Whether you’re betting on a game at home or in Las Vegas, sports wagering has become a massive billion-dollar industry that’s as much about money as it is about the games themselves. Some people make a living off it but most lose. That’s why it is so important to know the math, diversify your bets, and use sound bankroll management strategies.
There are no guarantees in sports betting, but you can improve your chances of making money by setting aside a specific amount of cash for gambling and mentally marking it as “entertainment money” rather than “day-to-day income.” By doing so, you’ll be able to keep your bankroll intact through losing streaks and you’ll be able to grow your winnings once your luck turns around.
Another great way to increase your chances of success is by tracking your bets in an Excel document or even just a notebook. This will help you find your strengths and weaknesses as a bettor and improve your overall profitability.
Besides the traditional bets based on point spreads, there are also prop bets (or proposition bets) that focus on an individual player’s performance or something that’s not shown in the boxscore. For example, you can bet on a player’s total number of touchdown passes in a game or the color of Gatorade that douses the coach after his team wins. These types of bets tend to offer better odds than regular point spreads because they are less predictable.