It is always difficult to be the new, especially when it comes to investing money. For that reason I decided to write this mini-guide about sports betting for beginners.
I would like to begin with three basic questions that everyone has made on sports betting.
Can you make money betting? Yes.
Will I get rich betting? If you have a time machine or magic crystal ball, surely yes. Otherwise, you’ll not get rich, but you can make a good profit.
Gambling is for everyone? No. If you lose control easily or you are so desperate, better not try it because it will go wrong. However, if you characterize yourself as having much self-control, this is your vocation.
To enter the world of gambling there are three basic concepts that you must understand. Money management, calculating odds and placing the bet.
Let’s started talking about the money:
- Never bet money you do not have.
- Bet money that you will not use in your daily life.
- Never bet to cover debts or to cover budget holes.
About the odds, it is not necessary to be a great mathematician, but take into account the following:
- You most learn how to calculate the betting odds for winning or losing.
- Compare your results with the casino and take advantage of it.
- The probability of winning a bet is the inverse of the casino payouts in decimal format (1 / odds = probability: 1 / 1.66 = 60.24% chance of winning)
Payout Chance of winning In theory 1.66 60.24% win 6 out of 10 bets 3.25 30.76% win 3 out of 10 bets 2.5 40% win 4 out of 10 bets
Finally, the bet:
- Betting on maximum casino payouts of 1.66 decimal odds. This implies a 60% chance of winning. In theory you win 6 out of 10 bets.
- Other results on the same bet should be equal to or greater than 2.04 (49% chance of winning)
|Team A||Draw||Team B|
|1.66 (60.24%)||3.75 (26.66%)||4.6 (21.74%)|
|1.61 (62.11%)||2.3 (43.47 %)|
- When betting on casino payouts of 1.66, please be sure to have money to support up to 7 or 8 losing bets. The probability of losing 7 consecutive times with payout of 1.66 decimal odds is less than 1%. Almost impossible, but it can happen.
- THERE ARE NOT SURE BETS. In the real world a coin with two faces can fall cross.