge a bet, a bettor will typically place additional wagers on the opposite outcome or at different odds than the original bet. For example, if a bettor originally placed a large wager on one team to win a championship, but later on doubts that team’s ability to win, they may decide to hedge their bet by placing a smaller wager on that team’s opponent to win the game. This would minimise their losses if the team they originally bet on loses the game or the championship.
Related: What Does Hedging a Bet Mean in Sports Betting?
Handicapping
Handicap betting, sometimes referred to as spread betting, is a form of a sports betting strategy where the bookmaker assigns a virtual advantage or disadvantage to a team or player before the start of an event. The purpose of the handicap is to make the betting contest more balanced by levelling the playing field between unevenly matched opponents.
In handicap betting, a team is either given a negative or positive handicap. If a team has a negative handicap, it means they are considered the favourite, and they must win by a margin greater than the handicap for a bet on them to be successful. On the other hand, if a team has a positive handicap, they are the underdog, and the bet on them can win even if they lose or the match ends in a draw, as long as they perform better than the handicap.
Live Betting
Unlike traditional pre-match betting, where bets are placed before the event begins, live betting allows for real-time betting as the action unfolds. Live betting allows bettors to place wagers on a sporting event while it is still in progress.
With live betting, odds and markets are constantly updated to reflect the current circumstances of the game or match. Bettors have the opportunity to observe the gameplay, assess the momentum, and make more informed decisions based on the evolving situation. This type of sports betting strategy is especially popular in sports like soccer, basketball, tennis, and cricket where the scoring and overall outcome can change rapidly.
Live betting provides an exciting and dynamic betting experience, giving bettors the opportunity to adjust their strategy and take advantage of potential opportunities during the course of a match.
Related: Online Betting vs. Matched Betting
Conclusion
Understanding sports betting strategies provides leverage for all bets you will ever make but as always, a lot of research still is important to make informed decisions — they go hand-in-hand. Sports betting is about finding what works best for you by combining strategies, knowledge, discipline, and luck.
Related: Key Tips to Improve Your Sports Betting Strategy
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