Here at BetOnIt.org we are dedicated to providing information about betting on anything and everything online. For this reason I felt I should include this page that will run down some general betting tips that you should consider before placing your online bets. These tips apply to betting on everything online from sports to entertainment, so keep them in mind next time you are looking to make some bets.
Bet Sober
This is somewhat common sense, but it may surprise you how many online gamblers lose their entire bankroll by logging into their account after having some drinks and placing some dumb bets, either at the sportsbook or the casino. It is never a good idea to bet under the influence. Be of clear mind when placing your bets whether it is on the nights fight or at the blackjack table.
Compare Odds/Edge
Here is another tip that applies both to betting online at the sportsbook and at the online casino. Different sportsbooks will often offer different odds for the same events and it is your job to shop around to get the best return on your investment. Finding odds of +450 for your team can earn you a great deal more than another bookie only offering +420. These differences may not seem like a lot at first, but the additional wins will add up over time, especially if you are betting large sums.
Similarly, different online casinos will often have slightly different rules for various games. For example, one online casino may allow you to resplit aces at the blackjack table while another would not. If the casino allows this it gives you another 0.08% edge. Look for these rules variations and bet with the casino that gives you best edge.
Manage Your Bankroll
It is very hard to gamble if you’ve lost all of your money. For this reason bankroll management is very important. A typical strategy is to bet a maximum of 5% of your bankroll on each game/event at the sportsbook. Then if you lose a few bets in a row your average bet size will decrease because 5% of your bankroll will be smaller than before losing those bets. If your bet size gets too small then you can always fill up your account with some other money that you don’t mind losing and continuing on. The worst thing that can happen to an online bettor is to lose their entire bankroll and not have more disposable income to add to their bankroll.
Be Patient
Here is another tip that applies both to betting at the sportsbook and the casino.
At the sportsbook this means that you should only bet on games/events where you feel you have an edge over the sportsbook. Basically this means that you believe the percentage that the outcome occurs is greater than what the oddsmakers have the odds set at including juice.
At an online casino this tip can be understood as being patient at the table and sticking to optimal strategy. Don’t lose your patience and go for a big win with a lot of money or stray from optimal strategy. It can also mean that you should play slower in order to not lose money as quickly, because unfortunately at online casinos the house has the edge.
Understand What You Are Betting On
This is another important tip and hopefully many of the pages here at BetOnIt.org will help you with this. Basically this means you should only bet on things you understand.
At the sportsbook this means you should typically stick to sports that you understand and within those sports stick to the betting options you understand. It really isn’t a lot of fun betting on a tennis match when all you watch is football. It also probably isn’t going to be very profitable. As for betting options you should make sure you understand them before placing your bets. The worst feeling is when you think you’ve won a bet you’ve placed, but in reality you just didn’t understand what you were betting on.
At the online casino this tip means that you should only bet on casino games you know how to play. Here at BetOnIt.org we don’t really get into the rules of the various casino games because we assume if you are looking to bet on that casino game online you already understand the rules. This is very important.
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So there we go, those are the general tips that apply to every aspect of betting online today. For more detailed and focused tips you should check out the various sports betting or casino betting pages that we have created here.