Every sports bettor has contemplated making money through betting. It’s legal in New Jersey, Pennsylvania and over 20 more states in the country. Mobile betting adds convenience—you can use your iPhone to bet while watching football or baseball.
Unfortunately, being a sports fan doesn’t always lead to success in betting. Many people lose more often than they win. They get frustrated and give up on the enticing hobby. So, what does it take to become a successful sports gambler in New Jersey?
Tips for NJ Sports Betting
Choose a Good Sportsbook
The first rule of betting is to partner with a reliable bookmaker. Reliability is essential because it helps you access your account, deposit, and cash out your profits at your convenience. It also means you can find a plethora of betting markets daily. And you can trust the site to operate efficiently even during peak hours.
Now, choosing the right NJ sports betting site for you is easier said than done. You have more than a dozen online sportsbooks to choose from in NJ. Overall, the state permits roughly 30 gambling sites, from casinos to poker sites.
Pick a sportsbook with a wide variety of betting markets, from Major League sports to college and international games. Crucially, look at the available bet types and the quality of odds. Also, check around the payment options, payout speeds and add-on features like live betting. Ideally, the goal is to join the best sportsbook in NJ.
Stick to Your Favorite Sport
Warren Buffet regularly says the road to successful investing involves sticking to what you know. That’s why for a long time he avoided tech investments. In the sports betting scene, this means you don’t need to wager on every sports competition out there.
Pick one or two sports and become an expert at them. Let’s say you’re a big basketball fan. But you also watch tennis from time to time. Choose these two sports. Of course, you could watch football and baseball.
But in regards to betting, prioritize your topmost beloved sports. The explanation is simple: You’re more likely to succeed if you stick to sports you know. In basketball, you probably know the top teams and players. You know their styles and histories.
Your knowledge in basketball combined with recent data can help you make correct predictions easily. Unfortunately, trying to bet on competitions you have little information about can lead to costly mistakes.
Learn How to Find Value Odds
Sports betting is an art that involves picking bets with the highest returns. The trick for identifying a good bet type is to check odds and compare them to your analysis. Let’s use an example.
The New England Patriots have a game against the Cleveland Browns. The Patriots are in excellent form and have defeated Cleveland in four or the last five outings. Due to this, backing New England to win promises little returns.
Luckily, there’s another bet type in the match with high returns: Spreads. Betting on the Patriots to beat Cleveland by 10 points could double your stake. Yet, history and stats show this is possible, making it a high-value bet.
The bottom line: betting doesn’t mean picking competitions where you can easily win. In many cases, the profits are small. Instead, focus on odds. Find out whether there’s an undervalued bet type you can bet with comfort.
Create a Budget and Stick to It
You’ve heard stories of people who lost money through sports betting. One of the reasons this happens is gambling without a budget. Some people deduct money from their bank accounts and take high-risk wagers. If they fail, they do it again.
Unfortunately, failure to budget means you can easily wipe out your bank account. And that’s not anyone’s dream. Budgeting helps you keep your finances in order. It ensures you gamble with money you can afford to lose.
Crucially, always stick to your budget. This is most important when you’re unlucky. If your aim is to spend $50 in a week and lose it before the week is over, don’t spend more. Doing this is tantamount to chasing losses, which leads to more losses.
When winning, you can always increase your budget slightly. But you shouldn’t overdo it. You could double or triple your stake only to lose it.
Keep Emotions Out of Betting
Emotions have their place in life. But the last place you want to use them is in sports betting. The explanation is simple. Emotions can cloud your judgment. You could analyze the competition and discover Mexico has the upper hand in a soccer competition against the USA.
But since you love team USA, you might fall for the temptation to back your favorite side. Anger and frustration could also have the same effect. You might feel tempted to bet against a team that keeps disappointing you even when facts show it could win.
Owing to that backdrop, it’s highly important to keep emotions out of betting. Learn to use news, match updates, injury reports and historical data to make your betting decisions. Leave emotions at the stadium or while arguing with friends. But when it comes to making money in betting, rely on hard facts.
Set Goals and Use Bonuses
For you to succeed in sports betting, you need a set of achievable goals. Importantly, set your goals with long-term success in mind. Many people don’t make profits in betting during the first year.
Instead, they use the first year of betting to learn about the industry. What’s more, they use it to gain experience and learn from their mistakes. So, create goals to break even during your first few months.
As you become more profitable, aim to make 10% or 20% profits monthly. This would mean winning at least 60% of your wagers, placing in the top percentage of successful punters. Utilize bonuses to help you achieve your goals.
You see, free sports bets allow you to wager without risking money. If you lose, there’s nothing to worry about. If you win, it’s more money in your account. Bonuses aren’t created equal, though. Research around to find the best offers.
