There are millions of sports fans around the world who think that betting on sports must be a foolproof way to make money. Well, let’s not kid ourselves: Sports betting is a billion-dollar industry, but it isn’t easy to turn a profit on a consistent basis. In fact, after accounting for the vig/juice, most bettors will lose more than they win on any given day. And even the “best” sports bettors will experience a few losing streaks in their careers.
One of the most important things that a sports bettor can do is open up a dedicated bank account that’s only for placing bets. This will help them keep track of their wins and losses and ensure that they’re always making money on the total amount of bets they place (on average, each bet should represent 1% to 2% of their bankroll).
Another key tip for sports bettors is to study as much as possible about the sport in which they’re wagering. This can include analyzing home/away records, studying coaching matchups, and examining team efficiency numbers. Additionally, bettors should also look for a variety of value bets that are available across multiple sportsbooks, including props and team totals.
As more states legalize sports betting, the market will see healthy competition and turf wars between operators. This is generally good for consumers, but it can be a bit disruptive in the short term. For example, the NBA has struck a deal with MGM to become its first official gaming partner, while the NHL has partnered with FanDuel.