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22.06.2023, 13:01
28.05.2024, 04:15
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10 Tips to make money from sports betting

Table of contents

    1) Claim Every Sign-Up Bonus Available in Your State

    In the vast majority of jurisdictions where sports betting is legalised, a cornucopia of sportsbooks is readily available, and Nigeria certainly is no exception to this trend. Almost every online sportsbook in this West African nation extends a lucrative sign-up bonus specifically tailored for their new clientele.

    Interestingly, there isn't an imposed cap on the number of distinct betting websites you are permitted to utilise. To optimise your initial monetary returns from sports betting - at least in the nascent stages - it is advisable to register with every accessible sportsbook, thereby exploiting the introductory promotion to its fullest potential.

    A myriad of betting propositions typically awaits new players, with risk-free bets and deposit bonuses being the most prevalent. Upon fulfilling the requirement of making an initial deposit, the vast majority of these enticing introductory promotions can be promptly claimed. However, certain sportsbooks go the extra mile by presenting no-deposit bonuses, which can be availed once you register an account.

    Notably, the burgeoning Nigerian bookmaker industry echoes the British betting heritage, incorporating elements like fractional odds, traditional bet types, and a deep-rooted love for football betting. As a case in point, British bookmakers such as Betway and Bet9ja have managed to carve a niche for themselves in the Nigerian market, offering a combination of British betting tradition and tailored services that cater to local preferences. This amalgamation of local and international influences has created a unique betting environment that offers a plethora of opportunities for punters in Nigeria.

    2) Use Sports Betting Software & Tools

    Beyond the allure of enticing sign-up bonuses, employing sports betting software, a tool meticulously designed to guide smarter wagering decisions stands as a highly efficacious strategy for capitalising on sports betting.

    This innovative software serves as a conduit to unearth the most favourable lines and odds, to uncover lucrative arbitrage opportunities, and much more. For instance, here at Odds Assist, we have conceptualised a remarkable instrument dubbed the Positive EV Bets Tool. This system meticulously scans various sportsbooks, seeking those offering odds or lines that deviate from the consensus of all other bookmakers. In doing so, it provides you with opportunities to unearth unique value in your betting ventures.

    As an illustrative example, let's assume the majority of bookmakers have the odds for Patrick Mahomes to throw for more than 280.5 passing yards pegged at -140, but you stumble upon one bookmaker offering these odds at -110. This anomaly suggests a positive expected value (EV) associated with placing this specific bet. Over time, should you remain consistent in placing only positive EV bets, you are likely to amass substantial winnings.

    3) Take Advantage of Odds Boosts

    Sportsbooks occasionally extend odds boosts on designated games and markets, inflating the original odds by an impressive 10% to 40%. This augmentation naturally means that if your bet strikes gold, your profit margin will be significantly higher.

    Nonetheless, it's crucial to remember that these boosted odds are often coupled with certain prerequisites and terms of use. For instance, they might be subject to stake limits. Furthermore, not every odds boost presents a golden opportunity. When inflated odds are dangled on long-shot bets, it's imperative to critically assess their true worth and determine whether they truly present a sensible wagering choice.

    However, a considerable number of odds boosts do manage to generate a scenario with positive expected value, as they frequently manage to completely eliminate the sportsbook's juice, or vig. This essentially refers to the commission that a bookmaker takes for accepting a bet. Such boosts can also prove beneficial when used synergistically with arbitrage betting, a strategy involving placing bets on all possible outcomes of an event at odds that guarantee a profit, irrespective of the event's outcome. We'll delve deeper into this betting strategy later.

    4) Take Advantage of Ongoing Promotions

    Beyond the initial enticement of the introductory offer, sportsbooks continue to dispense a wealth of other promotions on a regular basis. Take, for example, the provision of parlay insurance - a promotion designed to soften the blow of a near miss. This unique promotion offers a partial or even a full refund if you miss the mark on your parlay by just a single leg.

    Another widely employed ongoing promotion is the cash-back offer, a scheme that enables you to recoup a percentage of your losses after a specified period. You may also sporadically encounter offers of free bets and deposit bonuses, not to mention referral bonuses and promotions earned through dedicated loyalty schemes.

    Each of these promotional schemes is crafted with the aim of either mitigating your losses or extending your bankroll, and thus, you should certainly seize these opportunities whenever they present themselves. They contribute to the overall betting strategy and can significantly affect long-term results.

    5) Shop Around for the Best Lines and Odds

    Another compelling reason to broaden your horizons and register with as many betting sites as possible hinges on the ability to carry out a comparative analysis of their odds and lines.

    It's important to note that not all sportsbooks offer identical odds and lines for every market. Through a swift comparison of the sportsbooks at your disposal prior to placing your bet, you have the opportunity to identify the most favourable lines and odds.

    For example, you may find one that offers a more advantageous line, such as backing a team at -2.5 instead of -3. Similarly, you could locate a sportsbook that provides more attractive odds, such as betting on a team to win at +150 instead of a less lucrative +130.

    In Nigeria, the multitude of bookmakers offering a vast array of odds and lines adds a fascinating layer of strategic decision-making to the betting process. It reflects the vibrant and competitive nature of the Nigerian sports betting market, a scene where punters are encouraged to exercise discernment and selectivity in pursuit of the best possible returns. This dynamic is instrumental in fostering an exciting, rewarding and ever-evolving betting landscape.

    6) Look for Arbitrage Opportunities

    Arbitrage betting presents an intriguing strategy, which entails backing each side of a market on two distinct betting sites, thereby guaranteeing a profit irrespective of the ultimate outcome. For this to be achievable, the odds must be orchestrated in a very specific manner, and you must possess a thorough understanding of how much you need to stake on each potential outcome.

