There are times during the year when sports bettors have major action from the second they wake up, to the second they go to sleep. There are times during the year when you have March Madness, NHL, NBA, and MLB all going at once. Then there are times when it all comes to a crashing stop during the first week of July when even the MLB is on hold for a few days. So what are you supposed to do?
One mistake you don’t want to make is betting out of your league. Study up and learn what it is you are betting on. Treat these down times the same as you would during the fast-paced times of the year when you have 15 MLB games and a dozen NFL games on the same day. Do your due diligence and make sure you continue to bet smart. Don’t start betting on random sporting events that you have no knowledge of because you are bored. You need to think of sports betting as a job or an investment and treat it very seriously if you want to be profitable.
Luckily in today’s day and age with all of this wonderful technology, there is no such thing as a true “dead season” for a real professional sports bettor. Even during the MLB All-Star break when baseball takes time off, there are still plenty of major sporting events going on that you can cash in on. There is Wimbledon, NBA Summer League, MLS and plenty of international action. It is important to diversify your betting portfolio, especially when you can’t rely on betting on a dozen MLB, NBA, and NFL games each day.
If you are a $100 bettor during the NBA, NFL, or MLB season, you may want to lower that number when you are betting on an unfamiliar sport. You may have done your homework and research but the fact remains that you may not be as knowledgeable in this new sports as you are with your favorite sports. You never want to bet above your bankroll, but especially not in a sport that you aren’t too familiar with. It may be tempting to bet big on something that looks appetizing but you have to fight that urge. Smart money management is the number one rule for being a successful sports bettor.
When it comes to sports betting, sometimes it is helpful to think of it as a stock market. You never want to put all of your money in one stock, the risk is too heavy. Instead, you want to diversify your portfolio and invest money across a number of stocks. In sports betting, that would mean spreading your money out across a number of different bets. Some bets (stocks) look more promising than others. Those are the ones you want to bet (invest) more money on than others. Quality over quantity is key and so is a smart betting strategy.
You need to find the best value in your bets. A consistent and smart betting strategy is how you turn a profit over time. Anyone can get lucky on one game by betting their life savings, but do you really want to risk your whole life on a coin toss? The answer to that should be no. Instead, find the advantage in each bet (stock) and bet (invest) wisely and slowly increase your profit over time. Sports bettors looking to win a race and not a marathon are usually the ones to go broke. No successful sports bettors made it big overnight, and if they did, odds are they lost it soon after.
“While different from investing in financial markets, sports betting can still be regarded as an investment, provided that the placed bets follow a sound strategy that takes into account both return and risk” – Filipe R Costa
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