Learn how to use the Kelly Criterion and the associated advantages and disadvantages. The Kelly Criterion System is one specific bankroll management system and is a mathematical formula that calculates how much you should bet on a certain wager. It calculates how much you should bet and guides you to wagering more on bets with less risk and less of your bankroll on riskier wagers.
Learn what hedging a bet means and when is the right time to hedge a bet. Hedging is when you bet on the opposite side of your original bet to guarantee a profit. Hedging can also include when you make two separate bets to decrease the amount you may lose on a bet.
Learn the basics of futures sports betting, and how it can be advantageous and exciting. Futures are usually put up before a season or an event and can be updated throughout the season or event. You may have heard of a team being the favorite to win the championship during the pre-season. This statement comes from futures odds.
Learn the basic concept of how teaser parlays work and how the payout odds are reduced as a trade off for giving you additional points to adjust the spread in your advantage.
Learn how to construct a round robin parlay and when to utilize it. Round Robin bets involve multiple teams... usually two to six but it depends on the sportsbook. It is a way to combine multiple parlay bets in a single bet. Round Robins allow a bettor to bet multiple parlays at once. If you want to make multiple parlays the book will create them for you automatically after you select your teams.
Learn how to place a parlay bet and what the advantages and disadvantages are. Parlay is a common term you will hear in sports betting. A parlay connects multiple bets on one ticket.
Most bets are based off the game score and result. However, the sports betting menu often includes much more specific bets called props. Props are bets on an occurrence or outcome that does not necessarily affect the final score. Prop bets can be very simple or extremely creative. Prop bets provide a fun way to get more immersed into the game and find new ways to make a profit outside of results based on the final score.
Chasing steam refers to betting right when the lines open up, often way ahead of actual game time, especially in football. It is the practice of betting on an early line before a bunch of money comes in on the same side you are betting on. If you are early enough to chase the steam… you can lock in a line that will likely be much different than the closing line. Chasing steam is a common practice for pro sports bettors and if you pay attention to the markets you can follow these early pros and get the best line before bookmakers move it.
Learn what professional sports bettors are doing and how it affects squares. Sharp money refers to what the pro sport bettors are betting on.
When delving into the realm of sports betting, you will often hear about what the “Public” is betting. The Public refers to the average person who is betting on sports just for recreation and does not do it for a living. The common stereotype is that the public usually bets in the same way and may often bet on what is seemingly the “obvious” outcome. The public tends to bet on the favorite since they are perceived to be the better team. The ideology behind fading the public means you are betting on who the book needs to win to ensure a larger profit. Over time fading the public may not always work but will usually result in profits for your bankroll over an extended period.