Sports betting is a huge business. It exploded into the mainstream after the Supreme Court struck down the Professional and Amateur Sports Protection Act last year, which had banned betting on pro and college sports in most states for more than 25 years. That leaves millions of Americans eager to get in on the action. But how do you start?
There are a lot of people who claim to make money betting on sports, but the truth is that there is no guarantee. It takes research, time, money and patience to make a profit on sports bets. But the good news is that it is possible to beat the sportsbooks and come out ahead in the long run.
The first step is to set a bankroll and stick to it. It is recommended to only risk 1% to 5% of your total bankroll on each bet, and that should include your losses as well as wins. This is known as the flat-betting approach. It helps to avoid the temptation to chase a bad bet with more bets in an attempt to win back the lost money.
Another way to maximize profits is by betting on sports props, or proposition bets. These are wagers on statistical categories like rounds, birdies, aces or hits that vary by sport. You can place a bet on whether a specific category will go over or under a predetermined total, and you’ll have to pay a higher price to take the over than the under.