    The task of pinpointing arbitrage opportunities is admittedly arduous, and calculating the necessary stake could potentially be even more challenging. To mitigate these difficulties, we've conceptualised an Arbitrage Betting Calculator. This innovative tool aims to streamline the process and make it somewhat more manageable.

    In the bustling betting market of Nigeria, the art of arbitrage betting has been embraced by a growing number of savvy punters. These individuals leverage the diverse odds offered by local and international bookmakers to secure guaranteed profits. The introduction of tools like the Arbitrage Betting Calculator adds an extra layer of sophistication to this landscape and further illustrates how technology is being used to enhance the betting experience and potential returns for punters.

    7) Be Selective With Your Bets

    It's crucial to note that not all bets merit the investment of your hard-earned money. Thus, it's absolutely imperative that you allocate ample time to conducting thorough research, with the objective of unearthing markets that confer a competitive edge.

    Rather than solely focusing on the headline-grabbing events and the mainstream markets, it pays to delve a bit deeper. Take some time to explore whether the sportsbook has potentially mispriced any props or markets in lower-tier competitions.

    Moreover, it can be beneficial to identify the best sports to place wagers on. This could involve choosing sports that carry the lowest vig, or it might mean opting for those sports that fall within your personal area of expertise and knowledge.

    8) Avoid Betting Longshot Parlays

    Longshot parlays certainly carry an undeniable allure due to the tantalising prospect of a colossal payout. However, seasoned bettors will readily attest to the fact that these represent arguably the most precarious bets to place.

    The stark reality is that parlays inherently carry a remarkably low probability of hitting the mark. The more legs you incorporate into your slip, the further this probability dwindles.

    To illustrate this point, consider this: even the most triumphant bettors are typically content when they manage to win over 55% of their bets, assuming standard -110 odds. In stark contrast, with parlays, you are tasked with winning 100% of each individual leg. Consequently, the odds of turning a long-term profit from parlays are virtually negligible.

    In the Nigerian betting scene, longshot parlays have their place, often offering punters a high-risk, high-reward approach to betting that can generate excitement. However, for those serious about sustained profitability, the focus often lies in more calculated betting strategies underpinned by research and a solid understanding of odds and probabilities. This strategic approach, when complemented by the diverse betting options and advanced tools available, contributes to a rich, complex, and dynamic sports betting market.

    9) Don’t Always Bet With the Public

    The rationale behind betting against the public, a strategy also known as "fading the public," certainly carries considerable merit. Given that casual sports bettor typically find themselves on the losing side, it's logical to align yourself with the professional bettors, or "sharps," by wagering on the contrary outcome. However, it's vital to recognise that this tactic is not universally applicable and should not be employed blindly.

    The most judicious approach in this scenario involves tracking the reverse line movement. This strategy entails paying careful attention to the line movement in relation to the percentage of bets placed on either side. If the majority of bets are being placed on one side, yet the line moves against it, this suggests that the larger, more substantial bets being placed by sharps are headed in the opposite direction.

    10) Manage Your Bankroll

    Bankroll management is a fundamental strategy when engaging in sports betting. Rather than exclusively concentrating on amassing profits, it's crucial also to adopt a defensive posture to prevent significant losses.

    The universally recommended approach is to establish your bankroll before placing your initial bet and steadfastly adhere to it. Once you've set your bankroll, the aim is to distribute it in a relatively balanced manner, with each wager constituting between 1% and 5% of your total bankroll.

    In the fast-paced betting scene of Nigeria, good bankroll management is increasingly recognised as an essential part of a successful betting strategy. This approach becomes more prevalent as punters become more savvy, understanding the importance of protecting their bankroll while chasing profits. This focus on prudent financial management, in tandem with strategic bet selection and leveraging promotional offers, contributes to an enriching and potentially lucrative sports betting environment.

    FAQ

    Is it possible to make money from sports betting?

    Yes, it is possible to make money from sports betting. However, it requires knowledge, discipline, and a long-term approach. It's important to understand that sports betting is not a guaranteed way to make money, and there is always a risk of losing.

    How can I improve my chances of making money from sports betting?

    To improve your chances of making money, it's crucial to research and analyse the teams, players, and factors that can influence the outcome of a sporting event. Develop a systematic approach, focus on value bets, and practice proper bankroll management.

    What is value betting?

    Value betting involves identifying bets where the odds offered by the sportsbook are higher than the actual probability of an outcome occurring. By consistently finding value bets, you can increase your overall profitability in the long run.

    What is bankroll management?

    Bankroll management is the practice of effectively managing your betting funds. It involves setting a budget, determining the size of your bets based on your bankroll, and avoiding excessive or impulsive betting. This helps to minimise the risk of losing your entire bankroll.

    Should I specialise in a specific sport or betting market?

    Specializing in a specific sport or betting market can enhance your knowledge and understanding, allowing you to identify more value bets. However, it's important to remain flexible and open to opportunities in other sports or markets if they present value.

    Are there any successful sports betting strategies?

    There are various sports betting strategies, such as arbitrage betting, matched betting, and following statistical models. However, each strategy has its own advantages and risks. It's important to thoroughly understand and test any strategy before implementing it.

    Is it necessary to track and analyse my betting performance?

    Yes, tracking and analysing your betting performance is essential. It helps you identify your strengths and weaknesses, evaluate the success of your strategies, and make necessary adjustments. It also enables you to identify any patterns or mistakes that could be impacting your profitability.

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