The world of sports betting can be exciting and profitable. However, for those who don’t know what they’re doing, it can also be an absolute nightmare. The goal of this article is to help you achieve the former and avoid the latter.

Aussies love to try their luck at sports gambling. According to a recent study, more than 75% of children associate sports with punting. It’s safe to assume that the percentage for adults is much higher.

Unfortunately, only a small number of bettors are successful in the long term. This applies to traditional wagers, as well as newer options like daily fantasy sports.

The following tips are ideal for beginners, but they’ll also prove useful to those with more experience. I suggest applying a few to begin with, then slowly adding in the others.

Don’t Drink and Gamble

Your judgement is impaired when you drink alcohol or take drugs. For that reason, you should avoid betting on sports while drunk or stoned. I also suggest getting plenty of sleep. Otherwise, your brain simply isn’t functioning at peak efficiency.

Learn the Basics and Terminology

This is an essential tip for beginners. When you get started, learn all the terminology. It’s also important to know the different types of bets, from point spreads to the over/under. How does live betting work? What is the vig? How does a betting exchange work? If you can’t answer these questions, you’re hurting your long-term chances for success.

Know Your Sportsbook

Always research a sportsbook before giving them your business. Do they have a solid reputation among bettors? Do they offer fast cashouts? Make sure you know the answers to these questions before making a deposit.

Don’t Chase Losses

Even the best sports gamblers in the world suffer losses. They don’t, however, go on tilt and start trying to make up for these minor setbacks. When you place a wager, never let emotion overrule reason and logic.

Putting Together a Bankroll

Your bankroll is the amount of money earmarked for gambling. When building your bankroll, I suggest slowly putting it together over several months. Once you’ve got a few thousand dollars saved up, then you can start betting. If your bankroll drops to zero, build it back up again before you continue making wagers.

Punter uses a mobile device to place a wager on a sporting event.

Bankroll Management

It’s best to wager no more than 5% of your bankroll on a single bet. With a $2,000 bankroll, this would result in wagers ranging from $20 to $100. I realize this doesn’t sound exciting, but it’s the safe way to play.

Taking a Break

If you find yourself discouraged or burned out, don’t be afraid to take a break. This is a good method for rebuilding your confidence. Some bettors may decide to stay away permanently after such a hiatus. That’s okay, as it probably means that they weren’t cut out for sports gambling to begin with.

Resist Personal Bias

Some punters make the mistake of never betting on certain players or teams because of personal bias.  If you hate the Sydney Swans of the AFL, for example, don’t pass up all wagers related to them. Otherwise, you could miss out on an advantageous opportunity at some point.

Look for the Best Odds

Before you place a wager on a specific event or player, shop around for the best odds. For any given bet, I suggest checking with at least three reliable bookmakers. One of these is bound to offer better odds, and that’s the one you should go with. The advantage might only be worth a few dollars, but all that money adds up over time.

The Beauty of Betting Forums

Betting forums allow you to make contact with fellow punters. This is an excellent way to get advice and pick up new strategies. After all, there’s no substitute for experience.

Don’t Use Tout Services

Tout services tell you who to bet on…for a price. I suggest avoiding these websites, as their advertised rates of success are often false. If you really want to succeed as a bettor, you need to make your own decisions.

In Conclusion

As you may have surmised, the above list of sports betting tips requires a lot of work. And even if you’re successful, the wins may come in relatively small amounts. That might be a sobering statement, but it’s better to hear it as soon as possible. If this doesn’t sound like your cup of tea, then you might be better off playing the pokies.