These Are the 10 Reasons Why Your Sports Bets Aren’t Making Any Money
People wager on sports for a variety of different reasons. For some punters, it is a way to make some quick cash, for others it makes the experience of watching their favorite team that little bit more exciting, and still for others betting is something they do once in blue moon when they’re at the races or when they want to wager on Joe Biden to beat Donald Trump in the 2020 US election.
Whatever your reason for having a punt is, there’s a good chance that you aren’t doing everything you can to ensure that you’re making money instead of losing it. Below we have listed the top ten things you can do to help make your sports bets more profitable.
1. Choose the best betting site
This might seem like an obvious one but all too often casual and experienced punters alike will have a favorite bookmaker that they stick with. The thing is, there are heaps of great betting sites out there, each offering something different depending on what kind of market you want to wager on. For instance, if you are looking for a sportsbook that has the best all-round odds then you’ll probably want to choose one of the biggest international bookmakers because these sites almost always have the most well-priced odds for the largest range of sports markets. However, you may instead be interested in wagering on a more niched sport like Gaelic sports or even on something that is not a sport like the US election. In this case, it’s best to shop around and compare odds before you decide which betting site is going to give you the best value.
2. Choose payment methods with no fees
These days sportsbooks offer a variety of payment methods that make depositing and withdrawing funds easy and painless. Most payment methods have no fees attached but sometimes the bank or eWallet that you choose will charge a fee for transactions. It’s wise to choose payment methods that don’t have fees because these costs can cut into your winnings. Credit and debit cards are the most popular ways to deposit and withdraw on sportsbooks but PayPal, Apple Pay, Skrill, and Neteller are also great options for punters who don’t want any unexpected charges when transferring money.
3. Do your research
This tip is probably more relevant to casual punters but it’s important that you know a little bit about the sport that you are wagering on before you place your selections. For example, placing bets because you like the name of a horse or because you remember your grandfather telling you about a specific team years ago is probably not the best way to make informed picks. Check the recent form of any horse, team, or player that you want to back and understand how they match up against their opponents to better understand what their likelihood of winning is. After doing research you may also find that a certain player is in the form so instead of gambling on the result of a match you could select this player to score a goal or get a certain amount of points and this choice may be more likely to succeed and may pay more than a simple win/loss selection.
4. Make smart bets
Making smart wagers should go without saying but some punters can be drawn in by high odds or the fact that they have bonus credits to use. Just because the potential payout of a punt is high doesn’t mean that it is going to be profitable, after all, there is a reason why some markets have higher odds than others. Don’t be drawn in by large profits, instead, we recommend selecting outcomes that you actually think will happen as this will lead to more profits in the long run than choosing outside chances that have a much lower chance of succeeding.
5. Try live betting
Live betting has taken the iGaming industry by storm in recent years and this is large because live wagering allows punters to place wagers that are niched and relevant to a match that is currently in play. With live betting, you can have a punt on countless things like which tennis player will win the next point, who will score the next try in a rugby match, or which basketball team will get to 50 points first. Live wagering also allows you to make picks that are informed, for example, if you are following a match live you will be able to see how a team or player is performing on the day and make choices based on this information.
6. Download the betting app
Downloading the app of your chosen bookmaker won’t add value to your wagers straight away but by being able to take your sportsbook on the go you can take advantage of live wagering opportunities wherever you are. On top of this, iGaming apps allow for a much faster, streamlined punting experience which means that you can make bets quickly so you can get back to whatever else you were doing – after all time is money.
7. Combine odds with Multi bets
Bookmakers allow you to combine multiple bets into one with Multis. This means that even if you choose a few selections with relatively low odds they will be multiplied and thus they will payout at a higher price. Often, if you make enough selections in your Multi then you can get an odds boost and increased winnings.
8. Know when to walk away
Wagering can be addictive and it’s always important to know how much you are willing to lose. Even with all of the tips in this article, betting online is risky so you should know your limits, never chase your losses, and know when to stop playing.
9. Claim your sign-up bonus
Unless they are prohibited in your country, betting sites will almost always give you a sign-up bonus after you create your free account. These bonuses can range from $10 free bets to hundreds of dollars worth of matched deposit bonuses. Sign-up bonuses are often the most lucrative offer you’ll find on bookmakers and as such, the opportunity to get free betting credits should not be missed. It’s important to understand that almost all sign-up bonuses have some sort of wagering requirement attached, for example, there is likely a minimum deposit requirement, an expiration date, and a minimum odds requirement.
10. Claim bonuses for existing customers
Bookmakers don’t just give new customers sign-up bonuses, they also reward existing customers by giving them a variety of promotional offers. These offers range from free bets and deposit bonuses to odds boosts, money-back offers, and risk-free wagers. The promotions that you can claim on online bookmakers will be displayed in your account or in the ‘Promotions’ or ‘Offers’ section of their websites. As with sign-up bonuses, it’s important that you understand the terms and conditions related to any bonus offer that you receive before you claim it.