Sports Betting Tips to set Yourself Up for Success

Knowing what not to do

Not everyone will want to use sport betting tips because they bet with their gut or their instinct. Of course, it can be a lot of fun to place your wager when the Devils are playing home and you got a got feeling about the game. Especially if you are visiting the game yourself in the Prudential Center it can add an extra layer of excitement to watching the game. Whether you are going to take the instinctive route or are taking the more tactical or professional route, there are always some basics that you should never do when betting.

Don’t bet more than you can afford to lose

In the end, it all comes down to money management and that does not mean managing all your money betting, but it does mean to keep some room to breathe. The cliché betting tip is true, but still a lot of people bet with more money than they can afford to lose. Setting a budget for a game or a week of betting is very important, losses will eventually happen to even the sharpest bettor. What really matters is how you will control the downside and stay in the game, both literally and figuratively.

Avoid chasing your losses

The next betting tip that will help you out is to avoid chasing your losses. While it can be part of a profitable bankroll management it is really important to do things in a controlled and disciplined way. Be aware when emotions are becoming the main argument of your bet when you have a downswing. No matter how sure you are The New Jersey Devils will win this time or that one of their rivals is due for a loss, don’t chase your losses by doubling down. Now that we know what not to do, let’s dive into more actionable sport betting tips.

Bankroll management

Now that you have set aside a certain amount of money that you can afford to lose the next thing is figuring out how to get the best return on your money. Many beginners start out with big bets of 25% or even 50% of their total bankroll, seems great right? You can make a quick few extra bucks while enjoying the games in New Jersey. Sure, getting the W is great but what happens when the loss will eventually come? Just as quickly as you have built up your roll you will give it all back to the bookie. That’s not what we want to do with our side change.

  • Slow and steady wins the race

Slow and steady wins the race and a great way to demonstrate this, is to see your bankroll as divided into “units”. Let me explain what I mean with this concept. 

  • At the start of the betting season you take the money that you are willing to invest and divide it by 100. 
  • Effectively now one unit is one percent of your starting bankroll and this unit will stay the same for most of the season. In this way you will not be thinking in dollar amounts but more objective units. This will make you more clear-headed in placing your bets and will prevent blowing up your bankroll.
  • As a betting tip you can keep track of the confidence level you place in a bet by the number of units that you reserve for the bet. Standard bets are 1 unit, medium confidence bets are 3 units and your high confidence picks are 5 units. 

Never have more than 5 units placed in one game and limit your risk to 10 units total for an entire week. Another important betting tip: having 5-10 units to spend doesn’t mean you need to risk all of the allowed units. We want to bet where there is value, not just risk our money because of greed or your love for the New Jersey teams.

Knowing the odds & Finding an edge

What most betting tips forget to mention is that all betting lines are based on an estimated percentage of the bet winning, or the so-called implied odds. 

  • Looking at standard handicap or spread bets you will find usually a line of -110 or -105.  In American odds the line is the amount to risk in order to win 100 back. 
  • When placing a bet on an underdog or positive betting line you find the amount you will receive when risking 100. A favorite of -150 will need $150 to win $100 dollars, in European odds this will mean a line of 1.67. 
  • The important thing here is that the implied odds to win the bet is 60%. If you want to find out more about this, which I recommend you check out our expert article on odds.

While math might seem boring it is essential if we want to have a profitable season, who knows how much more we would win if fractions were taught in school with betting lines. Bookmakers make the betting lines available based on their analyses of the game. These estimations are sometimes made by specialized analysis companies or done by the bookmaker himself. The most important thing for us is that these are estimations, and with estimations there is always room for error. 

  • Favorites are difficult to bet on because they don’t pay well, and underdogs are risky if they have a low percentage of winning.

Finding an edge in the betting line is all about finding where the differences in betting lines are. Maybe you find a game where there is a small advantage in the betting line for one of the New Jersey teams. Sometimes you will even find games where the odds are completely wrong, and you can have a huge edge. 

  • The best betting tip is to check the lines early before a game starts. 

This is usually when the estimates are made quickly and with more error. As the money starts coming in you sometimes see the bookmakers adjust their lines and the edge will become smaller or disappear.

  • Another important sport betting tip is to keep in mind that sport betting is a marathon, not a sprint. 

The season of The New Jersey Devils is long and there are many games and opportunities to win money. The way to win money consistently is to find your edge in the betting lines and place money on it. Over time chance will even out and if you pick the right side consistently you will find yourself with a nice bit of extra cash to spend. Don’t worry about a single game, trust in your analysis and check out the different lines for each game. Even if there is no advantage in the money-line or handicaps, sometimes the totals or team totals offer good bets. Lastly, the safest betting tip is not to bet at all, don’t risk your money if you can’t find an edge!

The Sports Betting Tips FAQ

  • Should I have multiple accounts?

    When people start out with the basic betting tips and find out about bankroll and risk management usually one of the first things they think about is to split up their bankroll. Having multiple betting accounts can definitely help out with finding the best odds and limiting risk management. The downside is that you might lose track of all the different bets and drown in spreadsheets. Especially as a beginner I would recommend starting out with just one account, maybe two at the most if you want to play in different markets. Once you grow your bankroll you can always expand, in the beginning just keep things simple.
  • What is your opinion about betting progressions like Fibonacci?

    Betting progressions can be useful to make up for some losses but the obvious downside of this betting tip is digging yourself a deeper hole. In theory progressions like the Fibonacci are the perfect betting tip because with the right odds you will always recover your losses. In reality, you can run into uncomfortably big betting sizes and even bet restrictions by your bookmaker. Catching one bad losing streak will wipe out your entire bankroll and you will be out for the season. If you do choose a progression, I recommend the betting tip to run an ABC progression. After the 3rd loss you cut your losses and start a new progression
  • Is prop betting a good way to go for New Jersey teams?

    Even though you might know the local teams from up close, it doesn’t necessarily help with prop bets. Proposition bets seem like a great betting tip because it seems like a 50-50 bet because either the outcome is yes or no. Most prop bets are highly unlikely to happen which is why they offer such high returns. For example, even the coin toss prop bets are usually offered at lower than 50% betting odds. The best betting tip for this category is to only place prop bets for fun with a small amount of your profits. This way you can keep the excitement in it and get the real profit from bets where it is easier to find value.